Online Clothing Rental Market

Online Clothing Rental Market Size & Growth (2022 - 2027):

The online clothing rental market was valued at US$ 1,215 million in 2021 and is expected to reach US$ 2,247 million by 2026, with an average annual growth rate of 10.6% from 2022-2027.

Online clothing rentals include services that allow people to rent clothing items for a predefined period. This service is useful for people who seldom participate in occasional events such as weddings, theme parties, corporate parties, photoshoots, and film productions. Fashion-conscious people who do not have the financial resources to buy selected clothes can also use the online clothing rental service. Online clothing rental services are also used for people who suffer temporary changes in their physique, such as pregnant women. Rental facilities have provided a cost-effective option for this demographic data, boosting the demand of the global online clothing rental market.

Online Clothing Rental Market Drivers:

One of the main drivers of the global online clothing rental market is the increasing ease of use of online retail. Thanks to the rapid development of communication technology, Internet shopping portals have quickly gained popularity in the last decade. Advances in mobile Internet technology have made the process more convenient, further increasing the demand for online purchases. The rapid growth of the middle class and business sectors in developing countries has expanded the target population of the online clothing rental industry. These two factors are also presumed to have a significant impact on the trajectory of the global online clothing rental business in the coming years. The tendency to create a unique personal style or a fashion statement without wearing the same clothes for a long time is also a factor accelerating growth.

Promising demographic groups in emerging nations such as India, China, and Brazil are driving the growth of the online clothing rental market as the Internet penetration rate in these countries increases. The growing installation of broadband, which increases the demand for Internet shopping and online rental services, is increasingly available for the growing part of the population in such regions.

Online Clothing Rental Market Restraints:

But factors such as inadequate regulation, low consumer awareness, and lower social acceptance are expected to impede market growth somewhat. The main restriction is the difference in fabric size. The rented clothes cannot be changed according to the size of the individual. Therefore, to overcome these limitations, the company is devising innovative ways, such as live chats with fashion experts. Some companies offer the same product in two sizes to help consumers choose the product that works best for them.

ONLINE CLOTHING RENTAL MARKET REPORT COVERAGE:

Market Segmentation:

Online Clothing Rental Market By End-User: 

Depending on the end-user, the global online clothing rental business is divided into men, women, and children. The women's sector accounted for more than 58.0% share in 2018 and is expected to see significant growth in the near future. Continually changing fashion trends are expected to drive segment growth. The children's sector, on the other hand, is expected to register a significant CAGR during the forecast period. Children prefer to borrow clothes, as they grow quickly and need to change clothes. This is expected to increase the subscriptions of rental companies, which will have a positive impact on market growth.

Online Clothing Rental Market By Clothing Style:

Traditional costumes are worn during the festival, special and rare occasions. Therefore, consumers prefer to rent rather than buy. Formal clothing occupied the largest market share of approximately 48.0% in 2018. Formal dress, such as suits and jackets, is expensive and requires maintenance, so young price-sensitive consumers consider a lease as a better option. The casual clothing sector is also expected to have a significant market share during the forecast period. For example, players who cannot buy sportswear can rent them through an online portal.

Regional Analysis:

• North America
• Europe 
• Asia Pacific
• Latin America
• The Middle East and Africa 

Key Players:

• Linen rental
• Flyrobe.com
• Rent the Runway
• Style Lend
• Catwalk rental
• Liberent
• Secoo Holding Limited
• Share Wardrobe
• Gwynnie Bee
• Le Tote
• Dress Hire
• Swapdom.

Leading Company:

the castle has its own Gwynnie Bee and Express brand, American Eagle Outfitters Inc., and rental services for external retailers, including As Taylor of Ascena Retail Group Inc. They charge a flat rate per active subscriber to provide all aspects of the offer, from the Logistics to the laundry.