Loungewear Market to Grow with a CAGR of 9.05% Globally through 2028
The global loungewear market is thriving, driven by
comfort and lifestyle trends. Pandemic-induced demand, online shopping, and
sustainable options continue to shape its growth, appealing to diverse consumer
preferences.
According to TechSci Research report, “Global Loungewear
Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Loungewear Market stood at USD 5.7 Billion
in 2022 and is anticipated to grow with a CAGR of 9.05% in the forecast period,
2024-2028. The Global
Loungewear Market is marked by significant drivers, including shifts in
lifestyle and remote work, heightened demand due to the COVID-19 pandemic, the
rise of e-commerce, fashion-forward loungewear designs, and a growing focus on
sustainability. However, it faces substantial challenges like increasing market
saturation, the need to address sustainability and ethical concerns, the
ever-changing landscape of consumer preferences, supply chain disruptions, and
inclusivity issues. This dynamic market is also influenced by trends such as
the growth of sustainable, hybrid, gender-neutral loungewear, the integration
of athleisure elements, and technology-enhanced features, all reflecting
evolving consumer values and lifestyles.
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The Global Loungewear Market is experiencing robust
growth, driven by a confluence of factors that reflect shifting consumer
behaviors, lifestyle changes, and industry dynamics. One of the primary drivers
is the transformation in lifestyle and work culture. With an increasing number
of individuals adopting remote work and flexible schedules, the demand for
comfortable yet presentable attire has surged. Loungewear, with its emphasis on
comfort and versatility, has seamlessly adapted to this trend, becoming a
staple in the wardrobes of those seeking clothing suitable for both
work-from-home environments and leisure.
The COVID-19 pandemic has acted as a catalyst,
intensifying the demand for loungewear. Lockdowns and social distancing
measures have compelled people to prioritize comfort, resulting in a surge in
loungewear sales. This pandemic-induced demand has not only sustained the
market but has elevated loungewear to a fashion essential, shaping consumer
expectations regarding comfort and style.
The rise of online shopping is another key driver
propelling the loungewear market forward. The convenience and accessibility of
e-commerce platforms have allowed consumers to browse, select, and purchase
loungewear from the comfort of their homes. The ease of online shopping has
particularly resonated with consumers seeking comfort and relaxation,
contributing to the significant growth of the loungewear market in the digital
space. Online platforms have also provided a thriving space for direct-to-consumer
loungewear brands, enabling them to reach a broader audience and experiment
with innovative marketing strategies.
Fashion-forward designs have become integral to the
loungewear market's growth. Loungewear is no longer confined to basic,
oversized garments; instead, it has evolved into a fashion statement. Brands
are incorporating stylish designs, patterns, and colors, making loungewear
suitable for various social settings. The fusion of comfort and fashion-forward
elements has broadened the appeal of loungewear, attracting a diverse consumer
base with varying style preferences.
Sustainability is emerging as a critical driver in the
loungewear market. As consumers become more environmentally conscious, they
seek loungewear made from sustainable materials and produced through ethical
manufacturing practices. Brands are responding by incorporating organic cotton,
recycled fabrics, and eco-friendly production methods, aligning with the
growing demand for socially responsible and eco-conscious choices.
Furthermore, the Global Loungewear Market is
witnessing a surge in demand due to its adaptability to inclusive sizing.
Recognizing the diversity of body types and sizes among consumers, brands are
expanding their size ranges to cater to a broader audience. Inclusivity is not
only limited to sizing but also extends to gender representation.
Gender-neutral loungewear has gained popularity, reflecting a broader societal
shift towards breaking traditional gender norms in fashion.
While these drivers propel the loungewear market
forward, it is not without its challenges. Market saturation and increased
competition pose significant hurdles, requiring brands to focus on
differentiation and branding strategies to stand out. Sustainability, while a
driver, also presents challenges such as the higher cost of sustainable
materials and the need for transparent and ethical practices throughout the
supply chain. Adapting to rapidly changing consumer preferences and fashion
trends is another challenge that necessitates agility and innovation.
In conclusion, the Global Loungewear Market is
thriving due to a convergence of factors that cater to the evolving needs and
preferences of consumers. The industry's resilience, coupled with its ability
to adapt to changing lifestyles and incorporate sustainable practices,
positions loungewear as a dynamic and essential segment within the broader
fashion landscape.
The online segment of the loungewear market has
witnessed rapid growth, largely driven by the convenience of digital shopping.
Consumers increasingly turn to e-commerce platforms to explore and purchase
loungewear, benefiting from the ease of online shopping. The COVID-19 pandemic
expedited this shift as lockdowns and social distancing measures encouraged
more people to shop for comfort and style from the comfort of their homes.
Direct-to-consumer loungewear brands have thrived online, offering unique and stylish
options, which has transformed the digital landscape. As online shopping
continues to gain momentum, the online loungewear segment remains a prominent
and dynamic force in the loungewear market.
Major companies operating in Global Loungewear Market
are:
- L Brands Inc.
- H & M
- Triumph International Holding
GMBH
- Authentic Brands Group LLC
- Urban Outfitters
- Nordstrom Inc.
- Hanesbrands Inc.
- Jockey International Inc.
- Marks & Spencer Group Plc
- PVH Corporation
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“The Global Loungewear Market is experiencing
significant growth driven by a blend of factors. Lifestyle changes, remote
work, and the need for comfort and style have elevated loungewear's importance.
The COVID-19 pandemic accelerated demand as people embraced relaxed attire.
Online shopping offers convenience and access to a wide range of loungewear
choices, further propelling the market. Sustainable practices, inclusive
sizing, and gender-neutral options align with consumer values. The
fashion-forward, technology-enhanced loungewear trends continue to reshape the
market. Challenges like competition, sustainability, evolving fashion
preferences, and supply chain disruptions must be navigated by brands to
succeed in this thriving segment.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Loungewear Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast, Segmented By End User (Female, Male, Kids),
By Sales Channel (Supermarkets/Hypermarkets, Exclusive Stores, Muti-Branded
Stores, Online, Others), By Region, By Competition, 2018-2028”, has evaluated
the future growth potential of Global Loungewear Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Loungewear Market.
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