Online Clothing Rental Market Global Projection, Developments Status, Analysis, Trends, Strategic Assessment, Research, Region, Share and Global Expansion By 2023

A rising preference for gaining access to designer clothing and ever changing fashion statements are fuelling the global Online Clothing Rental Market. With a rising emphasis on sharing rather than owning, gaining instant access to items that one covets to wear without repeating the same attire over and over again and a rising awareness about the positive environmental impacts of the sharing economy are propelling the growth of the global Online Clothing Rental Market.

Rising disposable income among households especially in developing countries such as China and India has stimulated the consumer spending on fashion. This has strengthened the demand for online rental clothing over the forecast period.

The increasing penetration of the Internet and the shifting of consumer preferences from offline retail channels to e-commerce are factors driving growth in the Online Clothing Rental Market. The benefits of online apparel rental services, such as designer clothing wear, premium brand clothing, variety of color choices, variety in size and dress design, are another factor driving market growth.

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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, photo shoots, 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.

Regional insights
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.

Companies covered
• Rent the Runway
• Le Tote
• Dress & Go
• Glam Corner
• Drexcode
• Flyrobe
• La Reina
• Style Lend

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Highlights of the report:
• Scrutinized data of the drivers and restraints affecting the growth of the Online Clothing Rental Services market.
• Detailed analysis of distribution channels, and consumption patterns, of the global Online Clothing Rental Services market.
• Comprehensive evaluation of the Online Clothing Rental Services market player, which includes strengths, weaknesses, opportunities and threats.
• In-depth information regarding the recent R&D projects across various regions and end-use industries.
• Up-to-date insights about the trends influencing the Online Clothing Rental Services market growth, including ecological preservation, and regulatory norms.

The Online Clothing Rental Services market report answers the following questions:
1. Why are the players focusing on the production of segment?
2. Which regions are serving lucrative opportunities to the Online Clothing Rental Services market players?
3. What manufacturing techniques are being utilized for the production of Online Clothing Rental Services ?
4. Which segment currently holds the majority of share of the global Online Clothing Rental Services market?
5. Which trends have the maximum impact on the growth of the global Online Clothing Rental Services market?

In the end, Online Clothing Rental report provides valuable information for companies like manufacturers, suppliers, distributors, traders, customers, investors and individuals who have interests in this industry.

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