Market Forecast
Global Loungewear Market size is projected to be valued at USD 9.23 Billion by 2027 at a CAGR of 9.5% between 2020 and 2027. Loungewear is casually styled sleepwear or loose-fitting cloth suitable for relaxing around the house or can also be used as an outfit. The demand for loungewear is increasing as people are opting for comfortable and presentable clothes. The convenience and ease of accessibility are some of the major factors that are pulling the market development. Furthermore, loungewear is easily available to consumers belonging to all social-economical groups. Also, product launches by manufacturers are also expected to drive the demand for loungewear during the forecast period. For instance, in December 2020, L’Agence, a California-based company, launched a luxury loungewear collection named Lux Lounge. This loungewear offers nine styles in six different colorways, priced between USD 150 to 220.
Market USP
Availability of Luxury Loungewear
Growth Opportunities in the Market
Media Promotion and Celebrity Endorsements: Promotion plays a vital role in increasing the sales of loungewear, and celebrity endorsements influence consumer buying decisions to a great extent. Manufacturers of loungewear are tapping into the wide fan base of celebrities to gain more customers and raise awareness about their products. For instance, Luke Bryan, a singer and songwriter, and his wife Caroline Bryan are brand ambassadors for Jockey International Inc. in their new campaign named “There’s Only One Jockey.” Thus, the promotion of loungewear by celebrities on social media helps market players expand their customer base and increase sales, consequently driving the growth of the global loungewear market during the forecast period.
Non-Store-Based Distribution Channels Gaining Popularity Across the Globe: The non-store-based segment includes e-commerce, wherein manufacturers distribute oral care products through various online shopping sites and/or their websites. Companies face difficulties in reaching consumers in different parts of the world through brick-and-mortar stores. Thus, e-commerce channels enable companies to cater to the consumer’s needs and expand brand presence. Additionally, this mode of distribution also helps manufacturers showcase their wide variety of products available.
Access Report Details @
Key Players
L Brands Inc. (US)
Hanesbrands Inc. (US)
Jockey International Inc. (US)
Marks & Spencer Group Plc (UK)
PVH CORPORATION (US)
H & M (Sweden)
Triumph International Holding GmBH (Germany)
Authentic Brands Group LLC (US)
Urban Outfitters (US)
Nordstrom, Inc. (US)
Request a Sample Report @
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
Comments