UK underwear and lingerie strong in recession
‘Lingerie lace bodysuit underwear Market Report 2010’, a new report from Key Note Publications Ltd examines the UK lingerie market, which encompasses corsetry, lingerie and hosiery. According to the report 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, the report says, 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 is best performer in 2009The report says hosiery was the best-performing sector in terms of value growth in 2009, and in the past 2 years, innovation and new product development 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, »the report says.
Technological advances drive bra and shapewear sectorsThe report goes on to say that technological advancements have driven the bra industry, and the market is currently highly competitive in terms of offering products with unique and multi-functional properties. Manufacturers are also said to have used technological development to increase the comfort and effectiveness of shapewear, which has become a major sales driver for the sector.
Media fuelling interest in making most of fuller figures“Even the relatively traditional mixed retailer Bhs offers corsets, bodies and support hosiery alongside its usual underwear and sleepwear ranges, »the report says. The media is said to be continuing 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 industry to bounce back after recessionUK manufacturing appeared to suffer some loss of business in 2008, according to the report, 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, 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 report says.
Pricing will remain lace bodysuit underwear the keyLingerie Market Report 2010 goes on to say that 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.