People consider loungewear as comfortable leisure clothes that one can use whether inside or outside the house. People utilize loungewear mostly when going to informal places such as parks, beach, and the gym (Brydges et al., 2020). Today, there are various matching tops and pants in the market because most people prefer comfortable outfits during leisure. In the United States, sweatsuits are examples of fashionable loungewear in the market with varying sizes and styles. Henceforth, the lounge wears market is growing because it is trendy, comfortable, and versatile. However, political, social, economic, and technological factors are the external factors that may affect the market opportunity for loungewear in the United States. Thus, this essay aims at discussing the adoption and use of loungewear as leisure clothing and how the environmental factors affect the market opportunity for sweatsuits.
Market Opportunity for Lounge Wears
Globally, most men and women embrace loungewear because it is the trendy fashion that is affordable and suitable for most events. Based on the United States statics on the loungewear market, there has been a growth in the loungewear fashion industry (Harris et al., 2020). For instance, cozy wear is known for providing premium and soft loungewear that most people prefer during leisure (Chen & Okken, 2020). Based on the customers’ demands and preferences of casual wears, it is evident that the sweatsuits’ market can outlast COVID-19 (Harris et al., 2020). Additionally, most people in the United States have been working from home from the beginning of COVID-19 outbreak. Thus, the demand for casual wears has been high as many people do not have to dress formally since they work from home. Therefore, there is a higher adoption and usage of loungewear because they are eco-friendly despite the environmental factors that affect this outfit’s market opportunity. The materials making the loungewear are biodegradable and does not pollute the environment.
PEST Analysis for Loungewear
The PEST analysis for the fashion industry looks at how the political, economic, social, and technological factors affect the United States’ loungewear market. According to the political aspects, the government taxation can encourage or discourage individuals from buying certain company’s products (Akman, 2020). However, the political factors may also affect fashion based on the first ladies clothing choices in a country. People expect country’s celebrities and leaders to support specific fashion industry for an increase in the market opportunity. Other than politics, economic factors can also affect the loungewear market because unemployed individuals can only afford the basic needs. On the contrary, people earning high income have the opportunity to purchase loungewear. Consequently, individuals with unstable income rent loungewear for a certain period due to the economic status, which affects the loungewear industry.
Based on social factors, musicians prefer trendy fashions and are known for promoting the loungewear market through music videos. Moreover, social events enable people to identify different loungewear fashions in a country, thus increasing its market opportunity. Lastly, the advancing technology also affects the loungewear industry’s growth because of the emerging knowledge of fashion design. First, the Internet has made it easier for online selling of loungewear without visiting the loungewear shops to purchase it. In this case, one can easily access the loungewear online stores and select an outfit through the Internet from any location. Technological advancement enables the fashion designer to develop new knowledge and skills on leisure outfits that can meet most people’s needs and preferences. Hence, loungewear’s market opportunity can grow due to the worldwide spread of information on loungewear fashion by the media.
Conclusion
In conclusion, technological advancement increases the market opportunity for loungewear because customers can acquire relevant information on fashion through the media. As far as economic factors are concerned, the individuals’ financial status determines the rate of purchasing lounge wears from the industry. Other external factors such as politics and social life also play a vital role in the loungewear industry regarding customer awareness and government taxation. Fair tax encourages the loungewear producers to sell these outfits reasonably, thus attracting more customers. Regarding social factors, customers can learn more about fashion through social interaction. Therefore, favorable environmental condition promotes the growth and stability of loungewear market in the United States.
References
Akman, M. K. (2020). Defense management and pestle analysis. Ante Portas, 93(4), 25-37. Web.
Brydges, T., Heinze, L., Retamal, M., & Henninger, C. E. (2020). Platforms and the pandemic: A case study of fashion rental platforms during COVID‐19. The Geographical Journal, 27(5), 37-5. Web.
Chen, C., & Okken, G. (2020). The rise of pop-up retail: Investigating the success of experiential design within pop-up stores. UF Journal of Undergraduate Research, 22(7), 13-29. Web.
Harris, B., Whittemore, E., Valentine, V., Jones Blackhurst, J., & Morgan, S. D. (2020). Operating in a Covid-19 environment from shut down to reopening: Industry insights. Gaming Law Review, 24(8), 542-548. Web.