Global Online Clothing Rental Market Report 2023: Industry Size, Share, Trends, Opportunities, and Forecasts, 2017-2027
Dublin, March 08, 2023 (GLOBE NEWSWIRE) -- The "Online Clothing Rental Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Product Type, By User Orientation, By Business Model, By End-User, By Region" report has been added to ResearchAndMarkets.com's offering.
The global online clothing rental market is expected to grow at a double-digit CAGR through 2027
Online clothing rental is a concept for a service that generally involves services that assist people in renting different clothing items to consumers according to their requirements for a set amount of time. Consumers evaluate these services as convenient and cost-effective. The user has the choice to rent clothing for a variety of events, including photo shoots, theme parties, corporate events, wedding ceremonies, and filming.
Online clothing rental services are helpful for people who want to wear new costumes for special events like weddings, theme parties, corporate events, photo shoots, and movie shoots but due to limited funds are not able to afford such products. For those with limited funds who cannot buy clothing from their preferred brands, rental services are an affordable alternative.
Additionally, renting products would be seen as a more environmentally friendly way to consume clothing today, as businesses are making sustainability a key component of their marketing strategies. Renting clothing would be better for the environment and natural resources because it would cut down on toxic emissions and other pollutants released into the environment due to personal ownership.
By incorporating garment rental into their business and sustainability strategies, clothing manufacturers could raise their social manufacturing standards.
Cost Effectiveness Propels the Market Growth
It is expected that fashion-conscious people who lack the money to buy the clothes they choose will utilize all the resources at their disposal.
Renting a product is always more affordable, especially in this industry where fashion trends change frequently, and customers don't like to wear the same thing over and over. Customers prefer renting clothing; as a result, to stay in style.
Increasing Availability of Products On Online Platforms Fuels the Market Growth
Many people regularly buy clothing online because it's convenient, easy to research, and there are tools to compare prices, which outweigh the effort needed to go to a physical brick-and-mortar store.
The consumer is expected to buy and rent clothing with less financial outlay and long-term use due to the availability of online rental platforms. The market's expansion and growth are greatly influenced by social networking sites like Facebook and Instagram as well as online communities because they spread information about established businesses and newcomers in the online clothing rental market.
For Instance, Rent the Runway, a US-based online clothing rental company, is an e-commerce platform allowing users to buy designer apparel and accessories for rent. Jennifer Hyman and Jennifer Fleiss founded it. The company provides customers with various designer dresses, tops, sweaters, outerwear, pants, skirts, gowns, jumpsuits, activewear, maternity, etc., on their e-commerce platforms.
Technological Advancements Drive the Market Growth
The online clothing rental market is changing as a result of technological advancements. Online clothing retailers have synchronized all their operations and business processes due to technological advancement. For instance, H&M, a Swedish-based multinational clothing company, launched the blockchain-based clothes rental service with scannable IoT labels in 2021.
Customers can choose dresses for immediate rental by scanning IoT-connected stickers with their smartphones at the H&M store. Customers can use this service by enrolling in Spin and making daily hire payments of up to USD11. Reselling or renting alongside innovation in materials is helping create sustainable consumption patterns.
Company Profiles: Detailed analysis of the major companies present in the global online clothing rental market.
Rent the Runway, Inc.
Glam Corner Pty Ltd
UNION STATION KANSAS CITY
American Eagle Outfitters, Inc.
Le Tote, Inc.
Dress & Go Company
Chic by Choice Company
Online Clothing Rental Market, By Product Type:
Trousers and Jeans
Suits and Blazers
Coats and Jackets
Online Clothing Rental Market, By User Orientation:
Online Clothing Rental Market, By Business Model:
Online Clothing Rental Market, By End-User:
Online Clothing Rental Market, By Region:
The United States
Middle East & Africa
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