Russia and China to drive lingerie market growth
Russia and China are expected to see significant growth within the lingerie industry
As the world’s economic recession has continued, driven by eurozone debts and unemployment, it's no surprise that the lingerie market has also remained depressed. A new report from just-style suggests the sector will not fully recover until 2017 - with the bulk of this growth expected to come from emerging markets Russia and China.
According to just-style's latest report on 'Lingerie: Global markets and trends, 2007-2019', the value of the worldwide lingerie retail market - which includes bras, briefs, daywear and shapewear - is forecast to grow 4.3% over the next six years.
Compared to North America, Europe and Turkey, as well as Japan and South Korea, the rest of the world will show signs of significant growth, with market value set to grow 17% to US$5.41bn in 2019 over $4.62bn in 2010, the report notes.
Briefs are expected to perform better than bras, because the regions set to grow at the fastest pace are those with greater opportunities for low-priced bottoms.
Bra market growth will also lag behind that of the total lingerie market, which the report attributes to older women needing fewer bras to satisfy different dressing habits.
Growth in emerging markets
Emerging markets such as Russia and China will be the hotspots for lingerie market growth between now and 2019, the report suggests.
The value of the Russian lingerie market is expected to reach $660m in 2013, and the Chinese lingerie market is forecast to come in at $1130m.
Both Russia and China have a considerable "under market" - composed mostly of anonymous merchandise sold to consumers through markets and bazaars, not through 'organised' retail as in the developed world. They also have a rising number of affluent people who can afford Western prices, the report explains.
Growth for bras and briefs in Russia will largely be driven by a strong performance from the buoyant luxury/premium sector. But the under market will fare badly, weighed down by competition from cheap fast-fashion Western brands.
China poses "impressive" opportunities for growth, the report notes, but nowhere near the levels that have been talked about over the last four years.
Growth will be bolstered by the desire and ability of increasingly affluent Chinese consumers to buy domestic luxury, premium and mainstream products.
What is worth noting is that both markets are converging, the report says. The under market in both countries is diminishing and will continue to do so, while the organised retail market is growing. Russia and China are likely to grow at rates well in excess of anything remotely likely in the developed world.
Click here to view just-style's report 'Lingerie: Global markets and trends, 2007-2019'.
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