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Lingerie Market Report 2011
Key Note Publications Ltd, Feb 2011
This Market Report examines the UK lingerie market, which is made up of corsetry, lingerie and hosiery. The market has seen continual growth over the review period (2006-2010), performing well throughout the recession and within the current economic climate, owing to new innovations and designs and the fact that consumers are using the industry to purchase an inexpensive treat during financial hardship. The total UK lingerie market was worth an estimated £2.93bn in 2010, increasing by 17.8% over the 5-year review period.
The corsetry sector recorded the largest increase in terms of value over the review period, rising by 19.2% to £1.16bn in 2010, and remains the largest individual sector. Sales in this sector have been encouraged by new innovations and consumers’ desire to achieve idealistic body shapes through the use of shapewear. Other factors, such as the media’s interest in women’s bodies and new trends towards achieving the hourglass figure, have all helped boost sales within the sector. Lingerie was the second-largest sector in terms of value, also witnessing a 16.4% increase since 2006 and peaking in 2010 at £1bn, while sales in the hosiery sector rose by 17.8% to £766,000 in 2010.
The marketplace remains fairly overcrowded, particularly among the higher-end retailers, with further competition predicted as many companies and brands enter the industry. The launch of the iconic Victoria’s Secret in 2012 is expected to create competition among luxury retailers, creating opportunities for new innovations and collections as retailers compete within the market. Discount retailers are also expected to be forced to increase some price points as the rise in the cost of cotton has an effect on the clothing industry worldwide. The global shortage of cotton is forcing retailers using the textile to increase prices or reduce their margins in the forthcoming years; the value of the discount market may increase as price points rise.
Changes in fashion will continue to drive the market as lingerie becomes regarded as just as essential as outerwear. Trends including wearing underwear as outerwear, as well as innovations in hoisery, will all boost the industry. A focus on underwear and shapewear products that can help with desired looks, from correct brassieres to tummy-clinching briefs, will also help to develop the market.
The authors forecast that the UK lingerie market will see continual growth, with sales predicted to reach £3.51bn in 2015, as more innovations and new and exciting retailers please consumers. Online retailing is also expected to remain successful, with companies such as figleaves.com able to sell a vast range of branded goods to consumers all at one site, providing overall convenience at generally lower prices than traditional retailers.
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