Apparel Rental Industry is booming worldwide with Top Key Players | Rent the Runway, Hirestreet, HURR, Circos, Moss Bros, AirCloset

Future Market Consulting has published a research report on the "Global Apparel Rental Market", which provides a comprehensive outline of the factors responsible for the market growth from 2018 to 2032.

Apparel rental is the practice of borrowing clothes for a specific occasion, usually for an event or event, rather than purchasing them outright. The concept has gained significant popularity in recent years due to changing customer ownership patterns, environmental issues, and the fashion preference for more efficient and affordable products. In clothing rental services, individuals can rent clothes, accessories, or even the entire outfit for a fee well below the cost of purchasing new clothes. These services operate through physical stores or online platforms and carry a wide range of clothing, including jeans, suits, evening dresses, and accessories. The increase in the number of online rental businesses drives the growth of the apparel rental market. Consumers are increasingly spending more on clothing due to increasing disposable income, which is one of the main reasons for the growth of online clothing business. Many rental companies have started to use online services. These services help cover a wider range of customers, thus improving the business and creating a positive impact on the forecast period. The increasing hygiene concerns hinder the growth of the apparel rental market. Some customers who place a high value on personal hygiene may find it offensive to share clothing. It is essential to address these issues with rigorous cleaning procedures and transparent communication. Apparel rentals are cost-effective it create a lucrative opportunity for the growth of the market. For a little portion of the purchase price, renting gives customers access to high-end items for special events or designer labels. Customers on a tight budget who nonetheless want to dress stylishly may find this appealing.

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By Leading Players of Apparel Rental Market:
Rent the Runway (US), Hirestreet (UK), HURR (UK), Circos (US), Moss Bros (UK), AirCloset (Japan), Envoged (India), Etashee (India), Secoo Holdings Limited (China), Secret Wardrobe (India), Others

User Type is the fastest-growing segment in the apparel rental market.
The demand for women's clothing rental is driven by many factors, not just the development of fashion. Consumers, especially young people, are becoming more environmentally conscious and willing to opt for express rentals to reduce their impact on the environment. Additionally, the influence of social media also plays an important role. People looking for stylish and unique clothes to be displayed on platforms such as Instagram for special occasions increase the need for a variety of rental clothes.
Asia Pacific holds the largest market share in the global apparel rental market.

Apparel rental demand in Asia Pacific is driven by several factors. One of the main factors is the country's growing middle class, whose income from disposable items and members' desire to buy fashionable clothes without their high prices. The rise of social media platforms has created a group of fashion-conscious people who want to wear jeans offered by popular and famous people. Clothing rental offers affordable solutions that allow customers to access different styles and brands at different times, in line with different consumption patterns. Additionally, consumer environmental awareness also plays an important role. As sustainability becomes a global priority, many people in the Asia-Pacific region are turning to environmentally friendly options.

Global Apparel Rental Market Segmentation:
By Apparel Type
Clothing
Footwear
Accessories

By Price Range
Premium Pricing
Mid Pricing
Budget/Economy Pricing

By Business Model
Peer-to-Peer Model
Standalone Model
Subscription Model
Hybrid Model

By Age Group
Up to 6 years
6 - 18 Years
18 - 35 Years
35 - 50 Years
Above 50 Years

By User
Women
Men
Kids

By Region included in report:
North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

Recent developments in the apparel rental market for market expansion.
• In December 2021, the number of customers in the fashion industry Fly bathrobe exceeded 1 million and began to recover from the epidemic. The company currently serves customers in 30 cities in India.
• In April 2022, Fly Robe partnered with Franchise Mart to expand RENT IT UAE's franchise. A unique online rental program that brings the latest fashions to your door.
• In July 2022, Rent the Runway partnered with Saks Off 5th to offer pre-owned products to its customers and now includes a "Pre-Owned Products" section.
• In April 2022, David Jones expanded its partnership with fashion rental platform GlamCorner with the launch of Reloop. With Reloop, developed by GlamCorner, customers can participate in the circular economy as soon as they choose to shop for details.
• In May 2022, Nuuly Clothing Service has recently collaborated with designers to introduce new rental products, such as the Anna Sui, which started selling last year.

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If you have any special requirements, please let us know and we will offer you the report at a customized price.

NOTE: Our team is studying Covid-19 and its impact on various industry verticals and wherever required we will be considering Covid-19 analysis of markets and industries. Cordially get in touch for more details.

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