Online Clothing Rental Market is Anticipated to Grow at an Impressive CAGR of 9.2% by 2032, According to Future Market Insights

The global online clothing rental market size is estimated to be valued at ~US$ 2.0 Bn in 2022 and is projected to reach ~US$ 4.82 Billion by 2032, with overall demand growing at a robust CAGR of ~9.2% from 2022 to 2032. The subscription model is becoming a new trend in the clothing rental business. It appeals to retailers who are under pressure to cater to shifting consumer inclinations before certain designs lose favor.

Even with declining garment sales, the clothing rental industry is strolling assortments down the subscription model plans with an end goal to reach its customers. The subscription model does not just give clothing rental organizations experience to potential customers, it creates recurring revenues. However, it can save retailers the expenses associated with traditional brick-and-mortar stores.

The clothing rental subscription and rental market also provide designers with fast insights into shopper's inclinations. Moreover, the online clothing rental subscription market is extending its customer's reach by obliging specialty/niche markets. Some of them are adopting innovative strategies to gain traction. For instance, Gwynnie Bee offers rental clothes for plus-sized shoppers - something that has been disregarded by other online clothing rental retailers.

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Meanwhile, Union Station intends to remove the nuisance from buying bridesmaid dresses, which are regularly costly and purchased by the taste and style of the lady, not the wearer. The firm empowers ladies to choose their bridesmaids' dresses, which would then be able to be returned after they have been dry-cleaned.

Thus, online clothing rental is intended to help the customers curb expenditure on buying new clothes for any special occasion/purpose.

Key Takeaways from the Online Clothing Rental Market Study

FMI in its latest study has forecast the market to rise at a CAGR of ~11.0% between 2021 and 2031
The U.S. has emerged as a highly lucrative market, accounting for nearly 95% of the North America market
The U.K. is projected to register 11.8% Y-o-Y growth in 2021, performing exceedingly well within the Europe market
Germany and France will continue exhibiting high demand for online clothing rental
Within East Asia, the demand for China and South Korea is expected to be higher than Japan

COVID-19 Causing Disruptions in Online Clothing Rental

Prior to the COVID-19, online clothing rental was set to achieve sustainability, but the pandemic has caused significant disruptions as events such weddings, social gatherings, and other occasions were cancelled due to the imposition of lockdown in various nations across the world.

Companies such as Rotaro, Rent the Runway, and others saw a decline in the number of rental requests. As the online clothing rental companies are primarily event-based, so when there have been no events and people are not going out in the pandemic period which in turn had a profound effect on the clothing rental business.

Who is winning?

Some of the key players operating in the online clothing rental market are Rent the Runway, Rotaro, GlamCorner Pty Ltd., Gwynnie Bee Company, Mine for Nine LLC, Dress Hire AU, ThreadTread, Nuuly, Rent The Front Row LLC, Dress & Go Company, Chic by Choice Company, Style Lend Company, Rent It Bae Company, Mr. & Ms. Collection, The Secret Wardrope, Banana Republic LLC, Le Tote Company, and Lending Luxury, among others.

In September 2020, to meet the changing preference/needs of today's shoppers Rent the Runway implements new clothing subscription model plans which include dry cleaning and rental coverage, free shipping and returns, and members-only discounts. Further, the company is also using sustainable strategies to improve the environment by using recyclable garment bags.

In 2019, the Gap Inc. owned company Banana Republic LLC had partnered with CaaStle and launched 'style passport' an online rental subscription for women. This would help the company to connect with millennials and Gen Zs who would to experience fashion in a sustainable manner.

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Online Clothing Rental Market by Category

Product Type
Knitwear
Trousers & Jeans
Jumpsuits
Suits & Blazers
Coats & Jackets
Skirt & Shorts
Ethnic Wear

Business Model
Standalone Model
Subscription Model

End-User
Business-to-Business (B2B)
Business-to-Consumer (B2C)
Consumer-to-Consumer (C2C)

Consumer Orientation
Men
Women
Kids

Region
North America
Latin America
Europe
East Asia
South Asia
Middle East and Africa (MEA)
Oceania

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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

This release was published on openPR.