With the growth of the swimwear market in recent years, we observe a variety of new developments in swimwear market in 2023. Viable beachwear will remain popular and in demand, as far as modern consumer selects ecological and sociable options. Bold patterns and shades will are also in style, like bright neon hues with eye-catching designs.
High-waisted swimsuits and one-shoulder bikinis will persist prevalent, whereas mix-and-match swimwear will create more creative manifestation.
Lastly, cut-out specifics will enhance an edgy touch to swimwear designs as it appears on the margins of bikini bottoms, on back of the top, and round the waist area.
Why swimwears are getting popular?
Swimwear in modern world is getting prevalent for numerous reasons. Here are some significant reasons we are discussing as;
- Initially, it’s a mark of summertime and beach for people concerned to relaxation and fun.
- Moreover, swimwear is perceived as a style statement, thru new charms and designs being released every New Year. It also sanctions superior freedom of movement in contrast to other types of swimsuit, creating it perfect for tanning, swimming and other beach events.
- As a final point, swimwears has developed gradually widespread product on social media in influencers and superstars showcasing latest flairs and energizing its demand.
- Swimwears are an adaptable and trendy choice for women looking to enjoy tanning or swimming.
Swimwear market analysis
Market driver
Open-mindedness is one of the key reasons for the rapid growth of swimwear market. In the United States, Europe and some developed countries, we can see more and more people wearing bikinis whenever summer comes. Of course, in parallel with the expansion of the bikini market are some sunscreen products, UV radiation can cause great damage to the body.
Market challenges
Traditional boundaries concerning acceptance of beachwear is one of the vital factors confining advancement of the swimsuit market. In several countries like MEA, Europe and Asia, wearing any see-through outfits like swimwear in public places is measured taboo for females and drives against their cultural norms. Wwimwear is carefully related with things which can lead to violate the cultural aspects in developing countries.
As an outcome, the societal and cultural dishonor linked to swimsuit and other intimate clothing is predicting to confine the advance of global swimwear market. (how to start a swimwear line)
Who is our customer?
Many swimwear companies mistakenly try to appeal to anyone who “likes their product.” That’s too broad a net to cast!
Focusing on a specific demographic, gender, lifestyle, or income group doesn’t mean you’re ignoring others. Instead, it helps you design with purpose and use your marketing budget more effectively. You’ll craft a brand message that resonates strongly with your target group.
Trust me, this strategy is both cost-effective and efficient. It can help you build a loyal fan base and ensure your swimwear business thrives for years to come. So, instead of trying to catch every fish in the sea, choose your spot and cast your line wisely!
So how do we do that?
Before you pick your target market, consider these steps:
- Look at your existing customers. What are they buying from you?
- If you don’t have customers yet, try a survey. Ask potential customers on social media or online about what drives their buying decisions. Is it price, trends, fit, quality, uniqueness, sustainability, fabric type, design, or local manufacturing? Rank the responses from most to least important.
- Observe your competition. Who are they targeting and why? Figure out what sets you apart from them.
Remember, knowing your customers and what makes your brand unique helps define your target market effectively and sets the stage for your business success.
Let’s dive into identifying your target market in three steps:
Step 1. Examine Your Product:
List out your design features. For instance:
- Organic or sustainable fabrics could attract ethically aware buyers.
- Great fit might appeal to body-conscious buyers.
- Unique prints supporting local designers would attract community-conscious buyers.
- Price can indicate quality or accessibility.
- Being trend-driven would attract fashion-conscious buyers.
Step 2. Identify Demographics:
Figure out who’s most likely to buy your product. Consider factors like age, gender, occupation, income, education, marital or family status, location, and mode of transport. Be as detailed as possible.
Step 3. Understand Psychographics:
Look into the personal characteristics of your target, such as:
- Personality type
- Lifestyles like vacation spots, hobbies, and social circles.
- Values and life priorities.
- Buying behavior and preferred media channels for information.
Ensure you have the right information. If you’re part of your demographic, it’ll be easier. Otherwise, research online forums, blogs, or conduct your own surveys.
Lastly, evaluate your findings by asking:
- Will my product meet my target market’s needs?
- Is my customer profile broad enough?
- Can I reach them effectively?
- Do I fully understand their brand loyalty and buying decisions?
This way, you can create a swimwear line that really makes a splash!
After pinpointing your target market, dive into these essential questions:
- Will my product meet my target market’s needs?
- Is the customer base large enough?
- Can I reach them effectively?
- Do I understand what drives their loyalty and buying decisions?
Now, bring your customer to life! Create a mood board, craft a mission statement, and build an exact profile. Give them a name and display it where you can always see it.
Keep referring back to this profile during the creative process and ask:
- Would my target market wear this?
- How much would they spend on swimsuits?
- Where would they buy it?
- Does our message align with their values?
Understanding your “Customer Profile” is like setting the GPS for your fashion business. It guides every choice, ensuring that you’re on the right track. Need help with that journey? That’s what we at Best Show specialize in, assisting startup fashion clients in navigating these critical waters.
Swimwear Key Market Revenue Generating Segments
Swimming costume marketplace report is segmented in claim (women’s swimwear, men’s swimwear and children’s swimwear), supply network (offline and online) and geography (Europe, North America, Asia Pacific, South America and the Middle East and Africa) and it is predictable to grip a substantial swimwear market portion during the estimated period.
There is a huge demand for advanced products in the worldwide women’s swimsuit marketplace. This is promising for suppliers to present more innovative beachwear, such as smooth swimwear and swimming outfits which protect consumers from damaging UV rays. These inventive products will impose an optimistic impact on overall swimsuit market development consequently.
