Press release
Online Clothing Rental Market to Reach $2.63 Billion by 2028, Driven by Changing Consumer Attitudes
Online Clothing Rental Market Report
The online clothing rental market size is expected to see rapid growth in the next few years. It will grow to $2.63 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to rise in sustainability consciousness, adoption of circular fashion practices, increased focus on experiential and on-demand fashion, increasing demand for designer outfits, growing desire for shifting fashion proclamations. Major trends in the forecast period include technological advancements in virtual fitting and sizing, emergence of specialized rental platforms for specific clothing items, collaboration between fashion brands and rental platforms, integration of artificial intelligence in personalized fashion recommendations, expansion of rental services to high-end and designer fashion.
Market Overview -
Online clothing rental refers to services that allow clients to rent apparel and other accessories for some time. These services offer fashion items from different brands that customers can filter by categories and styles. The presence of online clothing rental services enables people to lower the need for getting new clothes for special occasions and thus save money.
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Rise In Mobile And Internet Penetration Propel The Growth Of The Online Clothing Rental Market
The increase in mobile and internet penetration is expected to propel the growth of the online clothing rental market. Economic development, IT infrastructure, supportive government, and business policies, and the degree of urbanization all have a positive impact on mobile and internet growth. In an online clothing rental service, a person rents clothing online with the use of the internet and makes the payment online. For instance, according to Data Reportal, a Singapore-based business intelligence company, in October 2021, 4.88 billion people (almost 62%) in the world are using the internet. According to Bankmycell, a US-based price comparison site for mobile phones, in 2021, there are 6.378 billion (80.76% of the world population) smartphone users. Therefore, increasing mobile and internet penetration is driving the growth of the online clothing rental market.
Competitive Landscape -
Major companies operating in the online clothing rental market report are Style Lend Company, Rotaro Engineers Private Limited, Rent the Runway Inc., Aark World Private Limited, Mine for Nine LLC, Le Tote Inc., La Reina Inc., Gwynnie Bee, Glam Corner Pty Ltd., Omapal Technologies Pvt. Ltd., Dress Hire, Dress & Go Locação de Vestidos e Acessórios Ltda, Threads (India) Limited, Stylish Play LLC, The Secret Wardrobe Ltd., Nuuly Rent URBN SR LLC, Armoire Style Inc., Haverda sh, The Mr. & Ms. Collection, Tulerie Inc., Curtsy Inc., Wardrobe Icons Ltd., Voice over Long-Term Evolution, Dress Up India Private Limited, Fitzroy Robinson Ltd., The Borrowed Collective Ltd., Designer Wardrobe Ltd., The Clothing Rental, The Wardrobe Company Ltd., The Style Capsule
Introduction Of Blockchain Based Cloth Rental Services
Technological advancements are shaping the online clothing rental market. Technological advancement has helped online clothing businesses to sync up all their operations and business processes. For instance, in October 2021, H&M, a Swedish-based multinational clothing company launched blockchain-based clothes rental service with scannable IoT labels on the clothing. With this, customers at H&M's store can pick garments for instant hire by scanning IoT-connected stickers with their smartphones. Customers can access this service by signing up for Spin and then paying up to $11 in daily hire fees. Reselling or renting alongside innovation in materials is helping create sustainable consumption patterns.
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Key Segments -
The online clothing rental market covered in this report is segmented -
1) By Clothing Styles: Western Wear, Ethnic Wear, Other Clothing Styles
2) By Dress Code: Formal, Casual, Traditional
3) By Price Range: Low, Mid, Premium
4) By End User: Women, Men, Kids
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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