LONDON--(BUSINESS WIRE)--According to their latest report, Technavio analysts expect the global online lingerie market for 2016-2020 to exceed USD 58 billion by 2020, growing at a CAGR of over 17%.
According to Brijesh Kumar Choubey, lead research analyst at Technavio for apparel and textile research, “The US and Europe have been driving the growth of the global online lingerie market to a great extent. Brands such as Victoria's Secret and Calvin Klein contribute a significant portion of the market's revenue, as consumers from countries where the brick-and-mortar stores of these brands are not present purchase lingerie through their online websites and other e-retailers. Therefore, the upsurge of B2C e-commerce is expected to augment the growth of this market during the forecast period.”
Technavio’s lead consumer and retail market research analysts have identified the following four factors that will drive the global online lingerie market:
- Increased smartphone penetration
- Growing e-commerce industry
- Price discounts and special offers
- Changing consumer preferences
Increased smartphone penetration
In 2015, nearly 28% of the global population used smartphones. The e-commerce industry has benefitted significantly from this development, and clothing and apparel are important categories that have propelled the growth of the industry across regions.
The increasing penetration of mobile devices with Internet access has presented vendors with an active platform to engage with consumers on the go. In addition, consumers, especially women, get a sense of privacy when shopping online while also getting access to a wide portfolio of products.
The trend has caught the attention of multiple vendors across the globe, including those in developing countries where changing lifestyle trends have positioned lingerie as a product of regular purchase. Lingerie vendors active online worldwide include Butterfly Collection, PVH, Dreamwear, Hanes Brands (which include Bali, Hanes, Maidenform, and Playtex), Jockey, and L Brands (which include La Senza and Victoria's Secret).
Growing e-commerce industry
The growing penetration of the Internet and online platforms has made online purchasing of goods easier, more comfortable, and faster. In 2015, the global e-commerce market reached a value of USD 1.7 trillion, a growth of 16% from 2014. This number suggests substantial growth opportunities for online lingerie vendors.
The cost effectiveness of the online channel and the accessibility it provides to an increased consumer base has spurred many vendors to start selling their product lines online. In developed markets, e-commerce has played a significant role in the purchase of lingerie products. In 2015, the US e-commerce market accounted for more than 20% of the revenue in the global e-commerce market, growing by over 15% between 2014 and 2015.
Price discounts and special offers
Unlike other categories of apparel, minimal discounts are offered on lingerie in brick-and mortar-stores. However, this is not the case with online retailing of lingerie. Many brands, including Victoria's Secret, provide special offers and price discounts exclusively on their online platforms to attract consumers.
These companies also make a variety of coupons available. Consumers receive product bundling options, and can take advantage of a wide range of discounts, coupons, and offers, either from retailers or directly from manufacturers.
Changing consumer preferences
Over the years, the perceptions of lingerie have changed. Women now buy innerwear not only as a necessity but also as a fashion statement. From fabric to strap type, everything is chosen with care. Certain types of lingerie are also meant for use with specific outfits.
“As a result of the increasingly busy and hectic lifestyles of consumers, they opt for the wide variety and convenience of on-the-go shopping that online stores offer,” says Brijesh.
Browse Related Reports:
- Online Lingerie Market in India 2015-2019
- Online Lingerie Market in the US 2015-2019
- Intimate Wear Market in China 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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