Women's Swimwear World Outlook 2021-2026: Innovation Required to Sustain the Market Following Pandemic Slump
DUBLIN, Nov. 29, 2021 /PRNewswire/ -- The "Women's Swimwear Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The uncertainties that arose due to the COVID-19 pandemic led market players to innovate in their strategy to sustain. The established brands took the other route by careful collaboration with the retailers.
They saw their sales crash during the pandemic, which was also the prime period of swimwear sales. Hence, they constantly ensure that enough stock is available with retailers throughout and are hopeful of a comeback in sales with the return of travel and tourism. However, with the gradual re-opening of the economy, international travel is expected to bounce back, aiding the demand for swimwear.
Over the medium term, the market has witnessed a growing interest in swimming as a sport and a hobby, supported by a rise in product innovations and advancing technologies, such as the incorporation of neoprene fiber to develop fabrics that improve their elasticity and efficacy.
With the changing fashion trends, key factors, such as design, trend, and comfort of the fabric, play a major role in driving the market. Furthermore, manufacturers and designers focus on the comfort level of swimwear, as it has a high impact on the consumer's purchase decision. The popularity of value-added features, such as trendy prints and convenient cuts, is further driving the market growth.
Moreover, high promotional activities and campaigns by manufacturers to increase their brand image are driving the market growth. Owing to the rise in online shopping and the availability of high-end premium swimwear, the key players witnessed an increase in the sale of branded women's swimwear during the study period.
Key Market Trends
Increasing Customer Engagement through Social Media
Social media has become an integral part of today's generation, especially when it comes to younger generations. Its impact is far-reaching and is highly influencing the consumers' shopping behavior. According to a survey from CreditCards.com, in August 2021, 72% of millennials said social media impacts their buying decisions.
Owing to these factors, social networks are expanding into every aspect of consumers' daily lives, including their shopping habits. Visually driven social media, like Instagram and Pinterest, started as digital forms of window shopping, but with Buyable Pins, social ads, and shoppable Instagram galleries, these brands have instant access to stores and product pages from social media.
The aspirational visual content in swimwear customer photos keeps social communities active and inspires brand fans to share even more user-generated content. Aspirational content takes a step beyond informational messaging into the realm of lifestyle experiences. It allows companies to express their values through content that encapsulates the essence of their brand. In addition to inspiration, user-generated content allows customers to tell the brand exactly what they like and do not like about their products.
Therefore, most of the brands, like Frankie's Bikinis, have their product development process largely influenced by Instagram, which is highly increasing the sales of the swimswear.These social media platforms provide an opportunity for swimwear brands to connect to their customers, improve their product line as per the consumers' preference, and boost their market.
North America holds Largest Market Share
Although the government-mandated lockdowns as a result of the COVID-19 pandemic kept people at home throughout the country, sales of inflatable pools and above-ground pools were reported to be up by triple digits in April and May of the same year. Consumers were thereby able to enjoy the luxury of pools and beaches from the comfort of their homes without having to travel, which drove the sales of women's swimwear in the region.
Additionally, with vaccine rollouts and the end of lockdowns in 2021, customers could travel on vacations once again, which contributed to the growth of the swimwear market. Versatility in product offerings such as athletic swimwear and plus-sized swimwear by leading players has also boosted the demand for women's swimwear in the region.
Moreover, Mexico is one of the few countries with no international border-crossing policy. Travelers are allowed to pass in and out without proof of a negative test, vaccination, or recent resolved infection. Hence, Mexico has become a vacation hotspot for tourists from other countries looking to travel post-lockdown. The increase in the number of tourists vacationing in Mexico has also led to an increase in demand for swimwear available in the region.
Competitive Landscape
The global women's swimwear market is highly fragmented and competitive, with the presence of various global and regional players. The major market share of women's swimwear is dominated by a global group of companies.
Thus, the global market is shared among some of the top-ranking companies such as LVMH, Chanel, Adidas AG, etc.
With the increasing number of brand-conscious consumers worldwide, major players are adopting strategies to draw their attention by introducing sustainable swimwear made using recycled material. Product innovation is implemented majorly by the players in the market as a part of expanding their product portfolios together, with catering facilities for consumers that aid in managing their lifestyle with innovative product offerings.
Companies Mentioned
- LVMH Moet Hennessy Louis Vuitton
- Marysia LLC
- Chanel Group
- Missioni SpA
- Swimwear Anywhere Inc.
- La Jolla Group
- LA Perla
- Pentland Group PLC
- Adidas AG
- Puma Inc.
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