Northern America will be standing the important region for market development with the rate of 29% throughout the calculated period as the US is a foremost market for bikinis. The marketplace in this state is likely to rise faster than other European markets. Growing contribution to swimming events will add to the development of the North American beachwear market.
Overview of swimwear market segmentation
Swimwear market is presently flourishing with an extensive variety of styles and alternatives available for consumers. High-waisted and athletic styles are prevalent, as well as lively colors with bold prints are in demand. Maintainable and eco-friendly choices are also fetching more attention. (Bikini Fabric Material)
But the pandemic has mixed influence on the swimwear market, with certain brands experiencing enlarged demand for outdoor and at-home choices, whereas others have also wriggled with resources chain disturbances. Generally, the swimsuit market is diverse and uninterruptedly developing to encounter the requirements and likings of consumers.
Impact of COVID-19 on the swimwear market
During the COVID-19 disaster, global marketplace for Beachwear and swimwear assessed at US$19.5 Billion in year 2020 is probably to grasp a revised scope of US$27.6 Billion by 2027, rising at a CAGR of 5.1% over the analysis period of 2020-2027.
Polyester, one of the important parts investigated in the report, is expected to develop at a 5.9% CAGR to reach US$10.1 Billion by the end of the analysis period. Later an early analysis of business insinuations of the pandemic and its brought economic predicament, the development of the Spandex segment is readapted to a reviewed 5% CAGR for the next 7 years. This section presently explains the 21.9% share of the global Swimsuit and swimwear marketplace.
The Leisurewear and swimwear market in the US is assessed at US$5.3 Billion in 2020. The state now accounts for 27.09% shares of the worldwide marketplace.
China, as being world’s second major economy, is predicted to grasp an assessed market scope of US$5.7 Billion in the year 2027 trailing a CAGR of 7.9% through 2027.
Statistics on the growth of the swimwear market
Swimwear, or swimsuits, are outfits designed for folks having fun in the water – like swimming or water sports – or simply enjoying the sun. Now, let’s dive into the swimwear market. It’s like a pool divided into different lanes: types of products, where they’re sold, and where in the world they’re popular.
The ‘product type’ lane has women’s and men’s swimwear, goggles, and swim caps. Then, there’s the ‘distribution channel’ lane split between online and offline stores. Finally, there’s the ‘geography’ lane which spans from North America to Europe, Asia-Pacific, South America, and even the Middle-East and Africa.
Our study gives a rundown of the swimwear market in these regions, both where it’s just starting to make a splash and where it’s already a big hit. And for each segment, we’ve got the forecast and sizing based on value, all measured in good ol’ US dollars (millions, in fact!). So, strap on your goggles, we’re about to dive deep into the world of swimwear!
2023-2028 Swimwear Market Analysis
The swimwear market is making a big splash. In 2023, the market value was $6.5 billion, but it’s not stopping there. By 2028, we expect it to swell to $14.91 billion! That’s nearly a 3% yearly growth rate from 2023 to 2028. So, whether you’re a swimmear manufacturer or a seller, there’s plenty of excitement and opportunity in the swimwear market ahead!
Swimwear market analysis 2022
In 2020, the U.S. swimwear and beachwear market was valued at a whopping $6.12 billion! Looking ahead, we see China, the world’s second-largest economy, ready to dive in! By 2027, it’s projected to hit an impressive $6.8 billion, with an annual growth rate of 10.3% from 2020 to 2027.
Don’t overlook other key players, though. Japan and Canada are also diving into the deep end with expected growth rates of 4.3% and 6.5% respectively over the same period.
In Europe, keep your eye on Germany! It’s forecasted to make waves, growing at a steady rate of about 4.9% annually.
So, folks, get your swim caps ready. We’re in for a competitive race in the swimwear and beachwear market across the globe!
Swimwear market analysis 2021
The global swimwear market was valued at US$ 5.83 Bn in 2021.
Swimwear market analysis 2020
The Swimwear and Beachwear market in the U.S. is estimated at US$5.3 Billion in the year 2020.
When a surplus arises in the market for swimwear
In a market, balance is reached when the number of swimwear pieces sellers want to sell matches the number of pieces buyers want to buy. This equilibrium is disrupted when there’s a surplus, meaning more swimwear is being produced than what people are willing to purchase.
Think of it like a swimming pool party where the hosts have prepared a whole pile of extra swim trunks and bikinis for guests, but not as many people show up as they had expected. There’s a lot of swimwear left over! This is a surplus.
Why does this happen? Perhaps swimwear designs this year aren’t appealing, or maybe a new trend of DIY swimwear has caught on, reducing demand. Or it could be that prices are too high and buyers are waiting for a sale.
When a surplus arises, it puts pressure on sellers. They may need to lower prices or improve their product to attract more buyers. Think about it as a sale at the end of the summer: lots of leftover swimwear that needs to go!
While this could be bad for the producers, it’s a great chance for consumers to get good deals.
Conclusion
With the progress and development of society, more and more people like to wear swimsuits, and the market of swimsuits is expanding step by step. At the same time, the swimwear market is also being subdivided step by step, including men’s swimsuits, women’s swimsuits, children’s swimsuits, plus size swimsuits and so on. The swimwear market is full of opportunities and challenges for swimwear manufacturer and swimwear retailers.
After we have analyzed the market, we will be able to find the right customers for us and give full play to our strengths to find our right place in the market.
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