Press release
Lingerie Market Forecasted to Reach USD 79.30 Billion by 2030 Amidst Rising Demand
Lingerie Market
The global lingerie market is on a trajectory of substantial expansion, with projections estimating an increase from USD 46.87 billion in 2023 to USD 79.30 billion by 2030, reflecting a compound annual growth rate (CAGR) of 7.8% during the forecast period. This growth is driven by factors such as the increasing number of working women, rising fashion consciousness, and the proliferation of online retail platforms.
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Lingerie Market Dynamics and Key Drivers
Lingerie, encompassing a broad range of intimate apparel, plays a pivotal role in fashion, personal expression, and comfort. The surge in the number of working women globally has led to greater financial independence, enabling increased spending on personal apparel, including lingerie. Additionally, the growing influence of social media and shifting fashion trends have heightened consumer interest in stylish and comfortable lingerie options.
Regional Insights and Strategic Developments
Vietnam: Emerging Opportunities in the Lingerie Market
Vietnam's rapidly growing textile and garment industry presents significant opportunities for lingerie manufacturers. The country's skilled labor force and favorable trade agreements have attracted international brands to establish production facilities, aiming to cater to both domestic and international markets.
Thailand: Trends Indicating Lingerie Market Growth
Thailand's fashion-conscious population and robust tourism industry have spurred demand for diverse lingerie products. Local and international brands are expanding their presence, leveraging Thailand's reputation as a shopping hub to introduce innovative and culturally resonant lingerie lines.
Japan: Growth Potential through Innovation and Quality
Japan's emphasis on quality and innovation aligns with consumer preferences for high-end, technologically advanced lingerie products. Brands focusing on comfort, functionality, and aesthetic appeal are well-positioned to capture market share in this discerning market.
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South Korea: Opportunities in Fashion-Forward Lingerie
South Korea's dynamic fashion scene and influential pop culture have led to a heightened interest in trendy and stylish lingerie. Collaborations with fashion designers and celebrities are becoming a popular strategy for brands aiming to appeal to younger demographics.
Singapore: Market Consolidation through Premium Offerings
Singapore's affluent consumer base and status as a regional shopping destination create opportunities for premium and luxury lingerie brands. The market is witnessing a consolidation of high-end retailers offering exclusive and personalized shopping experiences.
United States: Updation in Consumer Preferences Driving Demand
The United States remains one of the largest markets for lingerie worldwide, thanks to the strong presence of renowned brands and a rapidly expanding e-commerce sector. The U.S. market is expected to grow steadily, with a projected CAGR of 6.2% during the forecast period. Key developments include Victoria's Secret implementing new marketing strategies focusing on inclusivity and comfort while retaining its luxurious appeal.
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Europe: Consolidation and Expansion in the Lingerie Market
Europe's market is characterized by a blend of established luxury brands and emerging players focusing on sustainability and inclusivity. The region's demand for high-quality and ethically produced lingerie is driving brands to adopt transparent supply chains and eco-friendly materials.
Lingerie Market Segmentation
by Product
Bra
Knickers
Loungewear
Shapewear
Other
by Material
Cotton
Satin/Synthetic Silk
Woollen
Polyester
Velvet
Others
by Price
Low
Medium
High
by Distribution Channel
Offline
Supermarket/Hypermarket
Specialty Stores
Multi Brands Stores
Online
E-commerce
Company-owned Website
Lingerie Market Key Recent Developments
In response to evolving consumer preferences, companies are focusing on inclusivity and comfort. For instance, Victoria's Secret has been implementing new marketing strategies that emphasize these aspects while retaining its luxurious appeal. Additionally, the rise of e-commerce platforms has enabled brands to reach a broader audience, with online sales accounting for a significant portion of overall revenue.
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Conclusion
The global lingerie market is experiencing dynamic growth, propelled by changing consumer preferences, increased financial independence among women, and strategic developments across key regions. Stakeholders are poised to benefit from the myriad opportunities presented by this evolving market landscape.
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