The global loungewear market size was USD 5.70 Billion in 2021 and is expected to register a revenue CAGR of 9.3% over the forecast period, according to the latest report by Reports and Data. Increased outdoor activities such as gym, yoga, and shifting consumer preferences are factors driving revenue growth of the market.
The increased popularity of loungewear’s is a result of consumers' desire for casual attire. The loungewear features stylish and functional designs. It is regarded as a cozy, relaxed outfit appropriate for at-home use. They are appropriate for all seasons since they come in a variety of material types, including silk, cotton, and wool. The producers are making new, stylish products and taking various steps to increase the product's quality. The loungewear market has seen a significant shift because of online shopping stores. Most manufacturing companies have online shops that inform consumers about current trends and information materials.
An increase in demand for loungewear for outdoor activities such as yoga, beach trips, gym, and other activities is driving revenue growth of the market. Also, the majority of people spent a lot of time at home as a result of the COVID-19 pandemic, which was one of its unforeseen consequences. Many people started to turn inside and consider how they wanted to get rid of themselves as a result of lockdowns and widespread fear of disease spreading. This even extended to how they like to wear to feel as comfortable. Demand for loungewears has increased as a result of this.
Increased use of trending loungewear also motivates industry players to introduce innovative products to drive revenue growth of the market. Companies are beginning to manufacture their own styles of loungewear for ladies and men. Events are used to promote loungewear with the aid of celebrities and other public personalities. This is assisting the loungewear market trends in maintaining its growth rate.
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Market Dynamics:
The global Loungewear market is rapidly gaining traction over the recent years and is expected to register robust revenue growth throughout the forecast period of 2021 and 2028. The consumer goods sector is rapidly growing due to factors such as paradigm shift in consumer preferences, rising demand for convenience and ongoing COVID-19 pandemic. Rapid revenue growth is attributed to factors such as rising disposable income, improvements in standard of living, and increasing preference for organic food and plant based food products. Moreover, rising health conscious population, increasing preference for online shopping and doorstep deliveries and growing inclination of veganism in several countries across the globe and increasing focus on developing novel products to cater to consumer demand are other factors expected to support market growth going ahead.
Competitive Landscape:
The research report offers details about leading companies in the global Loungewear market along with global position, financial standing, license agreement, products and services portfolio and revenue contribution of each market player. Key players in the market are focusing on adopting various strategies such as mergers and acquisition, business expansion plans, new product launches, partnerships, collaborations, joint ventures to enhance their product base and gain robust footing in the market
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Major Companies:
- Triumph Intertrade AG
- Authentic Brands Group LLC.
- Nordstrom, Inc.
- Hanesbrands Inc.
- Jockey International, Inc.
- Marks and Spencer plc
- PVH Corp.
- AEO Management Co.
- Ralph Lauren Media Llc
- Wacoal Holdings Corp
Market Segmentation:
The report also sheds light on the market segmentation based on type, application and region:
Loungewear Market Segmentation based on Types:
- Cotton
- Wool
- Silk
- Others
Loungewear Market Segmentation based on Distribution Channel:
- Supermarkets Hypermarkets
- Specialty Stores
- Online
Loungewear Market Segmentation based on Distribution Channel:
- Males
- Females
- Kids
Loungewear Market Segmentation based on Regions:
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East Africa
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