We’re living in the golden age of pajamas

GettyImages 992250636
Caroline Daur in printed pajamas during Paris Fashion Week Haute Couture Fall Winter 2018/2019.

  • If you splurged on a matching pajama set for the first time over the last year, you’re not alone.
  • Those fortunate enough to maintain an income shifted “scheduled spend” from normal routines to indulgences.
  • People also satisfied their “skin hunger” with silks, satins, plushes, and Peruvian cottons.
  • See more stories on Insider’s business page.

In March 2020, Vanessa Diaz was supposed to be in Mexico getting married. Instead she was quarantined in her Los Angeles apartment with her fiance and their chihuahua/pug mix, Raisin Bran. But she had just splashed out on a new set of pajamas she was planning to wear on her wedding weekend, and with no reason to leave the house she started wearing them more – like, a lot more.

Soon, Raisin Bran had his own set, too.

Diaz didn’t stop there, deciding to treat herself when she had to postpone her nuptials. Since she chose a lower-price-point Target set for $22 and kept her job in PR, Diaz was able to splurge on more sets, and over the course of a year she spent more than $100 on new pajamas. She said she’d never bought this much sleepwear before.

Prior to the pandemic, Diaz said, her leisure clothes consisted of oversized T-shirts. On the subject of pajamas, she said, “I just thought it was kind of like an unnecessary, luxury purchase, you know?”

Yes, we all know. Last April, PJ sales spiked 143% compared to March, launching an intimates-fueled year of quarantine. And in the year leading up to January 2021, market research firm NPD Group told Insider, pajamas priced at $50 or more grew at triple the rate of the total pajama market. In 2019, the global industry was worth more than $10 million, and it’s projected to reach more than $18 million by 2027.

Even the ultrawealthy got in on the action, fueling a boom in $1,000 pajama sets for the 1%.

The durability of this golden age for modern pajamas may even be a part of the new normal as the world reopens. That will depend on how long “skin hunger” and disruptions of “scheduled spend” continue to change the shape of the economy.

A post shared by Raisin Bran The Dog (@raisinbranthedog)

From unnecessary luxury, to comfort and self-care

When Ashley Merrill founded the pajama brand Lunya in 2014, she said her biggest task was convincing people to pay nearly $200 for something to wear around the house.

“They’re very comfortable spending $250 on a cocktail dress, despite the fact that they’ll maybe wear it once or twice, and very uncomfortable with the idea of spending $200 bucks on a sleep set which they will probably wear 197 out of 365 days a year,” she said.

That changed in a big way in 2020, as pajamas took the place of office clothes, red carpet glam, and streetwear. Those in the $50-to-$200 range from brands like Lunya, Eberjay, and Lake brought luxury to middle-class bedrooms, and sub-$50 sets from the likes of Target and Marshalls also served as a self-care indulgence for many in quarantine.

The market has shifted, Merrill said. Her brand, which has historically sold its washable silk sets in solid, neutral colors, is launching its first pattern. Merrill said she believes people have proven they’re willing to splurge on at-home clothes and are ready for a little more distinctive.

“We’re playing with some things that are a little more special, a little novelty, because we’re realizing, people are ready,” she said. “They now get the value of what it would mean to have something that they feel great in around the home.”

We’re suffering from ‘skin hunger’

In the last three months of 2020, searches peaked for pajamas on the shopping app Liketoknow.it, with over 200,000 unique queries for the term. A spokesperson for the company said shoppers are on the hunt for “silk pajamas,” “pajama sets,” and “satin pajamas” – all of which had triple-digit month-over-month growth last year and still sit in the top searches today.

These fabrics satisfy what Lorna Hall of London-based trend forecasting firm WGSN calls “skin hunger.”

“Many of us are starved of touch,” Hall said, “so tactile fabrications become really important, because they sort of mimic touch.” She said silks, satins, and plushes are examples of fabrics that satisfy this need.

The spokesperson for Liketoknow.it separately agreed with Hall. “Our consumers are very much still in the cozy mindset, with search data for things like loungewear, matching sets, nap dress, and home bedding all trending since the start of lockdown last year,” the spokesperson said.

Anne Read Lattimore and Cassandra Cannon, the cofounders of pajama brand Lake, said their most popular product had a blowout 2020. They sold 38,816 Peruvian pima cotton short sets, contributing to a 136% year-over-year increase in revenue. Lunya, which Hall credits with bringing washable silk to the masses, claims it has doubled revenue every year since launching in 2014, but declined to share exact figures.

The pandemic disrupted our ‘scheduled spend’

Among a certain set of customers, Hall told Insider, the pajama splurge could be the result of “lots of cash, nowhere to go.”

“The luxury pajama really fulfills a way to spend that makes sense, because you can wear them straight away, which, with a lot of apparel at the moment, you just can’t,” Hall said. “And you don’t have the event to wear something luxury and decadent to, because those events really don’t exist.”

