Research Nester recently published a report titled “Global Online Clothing Rental Market: Outlook, Industry Analysis & Opportunity Evaluation – 2018-2027” that delivers detailed overview of the global online clothing rental market in terms of market segmentation by demography, clothing, business model, end user, by price range and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
Online clothing rental have bought various opportunities to the fashion-conscious individuals who lack finances for purchasing clothes of their choice. For such customers, renting a product will be the best alternative and is also cost efficient in the fashion industry where the trends keep changing and consumers do not prefer to repeat clothes. The rise of the economic model ‘sharing economy’ opens up various opportunities for online rental clothing and is increasingly becoming a bigger part of fashion industry.
Growth in the penetration of internet users coupled with the emerging smart phone technology which eases the process of clothing rental are some of the factors driving the global online clothing rental market across the globe. Online clothing rental service providers are adopting different ways to engage with the customers by offering added services and marketing their product through social media platforms. This will increase the awareness of online clothing rental among the consumers and will further propel the market growth over the forecast period. In 2018, the global online clothing rental was valued at USD 1,123.5 Million. The market is predicted to grow at a robust CAGR of 10.9% over the forecast period (2019-2027) and is estimated to cross USD 2,817.8 Million by the end of 2027.
High internet penetration accompanied with increasing focus of government on digitization in the past is backing increasing sales volume of online rental clothes via online channels in several developing countries. Additionally, the trend is expected to witness a snowballing rise on the back of increasing adoption and trust in online distribution channels. Moreover, rising presence of global clothing rental market players such as Bag Borrow Steal, Inc., GlamCorner, and The Mr. & Ms. Collection etc. across the country accompanied with increasing presence of local manufacturers is attributed to push the market strongly over the forthcoming years.
While developed countries have adopted various advanced and upgraded services in online clothing rental to serve their clients, developing countries such as China and India owing to increasing trend of renting clothes for various occasions have helped raise the growth of the online clothing rental market. Regionally, the market in Asia Pacific is predicted to witness highest market growth and to reach USD 623.9 Million in terms of revenue by the end of 2027, while growing at a CAGR of 12.3% over the forecast period. The growing number of market players particularly in the developing countries such as China and India have brightened the prospects for growth of the online clothing rental market.
However, online clothing rental is a well settled market in the North America region and companies in the region even have started for working for third party retailers as well. For instance, in U.S., Caastle operates rental services for its own Gwynnie Bee brand as well as for third-party retailers including Express, American Eagle Outfitters Inc. and Ascena Retail Group Inc.
However, the growth of online clothing rental market despite having exceptional qualities of providing competent and cost effective services is likely to suffer from some disadvantages. Some of the factors such as absence of a robust framework pertaining to the quality parameters, and a general lack of awareness prevalent among the population of developing countries such as India, Bangladesh, Malaysia, Indonesia, Vietnam and various other nations are expected to limit the growth of the market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the online clothing rental market which includes company profiling of Rent the Runway, Flyrobe, Rent frock Repeat, Le Tote Inc., STYLE LEND, The Mr. & Ms. Collection (Loop Envy, Inc.), Girl Meets Dress, DRESS & GO, GlamCorner Pvt Ltd., MEWA Textil-Service AG, Bag Borrow or Steal, Inc. and The Secret Wardrobe Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global online clothing rental market that will help industry consultants, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.