Press release
Impact Of Covid-19 Outbreak On Online Clothing Rental Market
Online Clothing Rental Market:Online clothing rental comprises services through which individuals can rent items of clothing for a predefined period. These services are of benefit to individuals participating in occasionally conducted events, such as wedding parties, theme parties, corporate parties, and photoshoots and filmmaking. Fashion-conscious individuals lacking the financial resources to purchase the clothing of their choice can also make use of online clothing rental services.
Moreover, online clothing rental services are also of use for individuals going through temporary changes in their physique, such as pregnant women. Rental services provide a cost-effective option for these demographics, which has driven the demand from the global online clothing rental market.
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Online Clothing Rental Market: Drivers and Restraints
The primary driver of the global online clothing rental market is the increasing ease of use of online retail. Thanks to the rapid advancement observed in telecommunications technology, Internet shopping portals have grown in popularity rapidly over the last decade. The advancement in mobile Internet technology has further driven the demand for online shopping by making the process even more convenient. The rapidly growing middle class and corporate sector in developing economies has also expanded the target demographic for the online clothing rental market. Both these factors are expected to retain a strong influence on the trajectory of the global online clothing rental market in the coming years.
Increasing Internet penetration in developing countries with a promising demographic breakdown, such as India, China, Brazil, etc. is also helping the online clothing rental market post a strong growth rate. While mobile telephony in these countries still lags behind developed regions such as North America and Western Europe, broadband Internet is becoming easily available for an increasing portion of the population, which has driven the demand for online shopping and online rental services.
The major restraint on the global online clothing rental market is the lack of customizability. In contrast to purchased items of clothing, which can be refitted according to the individual’s measurements or even customized before buying, rental clothing can’t be adjusted to precisely fit the customer’s needs. This leaves significant scope for discontent among users of online clothing rental services. In response to this, many companies in the online clothing rental market are starting to offer innovative features. Live chats with stylists are becoming an increasingly common feature, while some companies offer the same item in two sizes so that customers may try them on and choose the better fit. Such innovative solutions are making this inherent restraint on the online clothing rental market less cumbersome for market players.
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Online Clothing Rental Market: Geographical Overview
The global online clothing rental market is led by North America, followed closely by Europe. Western Europe is by far the dominant segment of the Europe market, thanks to the high purchasing power and fashion consciousness of consumers in developed countries such as France, Italy, Germany, and the U.K. The easy availability of broadband Internet in these regions has also been a major factor in the growth of the online clothing rental market.
However, the larger population of dynamic Asian countries such as China and India is expected to swing the balance in the favor of Asia Pacific in the coming years. The purchasing power of APAC consumers is on the rise due to the growing GDP of developing economies in the region, while Internet penetration is also increasing at promising rates across the region.
In terms of competition, Rent the Runway, Share Wardrobe, Elanic Services Private Limited, Secoo Holding Limited, Stylish Play, FlyRobe, Walkin Closet, and Secret Wardrobe are the major players operating in the global online clothing rental market.
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