Self-care items like pajamas took the place of what Hall calls “scheduled spend” or the purchases people regularly made in their pre-pandemic routine, like coffee, commuter fare, and lunches out. As routines changed, so did our regularly scheduled budgets. After all, Hall said, “bedtime is a thing that comes around every day, and lounging around in the house certainly is like a ubiquitous state for many of us.”

Plus, as Paris Fashion Week demonstrated, it’s no longer just about bedtime. Designers brought pajama-inspired looks to the catwalks this year, Hall said. “With pajama dressing and luxury nightwear, there’s a real crossover at the moment on the catwalks,” she said, describing Jil Sanders’ slip dress as “ostensibly going-out wear, but it’s a slip dress that could also be worn as a night dress, or is related to the night dress in terms of its shape.” In addition, Fendi’s wide-legged pants and intimates-inspired dresses fall in this category of “silky, satin-y, easy-to-wear, pajama-type wear as well.”

Hall said she believes the pajama boom will stick around post-pandemic, bolstered by designers’ pajama-inspired going-out wear. “Once you’ve treated yourself to something that’s of a certain fabric and quality level, it’s quite hard to go back when you’ve had the luxury sleep item.”

Read the original article on Business Insider

The hottest fashion of the pandemic is the pajama set

GettyImages 992250636
Caroline Daur in printed pajamas during Paris Fashion Week Haute Couture Fall Winter 2018/2019.

  • If you splurged on a matching pajama set for the first time over the last year, you’re not alone.
  • Those fortunate enough to maintain an income shifted “scheduled spend” from normal routines to indulgences.
  • People also satisfied their “skin hunger” with silks, satins, plushes, and Peruvian cottons.
  • See more stories on Insider’s business page.

In March 2020, Vanessa Diaz was supposed to be in Mexico getting married. Instead she was quarantined in her Los Angeles apartment with her fiance and their chihuahua/pug mix, Raisin Bran. But she had just splashed out on a new set of pajamas she was planning to wear on her wedding weekend, and with no reason to leave the house she started wearing them more – like, a lot more.

Soon, Raisin Bran had his own set, too.

Diaz didn’t stop there, deciding to treat herself when she had to postpone her nuptials. Since she chose a lower-price-point Target set for $22 and kept her job in PR, Diaz was able to splurge on more sets, and over the course of a year she spent more than $100 on new pajamas. She said she’d never bought this much sleepwear before.

Prior to the pandemic, Diaz said, her leisure clothes consisted of oversized T-shirts. On the subject of pajamas, she said, “I just thought it was kind of like an unnecessary, luxury purchase, you know?”

Yes, we all know. Last April, PJ sales spiked 143% compared to March, launching an intimates-fueled year of quarantine. And in the year leading up to January 2021, market research firm NPD Group told Insider, pajamas priced at $50 or more grew at triple the rate of the total pajama market. In 2019, the global industry was worth more than $10 million, and it’s projected to reach more than $18 million by 2027.

Even the ultrawealthy got in on the action, fueling a boom in $1,000 pajama sets for the 1%.

The durability of this golden age for modern pajamas may even be a part of the new normal as the world reopens. That will depend on how long “skin hunger” and disruptions of “scheduled spend” continue to change the shape of the economy.

A post shared by Raisin Bran The Dog (@raisinbranthedog)

From unnecessary luxury, to comfort and self-care

When Ashley Merrill founded the pajama brand Lunya in 2014, she said her biggest task was convincing people to pay nearly $200 for something to wear around the house.

“They’re very comfortable spending $250 on a cocktail dress, despite the fact that they’ll maybe wear it once or twice, and very uncomfortable with the idea of spending $200 bucks on a sleep set which they will probably wear 197 out of 365 days a year,” she said.

That changed in a big way in 2020, as pajamas took the place of office clothes, red carpet glam, and streetwear. Those in the $50-to-$200 range from brands like Lunya, Eberjay, and Lake brought luxury to middle-class bedrooms, and sub-$50 sets from the likes of Target and Marshalls also served as a self-care indulgence for many in quarantine.

The market has shifted, Merrill said. Her brand, which has historically sold its washable silk sets in solid, neutral colors, is launching its first pattern. Merrill said she believes people have proven they’re willing to splurge on at-home clothes and are ready for a little more distinctive.

“We’re playing with some things that are a little more special, a little novelty, because we’re realizing, people are ready,” she said. “They now get the value of what it would mean to have something that they feel great in around the home.”

We’re suffering from ‘skin hunger’

In the last three months of 2020, searches peaked for pajamas on the shopping app Liketoknow.it, with over 200,000 unique queries for the term. A spokesperson for the company said shoppers are on the hunt for “silk pajamas,” “pajama sets,” and “satin pajamas” – all of which had triple-digit month-over-month growth last year and still sit in the top searches today.

