Do you love shopping for swimwear? Well, most ladies buy the average-priced swimwear on regular days, although they splurge on luxury swimwear during very special occasions, or when they’re going to a classy holiday getaway with friends or romantic partners. It could be easily said that swimwear is the single most important piece of clothing that has seen an uptick in sales, especially after the global COVID-19 pandemic. Read on to learn more about a new report, which highlights the very promising outlook for the global luxury swimsuit market.
Sustainability is Now a Key Item Considered by Swimwear Shoppers
With global warming, climate change, massive deforestation and the staggering extinction of many plant and animal species, consumers are starting to rethink their habits, and are now more discerning in the items that they purchase.
As such, one key word is now being carefully scrutinized by consumers when they shop for items such as swimwear, and this word is – Sustainability. After the COVID-19 pandemic, global consumers felt that more needed to be done to protect the planet, if only to prevent the outbreak of new and deadlier viruses, but to make sure that humanity wisely utilizes the planet’s natural resources.
The global luxury swimwear market has also benefitted from this green trend, as many well-known fashion brands now offer swimsuits made from recycled fabrics. The international swimwear market is expected to grow by US$6.74 billion from 2020 to 2024, according to the latest market research report by a leading technology research firm who has over 500 analysts across 50 countries.
An increasing health consciousness among consumers is also a huge factor in the market growth for luxury swimwear. Another key driver for the growth of this market is the rising number of swimming pools, especially in North America, which accounts for around 28% of the boom.
The swimwear market in the United States remains the leading market in the planet, which is distinguished by an increasing consumer interest in swimming, along with a rising rate of family vacations to resorts, islands and beaches.
While the average American woman alone owns at least four swimsuits, the swimwear market has also expanded greatly in France, Italy, Germany, Spain and the United Kingdom. Like, a luxury swimwear can actually cost anywhere from $100 to $400, or in some cases even more.
Environmental advocates also stress that the global swimwear market is divided into materials like cotton, nylon, neoprene, polyester, polypropylene, spandex and others.
The introduction of newer and more innovative fabrics with unique qualities like UV protection, thermal insulation, flexibility, lightweight and multi-function has actually increased the popularity and demand for sustainably-produced swimwear over the coming years.
The Swimwear Market is Booming in China, Japan, Korea
Apart from the North America, South America, Australia, New Zealand and Europe, the market for luxury swimwear is also booming in China, Japan, South Korea and in the rest of the developing world (like the Philippines, Vietnam and Thailand).
However, the market for luxury swimwear is not likely to register an impressive level of growth in countries like India, Pakistan, Bangladesh (which is sad, as these countries have a combined population of more than a billion people), perhaps because these countries do not have a popular beach culture, and most consumers here are still hesitant to invest in high-end and quite expensive swimwear.
Market analysts stress that the high-end luxury swimwear market greatly relies in relaxed dress codes, awareness with regard to body care, a rise in social mobility, and an enhanced performance of the textile industry.
The analysts also add that more middle-aged women (and even men) are investing in luxury swimwear, as many swimsuit fabrics support their physique, and provide the comfort that they are also looking for. The other drivers for swimwear and beachwear today include the growth of the beauty, wellness and spa industries.
A Growing Interest in Watersports is Fueling the Global Swimwear Market
Today, consumers all over the world know that luxury swimwear and swimsuits are unique and exclusive, especially when compared to mass-produced swimwear. The little details that today’s consumers are looking out for include fit, comfort and fabric.
And, a growing interest among women towards participating in watersports is also one of the major drivers for the global market for swimwear. Well, I’m sure that swimming is still regarded as a safe, low-impact sport which offers a lot of positive effects on both the mind and body (unless you have an immense fear of sharks or poisonous jellyfish).
And obviously, swimming also greatly reduces anxiety and tension, enhances physical strength and increases endurance. Over the medium term, the market has witnessed a rapidly-growing interest in swimming as a hobby, and as a sport, which is amply supported by a rise in product innovations and advancing technologies like the incorporation of neoprene fiber and other fabrics that enhance elasticity and comfort.
Revenge Travel is Also Helping to Increase Swimwear Sales
After the nearly two years of stringent COVID-19 restrictions, which led to the total grounding of air, sea and land travel, lockdown-weary populations are now literally saying yes to virtually any destination, and most considered the journey to be as important as the destination.
According to Booking.com’s August 2021 study, 61% of travelers all over the world are raring to get out of their homes or workplaces, and see the world. Many of these travelers see going on a holiday as an essential form of self-care after almost two years of grudgingly holding back.
The pent-up savings that many revenge travelers have accumulated mean more than just first-class hotel upgrades and bigger rooms. In fact, these travelers have gobbled up other purchases like new clothing, luggage, meals at fancy restaurants, concert tickets and luxury swimwear!
So, that’s a quick peek into the fortunes of the global luxury swimwear, especially after the dull and dreary COVID-19 epidemic. As far as I’m concerned, with more people traveling, heading to the beach resorts and other fancy locations, I see the market for standard and luxury swimsuits going nowhere but – Up!