Press release
Loungewear Market Size, Share, Growth Opportunities, Future Challenges and Forecast | Decathlon, Hanesbrands Inc., Jockey International Inc., Marks & Spencer Group Plc., PVH CORPORATION
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Market Overview
The key factors attributed to the growth of the loungewear Market across the globe are growth in disposable income, dynamic fashion trends, and its influence over consumers. A rise in the work-from-home culture has pushed demand for loungewear. Clovia has registered around an 80% increase in demand for their loungewear collection during the pandemic. However, retailers were witnessing a rise in demand even before coronavirus. In 2019 a company John Lewis registered a 129% surge in sales of luxury loungewear, while M&S extended its loungewear offering by 170% 2019.
Furthermore, factors such as comfort, price, color, style, fit, and trendiness offered by the players in the market are acting as a growth catalyst to the market. As per the Journal of Student Research, the most important attribute was comfort, which 88% said was very important. The second most important attribute was fit, which 62.5% said was also very important. Also, Change in lifestyle, promulgating working women’s and rising fashion consciousness, attractive marketing strategies, and packaging by the companies are some of the key factors driving the market of loungewear.
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COVID-19 Impact
During the COVID-19, the demand for loungewear witnessed a sharp rise. The work from home culture made consumers to inclined towards the comfortable. As per Boohoo, United Kingdom-based online fashion retailer, Demand from younger consumers for its inexpensive activewear, loungewear, and tops while working from home helped Boohoo’s sales climb by 41% to USD 1.95 bn in 2020, up from USD 1.37 bn in 2019.
The Loungewear Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Material, the market is primarily bifurcated into
• Cotton
• Wool
• Silk
• Others
The cotton segment gathered a major market share of Loungewear in 2020 and grabbed XX% market share. The market of this segment is expected to witness robust growth due to the growing demand and popularity among millenniums coupled with the offering of attractive designs by the manufacturer.
By Distribution Channel, the market is primarily bifurcated into
• Supermarkets & Hypermarkets
• Specialty Stores
• Online
• Other
The Supermarkets & Hypermarkets segment grabbed the major market in 2020. The key factors attributed to the growing share of this segment are the expanding retail sector globally. For instance: Germany based supermarket chain announced to invest US$ 500 million and open around 50 stores in the United States.
By End-User, the market is primarily bifurcated into
• Male
• Female
• Kids
The female segment grabbed the major market in 2020. The market for this segment Is promulgating as the companies are more focused on the launch of the new stores which is specifically for their main target audience which is Women. For instance, in October 2019, Nordstrom, Inc. announced the opening of its first-ever flagship store in New York (US) for Women and Children.
Loungewear Market Geographical Segmentation Includes:
· North America
· Europe
· Asia-Pacific
· Rest of the World
Based on the estimation, the North America region grabbed a major market share in 2020. The demand for Loungewear in North America is on the rise due to the rise in the E-Commerce sector coupled with the technologies such as AI in retail, AR-VR to enhance customer experience.
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The major players targeting the market includes
• 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.
The degree of competition among prominent regional companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Loungewear market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the Loungewear Market?
· Which factors are influencing the Loungewear Market over the forecast period?
· What are the global challenges, threats, and risks in the Loungewear Market?
· Which factors are propelling and restraining the Loungewear Market?
· What are the demanding global regions of the Loungewear Market?
· What will be the global market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by global companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
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Contact
UnivDatos Market Insights
Pawnendra Pawan
Client Development Lead
Ph: +91-7838604911
Email: pawnendra@univdatos.com
Website: https://univdatos.com/
About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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