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Global intimate apparel market to grow at CAGR of 4 per cent: Technavio study

"The global intimate apparel market is expected to grow at a CAGR of more than 4 per cent during 2017-21, says the latest report by Technavio. Consumers are demanding products that are both fashionable and comfortable. The increase in customisation of bras is an important driver for the market. The recovery from the recession in 2009 and rise in demand from emerging economies, especially China, are some other market drivers. Vendors are marketing their products to different consumer segments."

 

 

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The global intimate apparel market is expected to grow at a CAGR of more than 4 per cent during 2017-21, says the latest report by Technavio. Consumers are demanding products that are both fashionable and comfortable. The increase in customisation of bras is an important driver for the market. The recovery from the recession in 2009 and rise in demand from emerging economies, especially China, are some other market drivers. Vendors are marketing their products to different consumer segments. Leading intimate apparel vendors face tough competition from the designer lingerie outlets, local vendors, and private labels. The intense competition and price wars have adversely affected profit margins of vendors.

Factors contributing growth

Global intimate apparel market to grow at CAGR of 4 per cent

 

growth of global intimate apparel market: emphasis on customisation of bras to Technavio consumer and retail research analysts highlight the following three factors that are contributing to theincrease consumer base; greater demand for plus sizes; economic recovery from recession; and more emphasis on customization of bras to increase consumer base. Intimate apparel is now not only an essential product but also a fashion apparel. Most key manufacturers add new collections regularly to attract consumers. Intimate apparel is available in multiple colors, patterns, and designs because consumers, especially teenagers, prefer matching their daily clothes with complementary lingerie.

Brijesh Choubey, a lead apparel and textile research analyst at Technavio, says manufacturers are focussed on designing products that are consumer-oriented and based on their specific needs. For example, they are manufacturing laser-cut seamless bras, molded t-shirt bras, and strapless bras because these are in high demand among fashion-conscious consumers.

Greater demand for plus sizes

Obese women generally have bigger busts and prefer wearing bras that minimise their size. This has increased sales of minimizer bras and other products such as shapewear, which provide a foundation for other clothes. New-age shapewear is pleasant to wear and does not leave any pressure marks on the body. The US is the largest market for intimate apparel, and the demand for plus size intimate apparel is high as 34.9 per cent of the population, comprising all age groups, is obese. This has resulted in increased demand for plus size intimate apparel, especially lingerie and shapewear, adds Choubey.

Economic recovery has led to a decrease in unemployment rate, an increase in income, and improvement in consumer confidence. During the recession, the frequency of consumers buying intimate apparel had decreased, and they preferred buying low-priced intimate apparel in bulk. Since then, the intimate apparel market has witnessed intense growth because of increased consumer spending. Consumers are now willing to spend extra on more comfortable, trendy, and fashionable intimate apparel.

 
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