Technavio analysts forecast the global sleepwear and loungewear market to grow at a CAGR close to 9% during the forecast period, according to their latest market research report.
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Technavio analysts forecast the global sleepwear and loungewear market to grow at a CAGR close to 9% by 2023. (Photo: Business Wire)
Increase in availability of luxury sleepwear and loungewear products is one of the major trends being witnessed in the global sleepwear and loungewear market 2019-2023. Many vendors are entering the luxury segment to offer premium products to high-end customers. Many new entrants are also entering the market by offering luxury sleepwear and loungewear. For instance, Sleepy Jones, which offers luxury sleepwear and loungewear, entered the market in 2013. Moreover, the rise in middle-class consumers along with growing demand for branded products will help the vendors venture into the luxury category. During the forecast period, many existing sleepwear and loungewear vendors are likely to enter the luxury segment, which in turn is expected to boost the overall growth of the market.
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According to Technavio analysts, one of the key factors contributing to the growth of the global sleepwear and loungewear market is the innovation and portfolio extension of sleep and loungewear products:
Global sleepwear and loungewear market: Innovation and portfolio extension of sleep and loungewear products
Innovation in product design, product offerings, and new categories are the key factors driving the market. For instance, Lunya (a US-based luxury sleepwear company) offers innovative products, which include cool, washable silk, and Pima cotton collections. The company focuses on fabric innovation. The Pima cotton sleepwear products are designed with Trans Dry and XT2 fibers that dry up to three times faster than regular cotton. Some of the Pima cotton products include Pima long cardigans, robes, Pima rompers, and others. The price of these prima cotton products is more than $100. Another vendor, Under Armour, also offers athlete recovery sleepwear. The soft, bioceramic print on the inside of the athlete recovery sleepwear absorbs the natural heat and reflects far infrared back to the skin, which helps people sleep better. Some athlete recovery sleepwear products offered by Under Armour include women's long sleeve, women's pant, and others. Therefore, product innovation serves as a price driver for the market as it boosts revenue.
According to a senior analyst at Technavio for research on apparel and textile, “Currently, the demand for visually-appealing sleep and loungewear is driving the market. Most people, especially women, are particular about their outfits. Although sleepwear and loungewear are worn inside the house, the preference for visually-appealing products with better features is high. The availability of sleepwear and loungewear products that cater to different requirements, therefore, attracts customers. During the forecast period, many vendors are expected to launch new sleepwear and loungewear in diverse colors and styles.”
Global sleepwear and loungewear market: Segmentation analysis
The global sleepwear and loungewear market research report provides market segmentation by distribution channel (online and offline), by product (sleepwear and loungewear) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region held the largest share of the market in 2018, accounting for over 37% share, followed by the EMEA and Americas respectively. Many competitors in the region have introduced low-priced brands to attract price-conscious consumers. The working women population base has increased. As a result, women are spending more on premium apparel including sleep and loungewear. The growing e-commerce market along with the expansion of stores by vendors is also expected to contribute to the growth of the market in the region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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