Online Clothing Rental Market : Global Demand Analysis & Opportunity Outlook 2023
Online Clothing Rental Market : Global Demand Analysis & Opportunity Outlook 2023
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Online Clothing Rental Market : Global Demand Analysis & Opportunity Outlook 2023
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Online clothing rental provide services through which one can rent clothing items on a predefined period. The service is mostly used when one require clothings for occasionally conducted events such as wedding, theme parties, photo-shoot and film making. Fashion-conscious consumer with weak financial condition often enjoys the online clothing rental services. The services are also beneficial for the consumers who are undergoing temporary physique change such as pregnant women; these services provide cost-effective solutions to these consumers. Emerging E-commerce sector has made the process more convenient, they also provide consultation through their contracted experts such as designers on the clothing selection.
The global online clothing rental market is anticipated to be valued at USD 1.9 billion by the end of 2023, witnessing a promising compound annual growth rate of 10% over the forecast period i.e. 2015-2023. North America online clothing market is anticipated to project a market share of 45% by the end of 2016. The Asia- Pacific region stood at the second largest consumer base of online clothing rental market owing to the rising fashion consciousness and increasing personal disposable income.
Peer-to-peer segment is anticipated to contribute comparatively higher revenues share as compared with the other business model segments and is expected to account for 90.9% value share of the overall global market by the end of 2016. The hybrid business model segment is anticipated to witness a promising compound annual growth rate of 11.0% over the forecast period i.e 2016-2023.
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Rising emphasis on sharing rather than owning and rising awareness about the positive environmental impacts of the sharing economy are propelling the growth of the global online clothing rental market. Online clothing rental industry has witnessed high demand for fashion apparels and with the introduction of multinational brands in the emerging nations more consumers are attracting towards renting clothing instead of owning.
On the basis of products offered for different demographics, the market study has been carried out on following segments:-
Global Online Clothing Rental Market is further classified on the basis of region as follows:
Growth in the penetration of internet users couples 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 its product through social media platforms. This will increase the awareness of online clothing rental among the consumers and this will further propel the growth of market over the forecast period.
Increasing consumer attraction for designer brands and cost-effectiveness associated with their rent which is too less than the purchased product, the key market players are also providing services such as live chat with the designer to attract the consumers. This will boost the online clothing rental market in upcoming 5-6 years. Rapidly growing middle class and corporate sector in developing economies has also extended the target demographic for the online clothing rental services. Increasing internet penetration in developing countries with a promising demographic breakdown, such as India, China, Brazil, and others is expected to fuel the market growth over the forecast period.
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