NEWARK, Del, Aug. 04, 2022 (GLOBE NEWSWIRE) -- The global online clothing rental market is projected to grow at a robust CAGR of 11.0% for the forecast period of 2021 to 2031. Online clothing rental market will exhibit considerable growth over this period. Swiftly changing consumer preferences, and lifestyles along with an inclination toward fashion are likely to foster growth in the online clothing rental market.
Rising product availability and an increase in easy access to online retail is a major market growth driver for online clothing rental. In the last ten years, the rapid expansion of the Information and Communication Technology has enabled the growth of the e-commerce sector. Advancements in mobile technology further supplement the growing demand for online shopping. Additionally, rising social occasions, casual gatherings, and festivities in emerging economies like China, India, and Brazil present an extensive consumer base for the online clothing rental market. These factors are expected to bolster the market possibilities over the forecast period.
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Moreover, fashion rental platforms have gained huge traction, fuelling prospects for the online clothing rental market. In addition to this, an accelerated drive for sustainability also factors in the fashion industry. Amid the rising adoption of sustainability measures renting is considered a more sustainable way of consuming clothes. Benefits like reduction in carbon emissions and other harmful chemicals induce manufacturers in the clothing industry to adopt clothing rental as a part of their business and sustainability strategy. This will also increase their brand and social standing.
Though the majority of attractive market opportunities come from the women’s segment, kid’s and men’s segments also offer diverse growth possibilities for online clothing rental companies. With the rise of style- and brand consciousness, online clothing rental companies can leverage potential opportunities by expanding offerings in kid’s and men’s apparel. Further, growing awareness regarding online clothing rental is anticipated to create substantial growth opportunities for clothing rental conglomerates all over the world.
Growing consumer inclination towards designer garments and truly shifting fashion proclamations are also fuelling the online clothing rental demand. A rising focus on sharing and gaining instant access to products that one wants to wear with rising awareness about the positive ecological impacts of the sharing economy and increasing spending power in countries like India, China, and Brazil are driving the growth of the global online clothing rental demand.
“Growing sustainability trends with a desire for designer garments and instant access will likely augment the sales of online clothing rentals for the forecast period,” says an FMI analyst.
Key Takeaways:
- Marketing strategies to boost sales possibilities for online clothing rental in Middle East & Africa.
- Growing sustainability trends to positively impact the market.
- Lack of customizability to hinder market growth over the forecast period.
- Increasing spending power to propel market growth in India over the forecast period.
- China is expected to present high lucrative market opportunities in the East Asia region over the assessment period.
- Rising awareness of overconsumption and disposal of unwanted garments is expected to drive the U.K. market
- Fashion trends to boost market growth in the U.S.
- By consumer orientation, the men and kids segment is projected to be the highest, with a CAGR of 12.5% and 8.4% respectively.
- By product type, the ethnic wear segment will lead the overall market growth.
- Subscription model is expected to register a 12.6% CAGR.
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Competitive Landscape
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, and Rent It Bae Company among others are some of the major players in the online clothing rental market that are profiled in the full version of the report.
In a highly competitive market, online clothing rentals market players are employing various tactics including subscription models, competitive pricing, and attractive offers. Major market players are adopting novel collaboration and partnership strategies to gain an overall competitive advantage.
More Insights into the Online Clothing Rentals Market Report
In its latest report, FMI offers an unbiased analysis of the global online clothing rental market, providing historical data from 2016 to 2020 and forecast statistics for the period 2021 to 20321. To understand the global market potential, growth, and scope, the market is segmented based on product type (knitwear, trousers and jeans, jumpsuits, suits and blazers, coats and jackets, skirts and shorts, ethnic wear), business model (standalone model, subscription model), end user (business-to-business, business-to-consumer, consumer-to-consumer), consumer orientation (men, women, kids) and region.
According to the latest FMI reports, based on regional growth, India is expected to emerge as a highly lucrative market among South Asian countries. This growth is attributed to the growing internet penetration and rising awareness among consumers. Furthermore, in developing countries such as India, shoppers are finding superior ways of getting their preferred garments as opposed to buying them. Major businesses in the online clothing rental market even offer services at an exceptionally minimal cost with added benefits, such as free trials at home, which are expected to drive the demand for online clothing rental in the country. An increase in the spending capacity, changing fashion trends, and the influence of the West are certain factors that are fueling the market growth in India.
In the U.K., growing awareness of overconsumption and the inescapable disposal of unwanted garments is expected to propel the online clothing rental market. An estimated 350,000 tonnes of used clothing goes to landfill in the U.K. every year and around 30% of clothing in wardrobes has not been worn for at least a year. This has created a lucrative opportunity for the companies in the online clothing rental in the country.
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A growing focus on renting instead of buying clothing without reusing or repeating coupled with increasing awareness about the positive ecological impacts of renting clothes are boosting the demand for online clothing rental in the U.S. An emphasis on fashion also contributes to the regional market growth. Furthermore, the U.S. exhibits the presence of some of the leading clothing rental brands such as Rent the Runaway Limited, Gwynnie Bee, and New York & Company Closet, etc. Supported by these factors, the U.S. is anticipated to stay as one of the leading markets globally, accounting for the leading market share in North America.
China offers heightened lucrative market opportunities for online clothing rental in East Asia. The region is expected to continue leading the East Asia market through the forecast period. Online clothing rentals are identified as an emerging model of business in the Chinese fashion industry. MsParis, Y-Closet, and Starluxe are some of the leading market brands in this region.
According to the latest report by FMI, based on product type, ethnic wear is expected to lead market growth, registering a CAGR of more than 12.0% over the assessment period. As the ethnic outfits are mainly worn during festivals and special occasions thus, the usage of these outfits is very less. Consequently, consumers prefer renting ethnic wear outfits instead of purchasing them. However, Suits & Blazers are anticipated to account for the largest market share of around 30.8% as they are expensive and require maintenance. Accordingly, the millennial population and price-conscious customers find renting a better option.
On the basis of consumer orientation, the global online clothing rental market will register high demand from the men and kids segment, with a CAGR of 12.5% and 8.4% respectively over the forecast period of 2021 to 2031. However, the women segment is expected to remain dominant with a projected value share of 64.2% over the forecast period.
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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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Key Statistics
1.3. Summary of Key Findings
1.4. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Inclination Towards Shopping Online for Men’s Clothing
3.2. Online Purchase & Time-specific Subscription Services
3.3. Growing Demand in Asia Market
3.4. The rise in popularity of fashion vlogs, film industry, and the television industry
3.5. Rapid Growth of Apparel & Fashion Trend in Asia-Pacific
3.6. Focus on Kids Segment
3.7. Significant Expansion of Online Luxury Fashion for Women
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