What is Online Clothing Rental Market?
Online Clothing Rental refers to services through which individuals can rent items of clothing for a predefined period. These services are for the benefit of the individuals participating in any occasions such as wedding parties, theme parties, corporate parties, and photo shoots and filmmaking. Consumers prefer online purchase of clothes due to the availability of a large variety at a discounted price. This trend by the customers is driving the Global Clothing Rental. Online Clothing Rentals also include consumers who are undergoing temporary physique change such as pregnant women’s. Online Clothing Rental is a cost-effective solution to consumers. Rental dresses can be used several times by various customers. Fashion-conscious individuals that lack the financial resources to purchase the clothing of their choice are expected to make the most use of online clothing rental services.
Highlights from Online Clothing Rental Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Rent the Runway (United States), Secret Wardrobe (India), Le Tote (United States), GlamCorner Pty Ltd (Australia), RENT IT BAE(India), Mine for Nine, LLC (United States), Dress Hire AU(Australia), Thread Rentals(New Zealand) and Urban Outfitters (United States) |
The market is fragmented and key players are focusing on formal wears and using their product portfolio for business expansion. Traditions such as the celebration of Halloween and parties and events that require a specific outfit for one-time usage are some of the key factors driving demand for online clothing rental in the region. Several new start-ups companies are beginning their online clothing rentals, which is expected to aid in the growth of the market in the region. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Online Clothing Rental market throughout the forecasted period.
Rent the Runway (United States), Secret Wardrobe (India), Le Tote (United States), GlamCorner Pty Ltd (Australia), RENT IT BAE(India), Mine for Nine, LLC (United States), Dress Hire AU(Australia), Thread Rentals(New Zealand) and Urban Outfitters (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Gap Inc.(United States) and By Rotation Ltd(United States). Online Clothing Rental Market Segmentation:
Scope | Sub-Segments |
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Type | Men’s, Women’s, Kids and Others |
End users | Business to Consumer (B2C),Business to Business (B2B) |
Clothing Style | Parties and Wedding Wear,Formal Wear,Others |
On the basis of geography, the market of Online Clothing Rental has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rapid Technological Advancement Such as Mobile Internet Technology and Growth in Gross Domestic Product (GDP) in Developing Countries
Market Growth Drivers:
Increased Internet Penetration Rate, Easy of Usage of Online Purchase and The Shift in Consumer Preference from Offline Retail to E-commerce
Challenges:
Lack of Customizability and Rental Clothing can’t be adjusted to Precisely fit the Customer’s Needs
Restraints:
Low Societal Acceptance of the Idea of Renting Clothes
Opportunities:
Companies Offering Innovative Features on Discounted price and The Growth of the Corporate Sector in Developing Economies
Key Target Audience
Online Clothing Rentals Manufacturers, Distributors/Suppliers/Wholesalers, Potential Investors, Downstream Vendors and Government and Regulatory Bodies
Market Leaders & Development Strategies
On November 2019, AARK World's fashion rental service, Rent It Bae, acquired its Flyrobe. This acquisition marks Flyrobe's expansion plans and integration into Rent It Bae's services.
On January 2023, Rent the Runway expanded its reach by selling its secondhand luxury clothing items on Amazon. The subscription-based startup, in pursuit of profitability, has made hundreds of items available through a virtual Rent the Runway storefront on Amazon, including pieces from its 'pre-loved' collection and new, unworn items from its 'design collective.'"