Topic of the week – Shapewear – A market to look out for in 2024
You may have heard of shapewear before or maybe you haven’t, that’s okay. This compression technology clothing has been around for a little while now, but only recently has the industry really started to take off with the rising popularity of the Skims brand and others like M&S and Matalan entering the fold. In short, shapewear is a form of undergarment that helps to smooth and shape the wearer’s silhouette, and with a societal consensus moving towards a more body positive future, providing these clothing options that make the wearer feel more confident and comfortable seems like the perfect storm for shapewear brands. The market has significant growth in recent years with the global shapewear market forecast to reach $3.53 billion USD by the end of 2024. In 2023 the prices of shapewear products reached their highest, at £47.41 per item.
With body positivity and comfort combined being the main message behind shapewear, it is not surprise that younger demographics are increasingly seeing the value in shapewear and have fast become the target consumer audience. Kim Kardashian’s social influence has no doubt impacted the growth of her shapewear brand Skims, which in July 2023 was valued at $4 billion USD. Celebrity endorsements and the new TikTok, social media culture has provided these brands with exponential exposure and marketing opportunities that can directly funnel into Gen Z and Millennial social feeds. This combined with the overall message that aims to provide a more inclusive and body positive society makes younger demographics the key audience. It is also a very female dominated industry with the female shapewear market size reaching around $875 million USD in 2023, whilst the men’s shapewear market reached around $57 million USD. This is a staggering difference that indicates quite clearly who these products are being marketed towards and where the popularity lies. However, that is not to say that the male shapewear market is not growing, as it is forecast to reach a market size of $61.7 million USD by the end of 2024.
The longevity of the products within the market is also a key draw to its audience. These are not seasonal clothing items that experience fluctuations in popularity throughout the year, but products that offer useful application year round, meaning that companies like Skims are looking at more long-term and lasting sales and marketing strategies to continue sales generation and growth each year.
The small parcel size and relatively lower cost per item makes this industry perfect for eCommerce shipping companies, and with the growing popularity of the industry why not evaluate your shipping options with Pro Carrier. As order volumes increase you need to make sure that your supply chain can handle it, so why not let us handle it for you.
In other news
The expansion of parcel lockers surges on in 2024 as Harbor, a division of Luxer One, has announced that it aims to grow its locker coverage in North America aiming for 25,000 locker points by 2025, after announcing the first on-demand locker availability in the region. Also, InPost’s 2023 report shows that it’s total network of parcel lockers and out of home pick up points expanded to over 66,064 locations worldwide in 2023. This a 22% YoY increase, with over 6.4 thousand parcel lockers and pick up points in the UK.
eCommerce Market Stats
See some statistics relating to this week’s topics in the eCommerce market below.
Shapewear market Stats
- Expected female shapewear market growth in 2024 – 6.52%
- Expected male shapewear market growth in 2024 – 8.05%
- The average cost per shapewear item has increased by £6.90 since 2021
- Consumers aged 18-24 accounted for 12.6% of overall spend on shapewear in 2023
*Statistics sourced from Statista, Drapers, CentricSoftware
That’s all for this week…
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