Growing consumer awareness and value for money are some of the main drivers of the global online clothing rental market. It has also gained social acceptance as consumers have started renting second-hand products. Consumers can rent more than one piece of clothing and borrow it for a specific amount of time. Some of these services even offer unlimited virtual closets. A subscription-based model and increasing disposable income levels have helped fuel the growth of the online clothing rental market. With the emergence of online clothing rental services, consumers can rent an array of outfits to meet various occasions.
Market Dynamics:
Growing demand for online clothing rental is expected to propel growth of the global online clothing rental market over the forecast period. The awareness among people about brands is high all over the world, which drives the demand for such clothing rental. For instance, in May 2022, Clothing rental start-up, Cloan was launched to offer consumers access to the wardrobes of fashion industry creators and influencers to people.
However, lack of customizability and lack of awareness about benefits of online rental products in consumers is likely to hinder growth of the global online clothing rental market over the forecast period.
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Impact of COVID-19:
The outbreak of coronavirus in China spread across more than 100 countries all over the world. The virus outbreak affected several industries adversely. The online clothing rental market was also negatively affected due to COVID-19 pandemic. People use clothing rental services for special occasion; however, during the pandemic many of such activities or events were banned. Thus, demand for clothing rental also declined. Which adversely affected growth of the online clothing rental market.
Key Takeaways:
The global online clothing rental market is estimated to grow with a CAGR of XY% over the forecast period, due to rise in internet penetration all over the world. For instance, as per the data of the World Bank, the rate of individuals using internet increased from 54% in 2019 to 60% in 2020.
North America among regions is anticipated to witness robust growth in the global online clothing rental market over the forecast period. This growth can be attributed to increasing adoption of renting out items instead of owing them by millennial populations in the region.
Major players functioning in the global online clothing rental market are Share Wardrobe, Rent the Runway, Secoo Holding, Omapal Technologies Private Limited, Envoged, GlamCorner, Poshmark, UNION STATION KANSAS CITY, American Eagle Outfitters, Etiquette Formal Hire Ltd., Gwynnie Bee Inc., Gwynnie Bee Inc., STYLE LEND, Le Tote, Inc., La Reina, Flyrobe, and Chic by Choice
