The global lingerie market is expected to continuously rise over the next decade, reaching figures of around €43 billion ($48 billion) by 2028.
A new report has outlined the promising future of the global lingerie market over the next decade. Research from Valuates Reports has indicated that the global lingerie market size is estimated to be valued at around €25 billion ($28.6 billion) in 2022. This is expected to reach a value of around €43 billion ($48 billion) by 2028, with a reported compound annual growth rate of 9.2%.
Drivers of the international lingerie market
Researchers at Valuates Reports have claimed that the rising success in the lingerie market is due to an increase in working women. It is said that an increase in consumer income is driving investment in lingerie. This runs in tandem with a rise in “discretionary spending” across fashion items, which has subsequently led to an increase in lingerie demand. Market growth is expected to rise in the years ahead, thanks to the work done by online channels, along with the pervading influence of social media and marketing strategies.
Product innovation has also been highlighted as a contributing factor to growth in the lingerie market. Along with this, the influential Asia-Pacific retail sector is expanding, leading to more growth and investment in lingerie.
Trends to watch in the lingerie market
Researchers outline the growing working women population as being a driver for an increase in consumer spending, as well as an increase in per capita disposable income. It is said that a heightened awareness and familiarity of hygiene, appearance and living standards have led consumers to invest in lingerie items that are both functional and comfortable.
Lingerie sales have reportedly been increasing around the world, due to the growing number of working women across the globe. The growing purchasing power of women has reportedly directly influenced the boosted sales in luxury lingerie.
Market research has indicated that speciality stores are preferred by consumers as they offer necessary discretion, along with a range of options for customers to choose from. Retailers have implemented visual merchandising methods as a key marketing strategy to draw in leads and repeat customers. It has been said that the use of bold, colourful backgrounds and imagery in retail stores, along with using mannequins to showcase lingerie items, has been effective to attract customers.
Market drivers in the future
There are a variety of market drivers for future growth in the lingerie market. Perhaps most notably is the work done by online channels. Companies are actively partnering with digital agencies to boost their online channels, and to showcase their products to the best level.
It has been reported that e-commerce sites have risen in popularity among women consumers, seeing as they offer a range of helpful product information, along with sizing details, a large range of brands, designs and colourways. Researchers state that return policies in online channels are also influential in driving growth for online channels.
Lingerie market share analysis
The report names the Asia-pacific as the most lucrative region in the world. It has been noted that changing customer attitudes have provided new opportunities for the market, with more lingerie types being considered by customers. Low-cost products that are exported from countries like China and Turkey are speculated to have a big impact in the market for the years ahead.
Sports lingerie was found to be the most lucrative type of product, with items like sports bras rising in demand. Based on the channel, speciality stores are predicted to be the most lucrative in the future.