The industry that makes it easier to rent clothing items through digital platforms and e-commerce channels is known as the global online clothing rental market. It comprises of internet rental services that let users rent clothes for a set amount of time rather than buying them completely. The tenet of access above ownership underpins this industry, giving people an affordable and practical means of gaining access to an extensive selection of stylish clothing. Clients can peruse virtual catalogues, choose their preferred products, and have them delivered right to their front door. The clothes are returned to the rental service at the end of the rental time.
According to SPER market research, ‘Online Clothing Rental Market Size- By Dress Code, By End User, By Age Group, By Business Model- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Online Clothing Rental Market is predicted to reach USD 3.06 billion by 2033 with a CAGR of 8.74%.
As more people shop online, the market for online clothes rentals is projected to grow. That is what is mostly causing this expansion. Moreover, the market is being driven by factors such as internet penetration, technical improvements, and the rise in popularity of online shopping portals over the past few years. Further anticipated to drive market expansion is the growing prominence of fashion vlogs, as well as the film and television industries. Since the clothing these industries need is only needed temporarily, they would rather rent it than buy it.
However, the industry has become significantly fragmented due to a number of unorganised manufacturers selling low-cost, non-branded goods, which may serve as a barrier to market expansion. Another challenge to the market growth is the changing fashion trends. Rental platforms face a struggle in maintaining a relevant and appealing inventory due to the ever-evolving fashion trends and customer preferences. This poses an obstacle to the market’s growth.
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Furthermore, the market for online clothes rentals has been badly hit by COVID-19. The lockdown caused all businesses to close aside from those providing critical services, which had an impact on the clothing producers because it affected the supply and distribution of clothes purchased online. The demand for clothes rentals, which were often catered to urban working people and those preparing for a big night out, abruptly decreased when the virus struck.
Geographically, North America is anticipated to lead the industry because of its sophisticated e-commerce infrastructure, high consumer adoption rate of rental services, and robust fashion-conscious culture. Europe is anticipated to have substantial growth over the course of the projected period as a result of the existence of well-established rental platforms and rising demand for sustainable fashion. Additionally, some of the market key players are Dress Hire, Flyrobe.com, Gwynnie Bee, Le Tote, Rent the runway, Secoo Holding Limited, Share Wardrobe, Style Lend, Swapdom, Others.
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Online Clothing Rental Market Outlook
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