REVEALED SUMMER 2023 - Flipbook - Page 18
Creating a “Moment”
The intimate apparel market has
been on a roller coaster ride.
Over the past years, there were
huge sales drops in 2020, preceded
by double-digit growth in 2021.
Following this volatility, consumer
spending began to stabilize in 2022.
Total intimate apparel sales in the
U.S. landed at $7.3 billion in the six
months ending December 2022, a
3% drop from the same period in
2021 but 9% higher than in 2019,
according to consumer panel
data from Circana (formerly IRI
and The NPD Group). The growth
compared to the pre-pandemic
period continued to be fueled by
bra sales, as going out and getting
back to offices inspired spending on
the category and sleepwear growth
driven by sets.
As we look ahead, the ride may not
be over. On the contrary, it feels
as though we are slowly inching
towards the top of the roller coaster,
anticipating that big drop (or soft
landing?) that can occur at any
time. For brands and retailers, it’s
essential to keep an eye on what the
current trends are signaling to be
prepared for the opportunities that
lie ahead.
R E V E A LED - T HE SU MME R IS SUE #9
in Intimates
BY KRISTEN CLASSI-ZUMMO AND TODD MICK,
CIRCANA (FORMERLY THE NPD GROUP)
Looking for Little Luxuries
Despite economic instability, consumers
on their apparel spending – including
intimates – instead of other products.
continue to splurge on little luxuries for
In 2022, 18-24-year-olds decreased their
satisfaction. This self-care mentalit y
spending on “status symbol” categories
has helped prestige beauty maintain its
like apparel, footwear, and technology
stellar growth, as the industry closed
as they shif ted towards more “life
2022 with sales revenue up 15%, and
satis fac tion categories ” like home
double-digit growth continued through
goods, toys, and beauty, according to
the first quarter of 2023. Lipstick is a low-
Circana’s Checkout data Spending on
cost, yet still decadent, option for feeling
their living spaces to create a welcoming
some gratification during a time when
environment, on the latest collectibles
consumers may feel strapped. Intimate
from their favorite movies or teams, or
apparel is another category that can tug
wearing makeup as a form of self-care
at these emotional strings. Gorgeous
(which is the case for 1-in-5 makeup
laces, satins and other beautiful benefits
wearers aged 18-24) are examples of how
lend themselves as opportunities to
Gen Z thinks about material purchases.
position intimates as a self-care splurge.
Brands and retailers need to recognize
this mindset if they wish to resonate with
Engaging with Gen Z
Brands and retailers love to go after the
these younger consumers.
“cool kids,” and Gen Z is consistently
Meeting the Right Match
the go-get for reaching new consumers.
In 2020 and 2021, comfort may have
However, this generation is pulling back
been king, but consumers shout loud and
