SEATTLE, Dec. 10, 2018 (GLOBE NEWSWIRE) -- The global online clothing rental market was valued at US$ 1,506.6 million in 2017 and is projected to exhibit a CAGR of 9.4 % over the forecast period (2018 – 2026), owing to increasing internet penetration across the globe.
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Key Trends and Analysis in the Online Clothing Rental Market:
Rising internet penetration rate and shifting consumer preference from offline retail channels to e-commerce are factors driving growth of the online clothing rental market. Furthermore, benefits offered by online clothing rental services such as access to designer wear and clothing of premium brands at a fraction of cost, variety of choices in colors, sizes, and designs of dresses are other factors driving growth of the market.
Accessibility to internet is steadily increasing across the world. For instance, according to the data provided by the Internet World Stats, the total number of internet users has increased from 3,079 million in 2014 to 4,157 million in 2017. Of the total count of internet users across the world, Asia Pacific and Europe contributed 48.7% and 17.0 % share, respectively, in 2017, according to the Internet World Stats.
However, low societal acceptance of the idea of renting clothes among consumers is one of the factors negatively impacting growth of the online clothing rental market in emerging economies.
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Key Market Takeaways:
- Among product type, formal wear segment accounted for a significant market share in the global online clothing rental market in 2017, owing to increasing demand for rental clothes from end users. Online clothing rental services offer formal wears such as trousers, tuxedo, skirts, and tops at a fraction of cost. Sales value of these clothes is very high and not affordable, and rental clothes are relatively cheaper and also have easy delivery option. Women rent formal wear for special social occasions. Thus, key players are focusing on formal wears and using their product portfolio for business expansion. For instance, in 2015, Rent the Runway, online renter of designer formal wear in the U.S. market, provided a wide range of formal wears such as tops, skirts, and blazers
- Among end user, kids segment exhibited significant growth in the online clothing rental market, as key players are investing in new product launches and business expansion in rental clothing focusing on kids. For instance, Borrow Baby Culture, an online clothing rental company, which offers rental clothing service for kids, offers dresses from designers such as Fendi, Stella McCartney, Roberto Cavalli, and David Charles.
- Europe accounted for a significant market share in 2017 in the global online clothing rental market. The demand for designer clothes and accessories is increasing due to special occasions and events such as birthday parties, wedding, fashion shows, and photo shoot. For instance, in 2014, Drexcode s.r.l., a rental clothing company, started offering designer fashion dresses and latest trends for women in Europe. The company is based in Italy. It provides wide range of dresses, easy payment option, and delivery of clothes in time. The company offers wedding dresses, formal dresses, elegant dresses, evening dresses, prom dresses, and cocktail dresses for events.
- Key players operating in the global online clothing rental market include GlamCorner Pty Ltd., Rent the Runway, Inc., Lending Luxury, Flyrobe, Gwynnie Bee Inc., Bag Borrow or Steal Inc., The Secret Wardrobe Limited, Le Tote, Union Station, Inc., and Her Wardrobe
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