Consumers across the globe are adjusting to the new normal and there is a noteworthy discrepancy in consumer behavior. Consumer's purchasing habits, behavior, and attitudes have changed in light of COVID-19. People are shopping very consciously and are majorly centered on basic needs and are buying locally. Consumers are using digital commerce to play, learn, and connect to manage isolation and follow social distancing policy. The covid-19 has consistently impacted the shopping behavior of 9 in 10 consumers. Nearly 30-50 percent of the consumers have shifted towards online shopping from March 2020 to December 2020.
Online Clothing Rental Market Overview
The global online clothing rental market is primarily driven due to increasing online retail worldwide. Technological developments, internet penetration, and the increasing popularity of online shopping portals over the last few years effectively improve the online clothing rental market. Additionally, the increasing popularity of the film industry, television industry, and fashion vlogs is expected to boost the market’s growth. These industries require clothes for a short time; thus, they prefer renting instead of buying clothes. It ultimately raises the demand for online clothing rental in the forthcoming years. The advancement in mobile Internet technology making online shopping more convenient. This key fact contributes significantly to the market’s growth. Also, the rapidly growing middle class and corporate sector in developing economies are fruitful for the online clothing rental market.
However, factors such as improper regulations, low consumer awareness, and less social acceptance are anticipated to hamper the growth of the market. Similarly, the difference in sizes of clothes make difficulties and it is not possible to alter rented clothes as per the size of individuals. Therefore, to overcome this problem, companies are coming up with innovative approaches such as live chats with fashion experts. Again, some companies also offer the same product in two sizes thus consumers can pick the most fitting product. Such innovative solutions provide profitable opportunities for market players.
Online Clothing Rental Market Segment Overview
Based on end-use, the women segment has remarkable growth in the market. This is because women are more passionate about buying clothing or taking clothing on rent to following trends of fashion. According to the dress code, the traditional segment is the fastest-growing segment in the market. This is because traditional clothes are worn during festivals and on special occasions thus, are used very little. Hence, consumers prefer renting them instead of purchasing them.
Additionally, fashion-conscious people who lack the finances to purchase clothes of their choice are expected to make use of the available resources to fulfill their desire. In addition, renting a product is always cost-efficient. Fashion trends are changing frequently so consumers prefer renting clothes to stay trendy. This fact will influence positively to the online clothing rental market in the next few years.
Online Clothing Rental Market Regional Overview
North America accounts for a major share in the online clothing rental market followed by Europe. This is due to the high purchasing power and fashion consciousness of consumers in these regions. Also, the easy availability of broadband Internet in these regions has been a major factor in the growth of the market. Likewise, Asia Pacific is expected to emerge as a significant region in the online clothing rental market. Factors such as the rising purchasing power of consumers due to the growing economy in the developing countries of APAC and increasing internet penetration are enhancing the growth of the market in the region.
Online Clothing Rental Market, Key Players
· Rent the Runway
· Share Wardrobe
· Elanic Services Private Limited
· Secoo Holding Limited
· Stylish Play
· FlyRobe
· Walkin Closet
· Secret Wardrobe
Online Clothing Rental Market Segmentation
Online Clothing Rental Market, By Dress Code
· Formal
· Casual
· Traditional
Online Clothing Rental Market, By End-User
· Men
· Women
· Others
Online Clothing Rental Market, By Region:
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- GCC
- South Africa
- Rest of Middle East and Africa
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Regulatory Landscape
- 4.4. Industry SWOT Analysis
- 4.5. Porters Five Forces Analysis
5. Global Online Clothing Rental Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Dress Code
- 5.2.1. Formal
- 5.2.2. Casual
- 5.2.3. Traditional
- 5.3. Market Analysis, Insights and Forecast – By End-User
- 5.3.1. Men
- 5.3.2. Women
- 5.3.3. Others
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Latin America
- 5.4.3. Europe
- 5.4.4. Asia Pacific
- 5.4.5. Middle East and Africa
6. North America Online Clothing Rental Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Dress Code
- 6.2.1. Formal
- 6.2.2. Casual
- 6.2.3. Traditional
- 6.3. Market Analysis, Insights and Forecast – By End-User
- 6.3.1. Men
- 6.3.2. Women
- 6.3.3. Others
- 6.4. Market Analysis, Insights and Forecast – By Country
- 6.4.1. U.S.
- 6.4.2. Canada
7. Latin America Online Clothing Rental Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Dress Code
- 7.2.1. Formal
- 7.2.2. Casual
- 7.2.3. Traditional
- 7.3. Market Analysis, Insights and Forecast – By End-User
- 7.3.1. Men
- 7.3.2. Women
- 7.3.3. Others
- 7.4. Market Analysis, Insights and Forecast – By Country
- 7.4.1. Brazil
- 7.4.2. Mexico
- 7.4.3. Rest of Latin America
8. Europe Online Clothing Rental Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Dress Code
- 8.2.1. Formal
- 8.2.2. Casual
- 8.2.3. Traditional
- 8.3. Market Analysis, Insights and Forecast – By End-User
- 8.3.1. Men
- 8.3.2. Women
- 8.3.3. Others
- 8.4. Market Analysis, Insights and Forecast – By Country
- 8.4.1. UK
- 8.4.2. Germany
- 8.4.3. France
- 8.4.4. Italy
- 8.4.5. Spain
- 8.4.6. Russia
- 8.4.7. Rest of Europe
9. Asia Pacific Online Clothing Rental Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Dress Code
- 9.2.1. Formal
- 9.2.2. Casual
- 9.2.3. Traditional
- 9.3. Market Analysis, Insights and Forecast – By End-User
- 9.3.1. Men
- 9.3.2. Women
- 9.3.3. Others
- 9.4. Market Analysis, Insights and Forecast – By Country
- 9.4.1. China
- 9.4.2. India
- 9.4.3. Japan
- 9.4.4. Australia
- 9.4.5. South East Asia
- 9.4.6. Rest of Asia Pacific
10. Middle East & Africa Online Clothing Rental Market Analysis (USD Billion), Insights and Forecast, 2020-2027
- 10.1. Key Findings / Summary
- 10.2. Market Analysis, Insights and Forecast – By Dress Code
- 10.2.1. Formal
- 10.2.2. Casual
- 10.2.3. Traditional
- 10.3. Market Analysis, Insights and Forecast – By End-User
- 10.3.1. Men
- 10.3.2. Women
- 10.3.3. Others
- 10.4. Market Analysis, Insights and Forecast – By Country
- 10.4.1. GCC
- 10.4.2. South Africa
- 10.4.3. Rest of Middle East & Africa
11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2018
- 11.2. Key Industry Developments
- 11.3. Company Profile
- 11.4. Rent the Runway
- 11.4.1. Business Overview
- 11.4.2. Segment 1 & Service Offering
- 11.4.3. Overall Revenue
- 11.4.4. Geographic Presence
- 11.4.5. Recent Development
- 11.5. Share Wardrobe
- 11.6. Elanic Services Private Limited
- 11.7. Secoo Holding Limited
- 11.8. Stylish Play
- 11.9. FlyRobe
- 11.10. Walkin Closet
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
