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Lingerie Market Report 2010
Key Note Publications Ltd, Feb 2010, Pages: 110
This Market Report examines the UK lingerie market, which encompasses corsetry, lingerie and hosiery. The market has performed well over the review period (2005 to 2009), and has withstood the sharp declines experienced by many retail sectors during the recession. This is partly due to the essential nature of underwear purchasing, but the industry has also benefited from many women viewing lingerie as a relatively inexpensive ‘pick-me-up’ at a time when the recession was biting into other areas of spending. The total UK lingerie market reached a value of £2.8bn in 2009, representing a 16.1% increase since 2005.
Hosiery was the best-performing sector in terms of value growth in 2009, and in the past 2 years, innovation and new product development (NPD) have soared as young and older women alike rediscovered the fashion potential of tights and stockings. Opaque tights, in particular, acquired a much greater fashion status in 2009, causing volume sales to increase. More young women are now wearing tights, and there has been a great deal of innovation in footless tights, which are now staple garments for many young female consumers.
Technological advancements have driven the brassiere (bra) industry, and the market is currently highly competitive in terms of offering products with unique and multi-functional properties. Manufacturers have also used technological development to increase the comfort and effectiveness of shapewear, which has become a major sales driver for the sector. Even the relatively traditional mixed retailer Bhs offers corsets, bodies and support hosiery alongside its usual underwear and sleepwear ranges. The media continues to fuel interest in making the most of fuller figures, and television programmes such as How to Look Good Naked stress the importance of a well-fitting bra and the use of shapewear.
UK manufacturing appeared to suffer some loss of business in 2008, although imports and exports remained steady. No doubt the industry will bounce back after the worst of the recession is over. In terms of the retail market, the competitive arena is becoming increasingly crowded. Lingerie specialists, both on the high street and online, are encroaching on the territory traditionally dominated by the mixed retailers and fashion multiples. Supermarkets, too, are looking to increase market share by offering designer styles at high-street prices. On the other hand, Marks & Spencer (M&S) — the dominant lingerie retailer — claimed that it had increased its market share over 2009, reinforcing its status and firmly making it the one to watch in 2010.
The market is definitely looking upwards in terms of quality and sophistication; however, in the future, pricing will remain key. Online retailing for lingerie has proved successful, and this will add to an extremely price-sensitive market. In 2009, vintage glamour was back in fashion — burlesque-style corsetry and pointed bras were reportedly flying off the shelves, and lace and silk were also highly sought after. 2010 and beyond will bring its own trends in an increasingly exciting and competitive period for the lingerie market.
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