Online Clothing Rental Market: Rising Demand,Industry Trends & Revenue Growth by the end of 2019-2027
Lack of awareness among the consumers and absence of a robust framework pertaining to the quality parameters are expected to restrain the market.
The increasing development in mobile internet technology has driven the demand for online shopping.
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The clothing industry is facing a shift toward fast fashion and is now exploring various new business models to optimize the practical service life of garments. The accelerated adoption of online clothing rental model among the consumers leads to the new trend of wearing clothes.
The benefits associated with online clothing rental industry such as the consumers wear clothes only once or for short term like wedding attire, adventure gear, maternity clothing etc. have led the consumers to opt for rental services. The market is currently expanding and is expected to grow at a CAGR of 10.9% during the forecast period (2019-2027). By 2027, the global online clothing rental market is predicted to cross $2.8 billion.
The changing attitude and shifting preference of consumers in socially accepting buying and renting pre-owned products has offered enormous opportunities to the online clothing rental market players. Also, the companies operating in the industry are expanding their existing product ranges though new and advanced product launches in order to keep a strong foot hold over the online clothing rental market.
Various online rental industry players have introduced new offers to increase their market reach with the help of internet and several promotional advertisements for instance, discount on overall costing for booking a month prior to its use.
Rapid growth in urbanization along with convenient & value for money to rent online clothing is one of the key factors fueling the growth of the global online clothing rental market in the country. Furthermore, the increasing development in mobile internet technology has driven the demand for online shopping by creating the process more convenient.
This will result in the proliferation of awareness among the consumers for online clothing rental and will further propel the market growth over the forecast period.
Increasing demand from the developing countries such as India and China owing to the rising consumer awareness in these countries is projected to impact the market growth in Asia Pacific region. Consumers in the developing regions are finding better ways to access various designers dresses of their choices instead of buying them, hence, renting clothes has become a feasible solution to them.
The global Online Clothing Rental Market is segmented on the basis of demography into men and women. Of all these, the women segment is projected to occupy the largest market size and is estimated to generate notable revenue by 2027, owing to the constantly changing fashion trends. Women are relatively more fashion conscious and are quick-decision makers, hence, are likely to rent clothes through online more often than men.
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Despite its innumerable benefits, online clothing rental is expected to have its own share of challenges and limitations such as lack of awareness among the consumers particularly in developing nations such as India, Bangladesh and others, absence of a robust framework pertaining to the quality parameters. These are some of the restraining factors that might affect the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global Online Clothing Rental Market which includes company profiling:
Rent the Runway
Rent frock Repeat
Le Tote Inc.
The Mr. & Ms. Collection (Loop Envy, Inc.)
Girl Meets Dress
DRESS & GO
GlamCorner Pvt Ltd.
MEWA Textil-Service AG
Bag Borrow or Steal, Inc. and The Secret Wardrobe Limited
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