Men’s Underwear and Women’s Lingerie Market: Mono-brand Outlets Represent a Vast Platform for Manufacturers to Leverage Potential Growth Opportunities

U.S men’s underwear and women’s lingerie market is expected to target a good CAGR over the projected period

In 2015, the U.S. men’s underwear market was valued at more than US$ 3,000 Mn and was estimated to account for a slight increase in market value by 2016 end, reflecting a Y-o-Y growth rate of more than 4%. The U.S. men’s underwear market is projected to account for more than US$ 5,000 Mn by the end of 2024 and is likely to witness an increase in Y-o-Y growth rates till 2024, driven by rising disposable income and increasing preference for branded underwear. The U.S. men’s underwear market in sales volume terms is projected to reach more than 600 Mn units by the end of 2024. In 2015, the U.S. women’s lingerie market was valued at more than US$ 10 Bn. The U.S. women’s lingerie market is estimated to account for over US$ 15 Bn by the end of 2024, exhibiting a CAGR of 5.7% over the forecast period. The U.S. women’s lingerie market is expected to witness an increase in Y-o-Y growth rates till 2024, driven by increasing availability of products in online lingerie stores.

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Increasing disposable income in the U.S. is creating a robust growth in the men’s underwear and women’s lingerie market

Utilization of undergarments as a fashion apparel rather than a necessity is a factor expected to drive the growth of the U.S. men’s underwear and women’s lingerie market over 2015–2024. Increasing awareness regarding health and fitness and personal hygiene among men and women is increasingly influencing them to use two fresh/clean sets of undergarments in a day. Moreover, men and women especially youngsters prefer wearing functional underwear to the gym or when participating in sports activities due to its various advantages as compared to traditional intimate apparels. These factors are fueling the growth of the U.S men’s underwear and women’s lingerie market.

The U.S. lifestyle has witnessed a significant change in the recent past. The steady growth of the manufacturing and services sector in the country has resulted in the growth of the country’s overall GDP, which has positively impacted per capita disposable income in the recent past. Change in outlook towards underwear and lingerie from being a basic necessity to fashion products in order to complement a toned body is a major factor expected to drive demand for fashionable and trendy underwear in the near future.

Also, propagation of modern retail formats such as supermarkets, discount stores, and pharmacy stores is resulting in increased product visibility. This enables easier accessibility to products such as underwear and lingerie. Availability of a large variety of products related to intimate apparels for both men and women at discounted prices is fueling the online shopping trend, which is automatically creating robust development in the U.S. men’s underwear and women’s lingerie market. Increase in personal income is expected to result in higher consumer spending, which is also expected to further drive the growth of the men’s underwear and women’s lingerie market in the country over the forecast period.

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Popular brands of men’s underwear and women’s lingerie likely to hamper the growth of newer brands in the U.S market

The U.S. men’s underwear and women’s lingerie market is highly competitive owing to the presence of a relatively large number of global and local intimate apparel manufacturers. Various luxury and clothing brands are focused on entering this market in order to leverage benefits such as high profits and quick return on investment. These benefits are anticipated to increase competition in the market. The U.S. men’s underwear and women’s lingerie market is characterized by a high intensity of brand loyalty. It has been noted that consumers in the U.S. prefer established and well-known brands, and are generally reluctant to switch to newer brands emerging in the market. For instance, Victoria’s Secret – a subsidiary of U.S. based LBrand – dominated the U.S. women’s lingerie market with a market share of around 40% in 2014 and continues to be one of the most favorite brands among women consumers. Such high-end brands are hampering the growth of new brands of men’s underwear and women’s lingerie in the U.S.

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