High internet penetration, changing lifestyles and preferences for party wear dresses, designer dresses, and dinner suits to drive the growth of the online clothing rental market.
According to TechSci Research report, “Online Clothing Rental Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027F” The online clothing rental market is made up of businesses (organizations, sole proprietors, and partnerships) that sell online clothing rental services and let customers rent clothes for a set amount of time. These services may be helpful for people who want to purchase new costumes for special events like weddings, theme parties, corporate events, photo shoots, and movie shoots. For those with limited funds who cannot buy clothing from their preferred brands, rental services are an affordable alternative.
Western wear, ethnic wear, and other clothing genres make up the bulk of online clothing retailers. The term “Western wear” refers to fashions in Western nations like the United States, Canada, or specific regions of Europe or that draw inspiration from outfits worn in the American West in the 19th century. Online clothing rentals offer formal, casual, and traditional attire in low, mid, and high price ranges to suit a variety of dress codes. Women, men, and children are the three main categories of consumer groups for online clothing rental.
Individual spending growth, evolving fashion trends, and western influence contribute to market expansion. One of the main factors influencing the demand for online clothing rental in the nation is that some players in the market even provide services at meager prices with added benefits like free trials at home.
Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on the “Online Clothing Rental Market“
The global online clothing rental market is segmented based on product type, user orientation, business model, end-user, region, and competitive landscape. Based on product type, the market is segmented into Knitwear, Trousers and Jeans, Jumpsuits, Suits and Blazers, Coats and Jackets, and Others (Skirts and Shorts, Ethnic Wear, etc.) Among these product categories, Suits & Blazers are expected to have the largest market share because they are costly and need upkeep. Renting is therefore preferred by the millennial generation and price-conscious customers. Hence, the suits and blazers segment drive the growth of the global online clothing rental market.
Based on user orientation, the market is segmented into men, women, and kids. Among these consumer groups, the women group holds the largest share in the global online clothing rental market. Over the forecast period, increasing demand for western designer dresses from women worldwide is anticipated to drive market expansion in the online clothing rental sector.
On the basis of the business model, the market is segmented into the standalone model and subscription model. Among these models, the standalone model segment is anticipated to generate revenues significantly higher than those by subscription business models due to the increasing demand for western wear and designer dresses. The subscription model is anticipated to experience favorable revenue growth in the global online clothing rental market.
Based on the End-User, the market is segmented into (Business-to-Business (B2B), Business-to-Consumer (B2C), and Consumer-to-Consumer (C2C). Among these end-users,
the business-to-consumer model holds the largest share in the global online clothing rental market. It is anticipated to grow faster during the forecast period and maintain its dominance. In the business-to-consumer segment, the company sells products to its target customers through e-commerce platforms. Hence, business-to-consumer segment helps grow the demand for online rental clothing.
On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Among all the region, North America holds the largest share in the global online clothing rental market due to the high levels of disposable income. Key elements that are anticipated to fuel growth in the online clothing rental market during the forecast period include rising fashion consciousness and rising fashion spending in these regions.
Key Market Players in the Global Online Clothing Rental Market include:
- Rent the Runway, Inc.
- Glam Corner Pty Ltd
- UNION STATION KANSAS CITY
- American Eagle Outfitters, Inc.
- CaaStle, Inc.
- Le Tote, Inc.
- Style Lend
- Share Wardrobe
- Dress & Go Company
- Chic by Choice Company
Customers can also request for 10% free customization on this report.
“The tendency toward fashion is what is driving the rise in demand for online clothing rentals. Customers all over the world have a high level of brand awareness. Due to their accessibility and availability of a vast assortment at a low price, customers now favor online clothing purchases due to the increasing internet penetration. This is also boosting global demand for online clothing rentals. The online clothing rental market is likely to grow due to changing lifestyles and preferences for designer dresses, party dresses, and dinner suits.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Online Clothing Rental Market- Global Industry Size, Share, Trends, Opportunity, and Forecast 2017-2027 Segmented By Product Type (Knitwear, Trousers and Jeans, Jumpsuits, Suits and Blazers, Coats and Jackets, Others (Skirt and Shorts, Ethnic Wear, etc.), By User Orientation (Men, Women, and Kids), By Business Model (Standalone Model Vs. Subscription Model), By End-User (Business-to-Business (B2B), Business-to-Consumer (B2C), and Consumer-to-Consumer (C2C)), By Region,.” has evaluated the future growth potential of online clothing rental market globally and provides statistics and information on market structure, size, share, and future growth. The report provides cutting-edge market intelligence and helps decision-makers to make sound investment decisions. Besides, the report also identifies the emerging trends along with essential drivers, challenges, and opportunities present in the online clothing rental market globally.
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