These fabrics satisfy what Lorna Hall of London-based trend forecasting firm WGSN calls “skin hunger.”

“Many of us are starved of touch,” Hall said, “so tactile fabrications become really important, because they sort of mimic touch.” She said silks, satins, and plushes are examples of fabrics that satisfy this need.

The spokesperson for Liketoknow.it separately agreed with Hall. “Our consumers are very much still in the cozy mindset, with search data for things like loungewear, matching sets, nap dress, and home bedding all trending since the start of lockdown last year,” the spokesperson said.

Anne Read Lattimore and Cassandra Cannon, the cofounders of pajama brand Lake, said their most popular product had a blowout 2020. They sold 38,816 Peruvian pima cotton short sets, contributing to a 136% year-over-year increase in revenue. Lunya, which Hall credits with bringing washable silk to the masses, claims it has doubled revenue every year since launching in 2014, but declined to share exact figures.

The pandemic disrupted our ‘scheduled spend’

Among a certain set of customers, Hall told Insider, the pajama splurge could be the result of “lots of cash, nowhere to go.”

“The luxury pajama really fulfills a way to spend that makes sense, because you can wear them straight away, which, with a lot of apparel at the moment, you just can’t,” Hall said. “And you don’t have the event to wear something luxury and decadent to, because those events really don’t exist.”

Self-care items like pajamas took the place of what Hall calls “scheduled spend” or the purchases people regularly made in their pre-pandemic routine, like coffee, commuter fare, and lunches out. As routines changed, so did our regularly scheduled budgets. After all, Hall said, “bedtime is a thing that comes around every day, and lounging around in the house certainly is like a ubiquitous state for many of us.”

Plus, as Paris Fashion Week demonstrated, it’s no longer just about bedtime. Designers brought pajama-inspired looks to the catwalks this year, Hall said. “With pajama dressing and luxury nightwear, there’s a real crossover at the moment on the catwalks,” she said, describing Jil Sanders’ slip dress as “ostensibly going-out wear, but it’s a slip dress that could also be worn as a night dress, or is related to the night dress in terms of its shape.” In addition, Fendi’s wide-legged pants and intimates-inspired dresses fall in this category of “silky, satin-y, easy-to-wear, pajama-type wear as well.”

Hall said she believes the pajama boom will stick around post-pandemic, bolstered by designers’ pajama-inspired going-out wear. “Once you’ve treated yourself to something that’s of a certain fabric and quality level, it’s quite hard to go back when you’ve had the luxury sleep item.”

Read the original article on Business Insider

Millionaire New Yorkers are now set to pay the highest taxes in the country

wealthy new yorkers
The wealthiest New Yorkers might see their tax rates increase to the highest in the country.

New York City millionaires will soon be subject to the highest tax rate in the country.

Gov. Andrew Cuomo and state legislative leaders finalized a $212 billion budget proposal for 2022 on Tuesday that’s set to raise an extra $4.3 billion a year by raising income and corporate taxes, The New York Times’ Luis Ferré-Sadurní and Jesse McKinley reported. The proposal calls for two new personal income-tax brackets, set to expire by the end of 2027, per exclusive details given to the Times earlier this week.

Those earning between $5 million and $25 million will be taxed on 10.3% of their income. That increases to 10.9% for those earning more than $25 million. And individuals raking in over $1 million and couples bringing in over $2 million will see tax rates climb from 8.82% to 9.65%.

These tax rates hit especially hard for New York City’s highest earners. The city already has a top income-tax rate of 3.88%, which means they’ll now be shelling out between 13.5% and 14.8% in both state and city taxes. That exceeds the highest top marginal income tax rate in the country: 13.3% for top earners in California.

However, they may not be the highest taxed for long if Hawaii’s legislature passes a bill imposing a 16% tax on residents earning over $200,000.

New York is dealing with economic pain

Cuomo said in January he planned on raising taxes if the White House didn’t help the state recover from its $15 billion deficit, Insider’s Grace Dean reported. It’s the highest deficit in New York’s history, exceeding the previous high of $10 billion, which Cuomo said was “very, very hard” to manage.

In an address, Cuomo attributed New York’s deficit to the state being “assaulted by the federal government” in recent years as well as to the cost of COVID-19, which caused the state’s revenues to fall by $5.1 billion.

As the epicenter of the US’ first wave of COVID-19, New York City was slammed with small-business closures and saw many of its top-earning residents move to take advantage of lower taxes in other states. Urbanism expert Richard Florida told Insider the flight of the wealthy caused a lot of financial pain for superstar cities like New York.

Cuomo called for the federal government to provide New York with emergency pandemic relief. He said that if Washington gave the state only $6 billion in a “worst-case scenario,” he would hike taxes to cover the difference.

