In 2018, the global women’s underwear market was valued at 35.169 billion U.S. dollars and is expected to reach 77.894 billion U.S. dollars by 2027; from 2019 to 2027, it is expected to grow at a compound annual growth rate of 9.3%.
The rapid development and globalization of information technology leads the world by providing information about the latest and trending products on the market. Therefore, shoppers associated with the underwear market are aware of the latest global fashion trends.
In addition, the growing influence of social media has also accelerated changes in consumer preferences for apparel products such as underwear products. Since a wide range of customers prefer to buy products online to save time, most market participants display and sell their products on online platforms to increase their customer base. Brand apparel companies also focus on launching innovative underwear products based on changing fashion trends and consumer needs. These factors are positively affecting the women’s underwear market.
According to the type, the women’s underwear market is subdivided into bras, panties or panties, shaping clothing, etc. In 2018, bras or bras accounted for the largest market share. The availability of different styles of bras for different purposes is expected to drive the growth of the women’s underwear market.
Europe has the largest share of the global women’s underwear market. The trend of high-end fashion underwear among the female population is driving the growth of the country’s market. In addition, customer demand for comfortable and functional underwear is increasing, especially for women at work, so manufacturers are encouraged to innovate a series of new fabrics, such as nylon, polyester, satin, lace, yarn, spandex, silk and cotton , Used to make underwear. . Consumers are more interested in colors, fabrics and styles, which encourages manufacturers to introduce fashionable underwear suitable for various activities. Lingerie designers emphasize the use of luxurious materials, embroidery, bright colors and lace to create products that are expected to boost the market during the forecast period.
Gap Inc., Triumph International, Hanebrands Inc., Horse Racing International, Hunkemller International BV, MAS Holdings, PVH Corp., L-Brands, Chantelle Group, Hanky Panky, etc. are all major companies operating in the global lingerie market. These market participants focus on providing fancy and fashionable women’s underwear products of various grades and excellent performance. These companies have realized the huge potential related to women’s underwear products, and are highly involved in marketing plans, new product development, investment plans and other strategies. For example, in February 2020, Hanes Brands added the successful DreamWire bra innovation to its third brand through the launch of Bali.
The outbreak of the coronavirus began in Wuhan, China in December 2019, and has since spread rapidly to the world. As of May 2020, in terms of confirmed cases and reported deaths, China, Italy, Iran, Spain, the Republic of Korea, France, Germany and the United States are the most affected countries. According to the latest data from the World Health Organization, there are approximately 5,728,642 confirmed cases worldwide and a total of 353,692 deaths. Due to lockdowns, travel bans and business closures, COVID-19 has affected the economies and industries of various countries.
The global apparel industry is one of the major industries facing severe damage due to the epidemic, such as supply chain disruption, office closures, closures of shopping centers, stores, retail stores or brand stores, etc. For example, China is the global manufacturing center and the largest supplier of raw materials for various industries, and it is also one of the most severely affected countries. The shutdown of many factories in China is affecting the global supply chain and has a negative impact on the manufacturing, delivery schedule and sales of various commodities including clothing.
Many companies have announced that they may delay product delivery and may reduce the future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia and North America are affecting business cooperation and partnership opportunities. All these factors are expected to affect the fashion and apparel industry in a negative way, thereby becoming constraints on the growth of various markets related to the industry in the coming months.
Post time: May-11-2021