The rising demand for comfortable and trendy loungewear is likely to create multiple growth opportunities for the growth of the loungewear market during the assessment period of 2021-2031. Loungewear is a casual outfit usually worn at home due to its comfort quotient. The rising disposable income of the global populace is likely to generate immense growth opportunities for the loungewear market.
The loungewear market can be segmented into cotton, wool, silk, and others based on the material. Furthermore, the distribution channel can be categorized into specialty stores, supermarkets, hypermarkets, and others. Females, males, and kids can be the end-users of the loungewear market. Cotton clothing is the most preferred material in the loungewear category owing to its comfort. Also, it is wearable in almost all seasons. This aspect has contributed to the growth of the loungewear market. Silk follows cotton as it implies a classy and elegant look though it is expensive. Wool and other materials can be used during those specific seasons.
During the pre-pandemic period, offline sales of loungewear were prominent but during the ongoing COVID-19 pandemic online sales have gained traction. The female and kids section has shown substantial growth as compared to the males owing to the requirement and the trends followed by women who usually shop for kids too. These factors may eventually add value to the loungewear market in the coming years.
The skilled professional team at TMR has analyzed the current market scenario and curated an exhaustive report which throws light on various aspects such as the competitive insights, regional perspectives, current trends, and latest developments which assists the shareholders to understand the exact loungewear market scenario and make proper decisions. The effect of COVID-19 on the loungewear market is also included in this report.
The loungewear market has many key players who are in the race to withstand the cut-throat competition. The key players are indulging in R&D activities to understand customer preferences and come up with novel product designs which may attract consumer attention. The fray to design comfortable and trendy outfits for males, females, and kids are likely to offer promising growth to the loungewear market. The key players are launching new designs of comfortable loungewear to maintain their market position. Additionally, they are investing in promotional activities and advertisements to expand their market reach. Strategic planning and collaborations also play a vital role in the growth of the loungewear market. These key developments and initiatives are likely to open new avenues for the growth of the loungewear market.
Some of the key players operating in the loungewear market are Authentic Brands Group LLC, RALPH LAUREN, WACOAL HOLDINGS CORP., H & M Hennes & Mauritz AB, Groupe Chantelle, L Brands Inc., and AEO Management Co.,
During the pandemic, the work-from-home culture has become the new normal working scenario. Thus, the demand for loungewear gained traction owing to its comfort and style. Working from home requires multitasking and the ability to handle home and office simultaneously. The comfort provided by the loungewear helps in multitasking easily coupled with a high level of comfort. It feels messy and uncomfortable to work in professional outfits at home whereas the fashionable loungewear is not only comfortable but also stylish. The range of stylish loungewear worn with blazers during online meetings and calls has made it easy for working individuals to handle their profession with comfort. The transformation due to the COVID-19 pandemic has created a new wave of style and fashion in the loungewear market.
Brands like Biba have come up with a new range of loungewear such as reversible loungewear which is breathable and can be used at home and outside too. Being reversible it gives different look twice with the same clothing. Such developments may bring assured growth for the loungewear market.
North America is likely to be the frontrunner in the global loungewear market owing to the presence of a large number of manufacturers in this region. Asia Pacific is expected to follow North America due to the increasing popularity of luxury loungewear in developing and highly populated countries such as India and China. These factors are likely to boost the growth of the global loungewear market in the near future.
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Loungewear Market