“We have a plan in place, a strength that we have not had before and I believe our future is bright, but Washington must act fairly if we are to emerge on the other side of this crisis,” he said.

While Democrats considered raising more than $7 billion in new revenue for the state, The Times reported, such discussions fell to the side when President Joe Biden’s $1.9 trillion stimulus package was approved, which included $12.9 billion in direct aid for New York state. It also included $5.6 billion for New York City, which Insider’s Juliana Kaplan reported might have saved catastrophic cuts to the city budget.

Cuomo has resisted raising taxes for years out of fear it would drive businesses and the wealthy to other states. If all of the wealthiest New Yorkers fled the city, they could take more than $133 billion with them. That’s how much the top 1% of New Yorkers earned in income in 2018, a report from Bloomberg found.

The Times attributed Cuomo’s change of mind to the economic fallout of the pandemic, a growing progressive influence in the legislature, and the governor’s own “waning influence.”

The budget proposal is finalized as Biden reportedly gets even more serious about taxing the wealthy. He’s said that Americans making over $400,000 will see a “small to significant” tax increase and high-earning Americans could see their top income-tax rate increase to 39%.

If Biden’s tax proposal is enacted now that Cuomo’s has been, that means some of the richest New York City dwellers could be paying out more than half of their earnings in taxes.

Read the original article on Business Insider

Millionaire New Yorkers could soon be paying the highest taxes in the country

wealthy new yorkers
The wealthiest New Yorkers might see their tax rates increase to the highest in the country.

New York City millionaires are about to fall under the highest tax rate in the country.

Gov. Andrew Cuomo and state legislative leaders are coming close to agreeing on a 2022 budget proposal that would create an extra $4.3 billion a year by raising income and corporate taxes, The New York Times’ Luis Ferré-Sadurní and Jesse McKinley reported. The proposal calls for two new personal income tax brackets set to expire by the end of 2027, per exclusive details given to the Times.

Those earning between $5 million and $25 million would be taxed on 10.3% of their income. That increases to 10.9% for those earning over $25 million. And individuals raking in over $1 million and couples bringing in over $2 million would see tax rates climb from 8.82% to 9.65%.

These tax rates hit especially hard for New York City’s highest earners. The city already has a top income tax rate of 3.88%. If the budget proposal is approved, they would be shelling out between 13.5% and 14.8% in both state and city taxes, per the Times. That exceeds the country’s current marginal income tax rate high: 13.3% for top earners in California.

New York is dealing with economic pain

Cuomo said in January he planned on raising taxes if the White House didn’t help the state recover from its $15 billion deficit, Insider’s Grace Dean reported. It’s the highest deficit in New York’s history, she wrote. The state’s biggest deficit prior to this was $10 billion, which Cuomo said was “very very hard” to manage.

In an address, Cuomo attributed New York’s deficit to the state being “assaulted by the federal government” over recent years as well as to the cost of COVID-19, which caused the state’s revenues to fall by $5.1 billion.

As the epicenter of the US’ first wave of COVID-19, New York City was slammed with small business closures and saw many of its top-earning residents move to take advantage of taxes in other states. Urbanism expert Richard Florida told Insider the flight of the wealthy caused a lot of financial pain for superstar cities like New York.

Cuomo called for the federal government to provide New York with emergency pandemic relief. He said that if Washington only gave the state $6 billion in a “worst-case scenario,” he would hike taxes to cover the difference.

“We have a plan in place, a strength that we have not had before and I believe our future is bright, but Washington must act fairly if we are to emerge on the other side of this crisis,” he said.

While Democrats considered raising more than $7 billion in new revenue for the state, the Times reported, such discussions fell to the side when President Joe Biden’s $1.9 trillion stimulus package was approved, which included $12.9 billion in direct aid for New York state. It also included $5.6 billion for New York City, which Insider’s Juliana Kaplan reported may have saved catastrophic cuts to the city budget.

Cuomo has resisted raising taxes for years out of fear it would drive businesses and the wealthy to other states. If all of the wealthiest New Yorkers fled the city, they could take more than $133 billion with them. That’s how much the top 1% of New Yorkers earned in income in 2018, a report from Bloomberg found.

The Times attributed Cuomo’s change of mind to the economic fallout of the pandemic, a growing progressive influence in the legislature, and the governor’s own “waning influence.”

The budget proposal is due to be finalized as Biden reportedly gets even more serious about taxing the wealthy. He’s said that Americans making over $400,000 will see a “small to significant” tax increase and high-earning Americans could see their top income-tax rate increase to 39%.

If both Biden and Cuomo’s tax proposals are enacted, that means the richest New York City dwellers could be paying out more than half of their earnings in taxes.

Read the original article on Business Insider