Global Swimwear Market Analysis 2022
COVID-19 impact on the industry
The uncertainties that came with the COVID-19 pandemic resulted in all fashion industries making major changes as their strategy to sustain. Established brands find other ways by steadily collaborating with retailers.
Sales have crashed during the pandemic, which happened to be the peak of swimwear sales. Thus, the brands constantly offer enough stocks with retailers throughout with the hope of sales returning from the return of travel and tourism. With the gradual economic re-opening in 2021, international travel is also expected to return, recovering the demand for swimwear slowly.
Market overview & growth
Despite the COVID-19 crisis, the swimwear market and beachwear have reportedly reached around US$19.5 billion in the year 2020. This growth is expected to grow at a compound annual growth rate (CAGR) of 5.1% over 2020 to 2027.
Swimwear manufacturers and designers lean more on making comfortable swimwear, as comfort is one of the key factors that impact consumers’ purchasing decisions. The rise of value-added features like trendy prints and convenient cuts also plays a big role in the market’s growth.
Because of the rise in product innovations and continuously developing technologies, such as the development of fabrics that improve their efficacy and elasticity, the swimwear industry is expected to thrive in sales in the upcoming years.
With fashion trends changing every season, key factors like design, trends and the fabric’s comfort play a significant role in driving the market.
Key market trends
The growing demand for swimming activity
Swimming is considered one of the most popular fitness and recreational activities. More fitness concerns for various age groups are pushing the demand for swimming as the best physical activity. As a result, this significantly paves the roadmap for swimwear products’ demand. In most Western countries, exposing their bodies is a cultural phenomenon, effectively increasing the sales of beachward products and swimsuits.
Swimming in the United States has experienced some big bumps in swimming activities every year since 2004 due to the Summer Olympics. Schools and club participation have grown steadily over time, but most importantly, more people have learned the ability to swim. The USA Swimming Foundation announced that in 2017, children in the US had increased their swimming skills by 5-10%.
According to the National Sports Participation report, swimming was the top outdoor activity for Australians in 2014. Almost 50% of children at age 6 to 13 and 10% of people at 14 years old and above participate in any swimming activity. Also, the ever-increasing rate of lifestyle goods combined with a rising preference for swimming as a recreational activity boosts the swimwear’s growth in the global markets.
Anticipating the ever-changing swimwear markets
In Bali Swim, we’ve done a thorough research and anticipate the ever-changing trends that are likely to flourish in the swimwear industry. Our products that will likely be the next big thing in the business include our Women’s Swim Capsule 2023, Men’s Swim 2022 and Kids Swim 2022. Check them out and be ahead of the trend for your customers.
Your Bali Swim Team
Get into the nitty gritty of all our designs on offer and learn more about how to customise your luxe label.