The global lingerie market is on a robust growth trajectory, projected to reach a staggering $171.3 billion by 2031, thanks to a compound annual growth rate (CAGR) of 6.7% from 2023. Several factors are fueling this upward trend, making it a dynamic industry with significant potential.
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Empowering Women’s Choices and Economic Participation Drive Growth
One of the major factors contributing to the lingerie market’s growth is the rising economic empowerment of women. More women are entering the workforce, spurred by government policies that promote female economic empowerment and eliminate gender wage gaps. With increased disposable income, women are seeking lingerie that not only offers comfort but also complements their clothing, enhancing their self-esteem and overall quality of life. This shift in buying habits is a strong catalyst for market expansion.
Expanding Distribution Channels and E-Commerce Accessibility
Lingerie has become a fashion statement, and the availability of these products through various channels, including e-commerce platforms, is driving market expansion. Online shopping has gained significant prominence, offering convenience, a wide range of discounts, and access to international brands. The ease of purchasing from home, along with the privacy it affords, is attracting consumers, especially in the era of mobile device proliferation. Both online and offline stores are catering to various consumer preferences, contributing to the growth of the lingerie market.