The surge in the use of trendy and comfortable loungewear among people from around the world is expected to boost the growth opportunities in the global loungewear market in the forthcoming years.
Loungewear refers to a casual outfit generally worn at home as it provides people a high level of comfort. In recent years, the spending power of the major populations from many developed and developing nations is being improved. This factor is favoring the sales growth in the global loungewear market. Moreover, the market for loungewear is being driven by the rising work-from-home culture due to the COVID-19 pandemic.
Analysts at Transparency Market Research (TMR) provide a 360-degree analysis of factors influencing the growth curve of the global loungewear market. Hence, readers gain a complete assessment of major factors such as growth drivers, R&Ds, trends, challenges, and investment opportunities in the market for loungewear. Moreover, the report also sheds light on the share, revenue, sales, and production statistics of the global loungewear market.
Increase in Preference for Cotton Loungewear Shapes Market Growth
Companies operating in the global loungewear market are offering products manufactured using varied materials such as wool, silk, and cotton. In recent years, people are increasing the demand for products developed using cotton materials as they provide a high level of comfort. Moreover, cotton-based loungewear is gaining impetus as they are wearable in almost all seasons. Hence, companies operating in the loungewear market are focusing on strengthening their production capabilities in cotton-based products. Such trends are anticipated to boost the future of the loungewear market.
Rising Popularity of Reversible Loungewear Fuels Expansion Avenues in the Market
Reversible loungewear are being publicized globally in recent years owing to their several features such as their breathable nature. Moreover, these product types are being increasingly adopted as they can be used outside as well as at home. As these products are reversible, the same clothing can be utilized to get two different looks. Such trends are prognosticated to generate revenue-generation opportunities in the global loungewear market in the years ahead.
The presence of many well-entrenched companies makes the competition levels in the loungewear market highly intense. This scenario is encouraging market enterprises to execute organic as well as inorganic strategies such as mergers, acquisitions, partnerships, and collaborations in order to stay ahead of the competition.
Players in the global loungewear market are increasing focus on developing innovative products that can offer a high level of comfort to the end-users. As a result, they are seen increasing investments in R&D projects. Such efforts are anticipated to help in generating promising business opportunities in the loungewear market. Besides, the market for loungewear is prognosticated to be driven by a rise in the focus of manufacturers on the launch of a wide range of attractive products.
Some of the leading players operating in the global loungewear market include RALPH LAUREN, Authentic Brands Group LLC, H & M Hennes & Mauritz AB, WACOAL HOLDINGS CORP., L Brands Inc., AEO Management Co., and Groupe Chantelle.
Improved Spending Power of People Drives Sales Growth in North America Market
The loungewear market in North America is projected to gain profitable prospects in the forthcoming years. The growth of the North America loungewear market is ascribed to many factors such as improved spending power of the regional populace and the presence of many leading players in the region.
The loungewear market is anticipated to attract prominent growth prospects in the Asia Pacific region owing to the improving disposable income of the regional people and arise in the demand for luxury loungewear in many emerging economies including China and India.