U.S men’s underwear and women’s lingerie market is expected to target a good CAGR over the projected period
In 2015, the U.S. men’s underwear market was valued at more than US$ 3,000 Mn and was estimated to account for a slight increase in market value by 2016 end, reflecting a Y-o-Y growth rate of more than 4%. The U.S. men’s underwear market is projected to account for more than US$ 5,000 Mn by the end of 2024 and is likely to witness an increase in Y-o-Y growth rates till 2024, driven by rising disposable income and increasing preference for branded underwear. The U.S. men’s underwear market in sales volume terms is projected to reach more than 600 Mn units by the end of 2024. In 2015, the U.S. women’s lingerie market was valued at more than US$ 10 Bn. The U.S. women’s lingerie market is estimated to account for over US$ 15 Bn by the end of 2024, exhibiting a CAGR of 5.7% over the forecast period. The U.S. women’s lingerie market is expected to witness an increase in Y-o-Y growth rates till 2024, driven by increasing availability of products in online lingerie stores.
Increasing disposable income in the U.S. is creating a robust growth in the men’s underwear and women’s lingerie market
Utilization of undergarments as a fashion apparel rather than a necessity is a factor expected to drive the growth of the U.S. men’s underwear and women’s lingerie market over 2015–2024. Increasing awareness regarding health and fitness and personal hygiene among men and women is increasingly influencing them to use two fresh/clean sets of undergarments in a day. Moreover, men and women especially youngsters prefer wearing functional underwear to the gym or when participating in sports activities due to its various advantages as compared to traditional intimate apparels. These factors are fueling the growth of the U.S men’s underwear and women’s lingerie market.
The U.S. lifestyle has witnessed a significant change in the recent past. The steady growth of the manufacturing and services sector in the country has resulted in the growth of the country’s overall GDP, which has positively impacted per capita disposable income in the recent past. Change in outlook towards underwear and lingerie from being a basic necessity to fashion products in order to complement a toned body is a major factor expected to drive demand for fashionable and trendy underwear in the near future.
Also, propagation of modern retail formats such as supermarkets, discount stores, and pharmacy stores is resulting in increased product visibility. This enables easier accessibility to products such as underwear and lingerie. Availability of a large variety of products related to intimate apparels for both men and women at discounted prices is fueling the online shopping trend, which is automatically creating robust development in the U.S. men’s underwear and women’s lingerie market. Increase in personal income is expected to result in higher consumer spending, which is also expected to further drive the growth of the men’s underwear and women’s lingerie market in the country over the forecast period.
Popular brands of men’s underwear and women’s lingerie likely to hamper the growth of newer brands in the U.S market
The U.S. men’s underwear and women’s lingerie market is highly competitive owing to the presence of a relatively large number of global and local intimate apparel manufacturers. Various luxury and clothing brands are focused on entering this market in order to leverage benefits such as high profits and quick return on investment. These benefits are anticipated to increase competition in the market. The U.S. men’s underwear and women’s lingerie market is characterized by a high intensity of brand loyalty. It has been noted that consumers in the U.S. prefer established and well-known brands, and are generally reluctant to switch to newer brands emerging in the market. For instance, Victoria’s Secret – a subsidiary of U.S. based LBrand – dominated the U.S. women’s lingerie market with a market share of around 40% in 2014 and continues to be one of the most favorite brands among women consumers. Such high-end brands are hampering the growth of new brands of men’s underwear and women’s lingerie in the U.S.
In a new report titled “Men’s Underwear and Women’s Lingerie Market: U.S. Industry Analysis and Forecast, 2016 - 2024,” Persistence Market Research studies the key facts pertaining to the U.S men’s underwear and women’s lingerie market. According to Persistence Market Research analysts, a majority of men in the U.S wear boxers and trunks than men in other regions of the world. Also, navy blue is currently more preferred than other colors among men consumers in the U.S. men’s underwear market; however around half of the male population in the country sticks to a single style of underwear. The report also includes a detailed market study of women’s lingerie and analysts have found that a large percentage of women in the U.S. believe that their lingerie impacts their self-confidence. A negligible percentage of women in the U.S. use lingerie to meet their requirement of fashion. The study demonstrates market dynamics that are expected to influence the current environment and future status of the U.S. men’s underwear and women’s lingerie market over the forecast period. The primary objective of this report is to offer updates on trends, drivers, restraints, value forecasts, and opportunities for manufacturers operating in the U.S. men’s underwear and women’s lingerie market.
The report discusses how the overall competition in the market is steadily increasing. It discusses various factors that are shaping internal as well as external competition in the market. Overall internal competition in the US men’s underwear and women’s lingerie market is comparatively high due to a large number of providers of underwear and lingerie in the market. Various entry barriers in the industry are also analyzed and rated on the basis of their impact on the competition level in the market. The report highlights the U.S men’s underwear and women’ lingerie market by price range. It provides a market outlook for eight years and sets the forecast within the context of the U.S men’s underwear and women’s lingerie ecosystem, including new technological developments as well as product offerings in the U.S men’s underwear and women’s lingerie market.
The report not only conducts forecasts in terms of CAGR, but also analyzes the market on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities across the U.S men’s underwear and women’s lingerie market. Also, another useful feature of this report is the analysis of all key segments in terms of absolute dollar opportunity, critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the U.S men’s underwear and women’s lingerie market.
Macroeconomic indicators such as apparel industry outlook, spending and others have been considered while studying this market to arrive at the indicated market numbers. Yearly change in inflation rate has not been considered while forecasting market numbers. Top-down approach has been used to assess market numbers for each segment, while bottom-up approach has been used to counter-validate the reached market numbers. Impact analysis of drivers and restraints based on the weighted average model is included to better equip clients with crystal clear decision-making insights. Finally, the report provides a detailed competitive landscape and a dashboard view of key categories of providers operating in the market, which include U.S men’s underwear and women’s lingerie suppliers. Detailed profiles of the providers are also included within the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the U.S men’s underwear and women’s lingerie market.
Key Segments Covered
The U.S men’s underwear market is segmented as under:
The U.S women’s lingerie market is segmented as under: