The Consumer Evolution seminar was given by Todd Mick, Executive Director of Apparel and Kristen Classi-Zummo, Apparel Market Analysis Director of The NPD Group; an authority on market size and trends in over 20 different industries. They shared information regarding consumer trends in the intimate apparel industry with The Underfashion Club at The Harvard Club of New York.
Todd Mick discussed the evolving consumer using 3 key themes:
- Category Performance
- Channel Performance
- Price Segment Performance
Bras are the #1 category of growth in intimates. More people are shopping in channels that offer value and convenience, like off-price retailers and e-commerce. Body positivity, ethnic inclusivity, and campaigns that uplift and empower women are gaining support. Big retailers are on a spending binge. The high-end and specialty lingerie market is growing more than we’ve ever seen before, now comprising a third of sales.
Even with all this disruption, sales in intimate apparel are flat at a $12-13 billion market. It’s only grown 1% in the past 3 years with sports bras and shapewear. Right now, the market’s all about slicing the pie and taking a share.
A modern business’s survival involves adaptation and focus in:
- Retail & Product Innovation
- Values & Community
- Merchandising & In-store Excellence
- E-Commerce, Excellence, & DTC
Millennials today have great spending power, high self-esteem, and a value for responsible shopping. Making personal connections and sharing concern over current social and environmental challenges will inspire consumers to support a business. About a quarter of intimate apparel sales are made online, where modern consumers do most browsing. Understanding the preferences of the modern market is vital to business growth.
Todd ended the seminar by giving the first-ever Underfashion Club exclusive NPD Bra Awards, showing the top-growing bras of 2018! Thanks NPD for the fascinating show.
Kristen Classi-Zummo‘s panel can be read here.
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