Online Clothing Rental Market Growth & Key Business Strategies by Leading Industry Players Bag Borrow Steal (U.S.), Dress & Go (Brazil), Glam Corner Pty Ltd (Australia), Gwynnie Bee (U.S.), Le Tote (U.S.), Lending Luxury (U.S.), Rent the Runway (U.S.), Se
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North America is the market leaders and accounted for 40% share of the global market in 2017, followed by Europe in geographical segment. In addition, Asia-Pacific is estimated to grow at the highest CAGR as projected to be 11.4% during the forecast period. The market is increasing in developing economies of Asia-Pacific mainly because of the need of an economical alternative to direct purchasing each time, gradual increase in social acceptance of rental clothes, and overall increase in sales in online clothing industry. Fashion-conscious individuals that lacks the financial resources to purchase the clothing of their choice are expected to make most use of online clothing rental services. Rental services are proved to be a cost-effective option for these end users especially women, who are also thriving on the growth showed in the global online clothing rental market.
The primary driver of the global online clothing rental market is the increase in ease of use of online retail. Moreover, rapid advancement observed in internet penetration, growing popularity of online shopping portals over the last decade as boost the market. The advancement in mobile internet technology has further driven the demand for online rental by making the process even more convenient. Furthermore, increased e-commerce market within Asia-Pacific also aid the high market growth rate. E-commerce channels are expected to gain popularity in online rental market in the near future with some restraints such as unregulated market, specific rental policies, less social acceptance and knowledge of the platforms among population.
According to Yogiata Sharma, Research Analyst, Consumer Goods Research at Allied Market Research "With new advancements in technology, rise in globalization, upsurge in startups within the online clothing rental business to cater to the thrifty millennials bandwagon showcase the lucrative market opportunities in years to come".
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North America is expected to contribute significantly towards online clothing rental market, due to the increase in fashion consciousness and huge adoption of "No Ownership" trend towards clothes. It is anticipated to dominate the market throughout the analysis period. However, Asia-Pacific is expected to witness the highest growth rate, owing to the presence of emerging countries, such as China.
The key players profiled in this report include Bag Borrow Steal (U.S.), Dress & Go (Brazil), Glam Corner Pty Ltd (Australia), Gwynnie Bee (U.S.), Le Tote (U.S.), Lending Luxury (U.S.), Rent the Runway (U.S.), Secoo Holdings Limited (China), Secret Wardrobe (India), and Share Wardrobe (India).
• North America leads the online clothing rental market, followed by the Asia-Pacific region.
• Asia-Pacific which is still in its latent phase of adopting the rental clothing trend, is expected to grow at highest CAGR of 11.4% mainly led by India and China.
• Women end user segment accounts for the highest market share accounting for nearly 58%, however, the men end user segment is projected to witness highest demand during the forecast period
• Overall, the Ethnic wear segment possess higher market share and is expected to witness a considerable growth, owing to their frequent use in festivals, higher cost of rental, and greater maintenance costs.
Online clothing rental service is a provision of renting clothes for a certain period with the help of online platforms by connecting distributors & retailers and potential customers. Online clothing rental portals offer a wide range of clothes, which can be categorized based on size, color, type of outfits, brands, and prices. In addition, online rental service providers offer consultation services to customers through expert designers, image consultants, and other fashion experts.
Festive outfits related to various events, such as wedding, corporate parties, theme parties, films, and photo shoots are in high demand in the online clothing rental market. Ethnic clothes have different definitions based on regions such as festive clothes and lavish wedding dresses and bridal dresses in the Asia-Pacific region, Tuxedo in countries of North America and Europe.
However, western wear is the highest growing segment during the forecast period, as it consists of corporate wear in countries of North America and Europe, while party wear in Asia-Pacific countries. Western wear is expected to grow at a comparatively higher CAGR, particularly, due to the rise in demand of rental formal wear. The growth in corporate world and the increase in female workers have boosted the usage of formal wear while being present in the office.
Women as end-users have the highest market share as women in particular avoid repetition of dresses. Although, men are gaining the market share, owing to their economical mindset and spending habits. The kids segment is also on the rise mainly due to the increase trend of themed parties based on comic starts, Halloweens etc. where the outfits are costly as compared to its usage.
The major growth factors for the market includes penetration of online clothing rental market, caused by the growing internet subscribers and increase in adoption of smartphones globally. Also, individuals going through rapid body shape change such as pregnant women and kids are the target customer base for some of the market players in this industry. Thus, online clothing rental service enables a cost effective option for consumers by renting the particular type of dress at a much lesser price than its original price for definite period.
The competitive scenario among global players is increasing that resulted in heavy discount options and value added schemes for consumers, which is in turn driving the market. In addition, market players who started earlier are holding up well even after the emergence of many startups in this sector.
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