With Victoria’s Secret officially opening in London the £1.5bn lingerie market is really starting to heat up as M&S, Agent Provocateur, and Victoria’s Secret are battling it out for women’s money.
What is interesting about the lingerie market is the fact that it is one area where people continue spending despite the market outlook. For instance, Marks & Spencer has seen their clothing sales deteriorate, but they are still managing to maintain their 27% of the lingerie market. Woman simply are fickle about where they buy their knickers.
This is due to the fact that underwear for most women is a very emotional purchase and one that oftentimes means buying a five pair of knickers for practical reasons and then the occasional sexy pair of knickers here and there. While women are choosing to go to value retailers when it comes to winter woolies and kids’ clothes, they will still spend the extra money for good underwear from M&S.
The truth is that they simply feel comfortable with the brand they have worn for ages, and even when times are tough there are certain things that you just do not want to cut corners on. It appears that nice knickers are one of these things.
Plus, knickers are a great recession proof treat since you can buy just one pair as a nice treat to one’s self. Therefore, while you may not be able to go out and come home with new clothes, you can probably afford to pick up a new pair of sexy underwear to make you feel better about yourself.
Now that Agent Provocateur and Victoria’s Secret have arrived in London, women have more choices and likely this will create an emerging market battle that woman are going to come out the winners from, and a few lucky men.