Transparency Market Research predicts that the global lingerie market will reach a valuation of US$55.83 bn by 2024 increasing from US$33.18 bn in 2015 at a CAGR of 6.4% therein. In this blog post, TMR analysts have looked into some of the vital parameters of the global lingerie market that have been observed in the present-day scenario:
Q. How is economic growth benefitting the sales of lingerie in developing countries?
A. Women in developing countries are undergoing a shift in carrying themselves in public. The outlook towards innerwear as a casual affair is changing leading to adequate time and money spent on these purchases. With rising disposable income and more women in the workforce, the outerwear of women in developing countries has undergone a dramatic change. Due to this, women are giving importance to the selection of inner wear, especially bras that matches with their outfit.
An increasing participation of women in sports activities has driven sales of sports bra in the recent years. Furthermore, the entry of affordable lingerie brands such as Jockey in developing countries of China and India has also been advantageous for the overall market.
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Q. What are the major factors holding back the market’s growth?
A. The high advertisement costs and the high cost of marketing promotions are holding back the market’s growth. This is because celebrities or top-notch models are hired for photo shoots of large lingerie brands. Moreover, the photo shoots are carried out at exotic locations, thereby adding up to the cost of these products. This factor is majorly inhibiting the growth of the global lingerie market.
The use of low-quality materials used for making lingerie that can be harsh on the skin is detrimental to the market’s growth.
Q. How are regional markets faring in terms of growth?
A. Europe stood as the leading regional market in 2015 and is expected to retain its position in the coming years as well. Analysts say that the Europe lingerie market is expected to hold a share of 33.64% in the global market by 2024.