ID: MRFR/CR/8955-HCR | March 2021 | Region: Global | 90 pages
Global Loungewear Market size is projected to reach approximately USD 9.23 Billion by 2027, at a CAGR of 9.5% from 2020 to 2027. The demand for loungewear is increasing owing to consumer inclination toward fashionable and versatile designs in loungewear. Loungewear is casual, comfortable clothing suitable for wearing at home. They are available in different materials, such as wool, silk, and cotton. Various initiatives taken by manufacturers to expand their business in the loungewear market are expected to drive the demand. Moreover, the rising demand for loungewear trend while walking, or at the gym or yoga, at the beach, as a bathing suit is also expected to uplift the market growth. Media promotion and celebrity endorsements are creating an opportunistic market for the players in the loungewear industry.
The outbreak of COVID-19 across the globe has resulted in a lockdown of cities, border restrictions, and breakdown of transportation networks. This is projected to have a significant impact on the commodities supply chains, international trade, and manufacturing operations across the world. According to the United Nations, the global economy is projected to contract by around 1% or more instead of registering 2.5% growth projected by the World Economic Situation and Prospects report 2020. The world economy contraction rate is expected to be more than 1% or possibly more than what was experienced in the global financial crisis in 2009 (i.e., ~2.5%) if the governments (in the developing and developed countries) fail to provide required income support and help lift consumer spending.
A significant change has been observed in consumer buying behavior due to the COVID-19 pandemic. As stay-at-home restrictions started, consumers gravitating towards fashion catered to the new normal. The transition from work from home, grocery shopping, work-out, and social media appearance has changed the fashion trend into presentable and comfortable clothes.
Global Loungewear Market has witnessed moderate growth in recent years. The growing acceptance of loungewear as a fashion trend as consumers have shifted their focus towards comfortable and presentable clothing preference at home. The wide availability of the product in different types, such as sweatshirts, lounge shirts, joggers, and jumpsuits, has escalated the demand for loungewear. Moreover, the rising demand for fashionable and trendy loungewear has encouraged market players to launch innovative products to cater to the increasing consumer demand. Also, the availability of products for different events such as meetings, late lunches, brunch, and evening soirees has considerably contributed to the growth of the global market.
Availability of Luxury Loungewear
By Distribution Channel
|Market Size||USD 9.23 Billion|
|CAGR||9.5% (2020 to 2027)|
|Forecast Period||2020 to 2027|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, End User and Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||L Brands Inc. (US), Hanesbrands Inc. (US), Jockey International Inc. (US), Marks & Spencer Group Plc (UK), PVH CORPORATION (US) H & M (Sweden), Triumph International Holding GmBH (Germany), Authentic Brands Group LLC (US), Urban Outfitters (US) and Nordstrom, Inc. (US)|
|Key Market Opportunities||
|Key Market Drivers||