Online Clothing Rental Market Size, Application, Analysis, Regional Outlook, Competitive Strategies, and Forecasts, 2018 - 2023
ID : ME_045768 Format : PDF July, 2019 Pages : 59
The online clothing rental market provides services through which consumers can rent garments for a predefined period of time. These services are beneficial for individuals who intend to wear new outfits for special occasions, such as weddings, theme parties, corporate parties, photoshoots, and film shoots. Rental services also provide a cost-effective option for those with budget constraints, which restricts them from purchasing clothing from their choice of brands. The global online clothing rental market is anticipated to expand at a compound annual growth rate (CAGR) of 10.76% during the 2018-2023 period, and will reach a value of USD 1.96 Bn by 2023, up from USD 1.18 Bn in 2018.
Segmentation based on product type
Based on product type, the parties and wedding wear segment had the highest market share (over 40%) in 2018, owing to aggressive marketing through blogs and social media. It is followed by the other' apparel rental segment with a market share of 36% in 2018. The growth can be attributed to the popularity of subscription packages offered by companies which encourage people to rent casual clothes online. Changes in lifestyle of the working population has also impacted the clothing rental business. To save time on laundry, and at the same time have a range of clothes to choose from every day, are the reasons why people these days opt for online clothing rental services. Moreover, renting clothes are a cost-effective alternative to purchasing them. The formal wear segment accounted for nearly 22% of the global online clothing rental market in 2018, owing to increasing corporate events and business meetings.
Segmentation based on end user
Based on end user, the women's segment is expected to gain maximum share in terms of value. Women are relatively more fashion conscious and are quick decision makers, because of which they are likely to rent clothes online more often than men. The men's segment is expected to expand at a CAGR of 10.57% during the 2018-2023 period. It accounted for a market share of nearly 46% in 2018. Also, men find it time consuming to plan their attire in advance, as in the case of subscription-based facilities.
North America was the leading region in the global online clothing rental market in 2018 owing to the presence of major players and aggressive marketing strategies. It is followed by the Asia-Pacific region because of rising disposable income and fashion consciousness among people in the developing countries of the region. Europe is expected to witness a moderate growth rate, since people in Europe still prefer to purchase clothes over renting them online. The Latin America and the Middle East and Africa markets are still at nascent stages, and are expected to expand at low to moderate growth rates. Increasing Internet penetration and the growing adoption of smartphones are responsible for driving the demand for the online clothing rental market in these regions.
Rent the Runway
Dress & Go
Chapter 1: Executive summary
1.1. Market scope and segmentation
1.2. Key question answered in the study
1.3. Executive summary
Chapter 2: Introduction
2.1. Market definitions
2.2. Market trends
2.3. Market drivers
2.4. Market challenges
2.5. Revenue based on product type - (2018) (USD Bn)
2.6. Revenue based on end user - (2018) (USD Bn)
2.7. Value chain of online clothing rental products
Chapter 3: Global online clothing rental market - overview
3.1. Market overview
3.1.a. Global market revenue - (2015-2017) (USD Bn)
3.1.b. Global forecast market revenue - (2018-2023) (USD Bn)
3.1.c. Geography-wise market revenue - (2018, 2023) (USD Bn)
Chapter 4: Global online clothing rental market - segment insights
4.1. Parties and wedding wear market
4.1.a. Revenue - (2015-2023) (USD Bn)
4.1.b. Key highlights
4.2. Formal wear market
4.2.a. Revenue - (2015-2023) (USD Bn)
4.2.b. Key highlights
4.3. �Other' apparel rental market
4.3.a. Revenue - (2015-2023) (USD Bn)
4.3.b. Key highlights
Chapter 5: Global online clothing rental market - based on regions
5.1. North America
5.1.a. Revenue - (2015-2023) (USD Bn)
5.1.b. Key highlights
5.2.a. Revenue - (2015-2023) (USD Bn)
5.2.b. Key highlights
5.3.a. Revenue - (2015-2023) (USD Bn)
5.3.b. Key highlights
5.4. Latin America
5.4.a. Revenue - (2015-2023) (USD Bn)
5.4.b. Key highlights
5.5. The Middle East and Africa
5.5.a. Revenue - (2015-2023) (USD Bn)
5.5.b. Key highlights
Chapter 6: Online clothing rental start-up firms
6.1. Rent the Runway
6.2. Le Tote
6.3. Dress & Go
6.4. Glam Corner
6.7. La Reina
6.8. Style Lend
Chapter 7: Conclusion
Chapter 8: Appendix
8.1. List of tables
8.3. Research methodology
8.4. About Research On Global Markets
A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.
Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.
Now let’s take a closer look at the research methods here.
Secondary Research Model:
Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.
Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.
However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.
The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.
Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.
The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.
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