Loungewear is well-defined as comfortable and casual clothing that is versatile for relaxing, operating from home, or venturing out for an indulgent brunch. This type of clothing can be worn to sleep but it is principally intended for lounging around the house and infrequently being worn outside. The foremost factors attributed to the augmenting the market of loungewear is the augment in the purchasing power and disposable income among customers in Tier II, III towns and cities and even in smaller pockets has caused an uptick in the spending patterns.
According to the report analysis, ‘Loungewear Market: Current Analysis and Forecast (2021-2027)’ states that the offering of stylish and newly designed loungewear by companies due to the augmenting demand from women is also underwriting to the growth of the market.
Based on the material, the market is classified into wool, cotton, silk, and others. The cotton segment grasped XX% market share in the Loungewear Market during 2020 and registered the market. The market share of this segment is multiplying on account of the properties such as Cotton fabric is breathable and transmits moisture away from the body and is absorbent and eradicated the liquid from the skin. However, the silk segment would observe a considerable CAGR during the forthcoming years.
Based on the end-user, the market is classified into male, female, and Kids. The female segment captured XX% market share in the Loungewear Market during 2020 and registered the market. The obtainability of high-quality modern clothing at economic prices for women, However, the men’s segment would observe a sharp growth in the forthcoming years due to the growing popularity among men and the launch of attractive loungewear precisely for men.
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The loungewear market has several key players who are in the race to withstand the cut-throat competition. The foremost players are indulging in R&D activities to understand client preferences and come up with novel product designs which may fascinate the consumer attention. The fray to design relaxed and trendy outfits for males, females, and kids are likely to propose the promising growth to the loungewear market. The foremost players are launching new designs of relaxed loungewear to maintain their market position. Furthermore, they are contributing in the promotional activities and advertisements to enlarge their market reach. Strategic planning and collaborations also play an energetic role in the growth of the loungewear market. These foremost developments and initiatives are probable to open new avenues for the growth of the loungewear market.
North America is probable to be the frontrunner in the Global Loungewear Market due to the existence of a large number of manufacturers in this region. Asia Pacific is projected to follow North America owing to the growing popularity of luxury loungewear in developing and extremely populated countries such as India and China. These aspects are likely to boost the growth of the global loungewear market during the near future.
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Global Sleepwear and Loungewear Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024
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Ankur Gupta, Head Marketing & Communications