A rise in disposable income coupled with the availability of loungewear at reasonable prices and rising demand from men are some of the factors that are contributing to the growth of the market. As per OCED, the household disposable income in Canada increased from 2.1% in 2019 to 7.3% in 2020.
Moreover, a rise in the E-Commerce sector coupled with the technologies such as AI in retail, AR-VR to enhance customer experience is also gaining traction among end-users and the market is on a surge. As per Statista, Apparel, footwear, and accessories sales as a percentage of total retail e-commerce sales in the United States are expected to increase from 29.5% in 2020 to 32.2% in 2024. Moreover, change in packaging styles of loungewear products fuels market growth. In addition, aggressive advertisements and celebrity endorsement have helped the loungewear industry to pave its way toward growth.
According to UnivDatos Market Insights (UMI)’ research report “Global Loungewear Market Analysis, 2020”, The market for Loungewear is witnessing an uptick on account of the rise in the disposable income of consumers across countries. As per the World Bank, GDP per capita income in the United States increased from US$ 56,839.38 in 2015 to US$ 65,297.51 in 2019. However, the per capita income decreased in 2020 and reached US$63,051. But It is expected that with the stabilization in the economy, consumer spending would rise, and the market for loungewear would also emerge
Proliferating the e-commerce sector in the country owing to the rising internet penetration and surging adoption of smart cell phones is a factor contributing to the growth of the products such as loungewear. In 2020, consumers in the United States spent US$861.02 billion online U.S. 2020, up an incredible 44.0% jump compared with 2019
Based on the Material, the cotton segment acquired the major market share and dominated the global Loungewear market in 2020. As per the Journal of Student Research, When given a choice of cotton, silk, or rayon, 87% of respondents said they prefer to purchase sleepwear that is made of cotton. The factors light, breathable, and comfortable are leading to the growing demand for cotton-made loungewear.
Based on the Distribution Channel, the hypermarket/supermarket segment acquired the major market share and dominated the global Loungewear market in 2020. As per a report by Nielsen, On a value basis, supermarkets and hypermarkets account for just over half (51%) of global sales. Moreover, a rise in the number of supermarkets and hypermarkets across the globe is supporting the market growth as customers are more inclined due to the availability of numerous brands under one roof.
North America to Grab Lion’s Share, But the Asia Pacific to witness Explicit Growth
Based on the Region, the North American region dominated the global Loungewear market in 2020. The region grabbed considerable market share from the global market. Moreover, the region is projected to maintain its dominance during the forecasted period 2021-27, stated in UnivDatos Market Insights (UMI)’ research report “Global Loungewear Market Analysis, 2020”.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global Loungewear market are Decathlon, Hanesbrands Inc., Jockey International Inc., Marks & Spencer Group Plc, PVH CORPORATION, H & M, Triumph International Holding GmBH, Authentic Brands Group LLC, Urban Outfitters, Nordstrom, Inc., etc., The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry. A few instances are:
· In 2021, Lingerie Brand “GIAPENTA” Announced the launch of Loungewear Collection "GIAPENTA LOUNGE”
· In 2021, Fred David ("Como Diffusion, Inc") announced to sign a long-term licensing agreement with Tempur Sealy International to extend the Sealy brand into the sleepwear, loungewear, and accessories categories.
“Global Loungewear Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the Loungewear market across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors' capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By Material (Wool, Cotton, Silk, Other)
2. By Distribution Channel (Supermarkets or Hypermarkets, Speciality stores, Online, Others)
3. By End-User (Male, Female, Kids)
4. By Region (North America, Europe, Asia-Pacific, Rest of the World)
5. By Company (Decathlon, Hanesbrands Inc., Jockey International Inc., Marks & Spencer Group Plc, PVH Corporation, H & M, Triumph International Holding GmBH, Authentic Brands Group LLC, Urban Outfitters, Nordstrom, Inc., etc.)
Key questions answered in the study:
1. What are the current and future trends of the Global Loungewear industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Loungewear industry?
5. What are the customer orientation, purchase behavior, and expectations from the Loungewear firms across various regions?
Table Of Content:
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 GLOBAL LOUNGEWEAR MARKET COVID-19 IMPACT
6 GLOBAL LOUNGEWEAR MARKET REVENUE, 2019-2027F
7 MARKET INSIGHTS BY MATERIAL
8 MARKET INSIGHTS BY DISTRIBUTION CHANNEL
9 MARKET INSIGHTS BY END-USER
10 MARKET INSIGHTS BY REGION
11 LOUNGEWEAR MARKET DYNAMICS
12 LOUNGEWEAR MARKET OPPORTUNITIES
13 LOUNGEWEAR MARKET TRENDS
14 LEGAL & REGULATORY FRAMEWORK
15 DEMAND AND SUPPLY SIDE ANALYSIS
16. VALUE CHAIN ANALYSIS
17 COMPETITIVE SCENARIO
18 COMPANY PROFILED