REVEALED WINTER 2024 - Magazine - Page 22
Deciphering t he Consumer mind
in a Complex Intimate
Apparel Market
The journey through intimates
and overall apparel proved
almost impossible in the past
year.
In the U.S., women's apparel
sales dipped by 3% in the third
quarter (Q3) of 2023 versus
2022, with women's intimates
facing an even steeper decline
of 5%, according to Circana's
Consumer Tracking Service.
The intimate apparel category
is grappling with challenges
augmented by di昀케cult retail
terrain, as other discretionary
areas like beauty are capturing
consumers' attention and
spending. Intimates must rise
above and align with evolving
needs and tastes.
Price is in the eye of the
beholder
R E V E A L E D - THE W INTE R IS SUE #10
intimates market, while private labels
faced the swiftest declines. Consumers
Amidst a tough economic climate,
aren't necessarily trading down, but they
consumers are wrestling with higher
are shopping smarter. Willing to invest in
prices and a prevailing sense of instability
practicality, they seek innovative options
that will be heightened in this current
that offer longevity and fulfill specific
elec tion year. In this environment,
needs.
practicality takes center stage, but our
customer is not sacrificing everything
for price; comfort, features and allure
Functionality is favorable
matter, too. In Q3, sales of underwire
The importance of functionality is evident
bras with lace grew in a declining
when analyzing the women's pant y
market, highlighting the importance of
business. While the overall panty market
being pretty, bold, and on-trend. Sports
declined in Q3, the more conservative
bras overall as a silhouette have been
styles like briefs and boy shorts were
faring better, as sports brands lean on
pockets of grow th. Why? Versatilit y!
innovation and embrace feminine styles.
These silhouettes provide more usage
In the men's underwear business, some
occasions and, in turn, justify spending.
of the top growing styles in Q3 focused
on cooling attributes, tagless comfort
and st yles with a pouch. Innovation
is a concept that has been introduced
previously, but it remains a vital growth
Understanding the consumer
mindset is key to achieving
future growth, with three main
drivers shaping successful
strategies.
like Bali and Truekind outperformed the
A similar pattern emerges when we look
at the growth seen in period panties,
illustrating that the idea of function and
utility justi昀椀es splurging on intimates.
driver, despite the heightened attention
on pricing.
Decoding the consumer mindset unveils
a roadmap for success in these uncertain
Brands matter
times. As we navigate the challenges of the
BWhile we are witnessing a visible shift
intimate apparel market, understanding
on the part of consumers towards more
the delicate balance between pricing,
economical apparel choices, we see they
innovation, brand trust, and functionality
prefer trusted brands. In Q3, brands
will pave the way for resilient growth.
