According to SPER Market Research, the Global Online Clothing Rental Market is expected to expand as a result of the expansion of online retail. It serves as this expansion's primary power plant. Technical advancement, internet usage, and the recent growth in popularity of online shopping portals are further industry drivers. Additionally, it is projected that the development of the movie, television, and fashion vlog sectors will promote market expansion. Renting is preferred than buying in many industries since clothing requirements are transient.
Fashion-conscious individuals who lack the funds to purchase the clothing of their choice are anticipated to make advantage of all available options. Renting a product is always more economical, and this is particularly true in this industry since clients don't like to wear the same thing over and over again and fashion trends change regularly. As a result, customers prefer renting clothing to stay fashionable. Rising e-commerce is predicted to drive the industry in the near future, especially in Asia Pacific. The factors that are most likely to inhibit market expansion are insufficient regulations, a lack of consumer education, and low levels of public approval. Additionally, a revolutionary subscription-based kind of online clothing renting is becoming accepted by the market. The subscription model not only gives customers choices, but it also brings in seasonal revenue.
Online Clothing Rental Market Overview:
Forecast CAGR (2022-2032): 8.72%
Forecast Market Size (2032): 2.81 billion.
Impact of COVID-19 on the Global Online Clothing Rental Market:
COVID-19 has done significant harm to the online clothing rental market. All companies were compelled to close due to the lockdown, with the exception of those that offered essential services. The supply and distribution of online goods were hampered, which had an impact on apparel manufacturers. When the outbreak started, there was a significant drop in demand for garment rentals, which were often popular among urban working professionals and those getting ready for a big night out. As more people started working from home and occasions like weddings and banquets were relocated online, postponed, or cancelled, there was a decline in demand for rental platforms in particular. The wide range in clothing sizes is the main obstacle. It is impossible to alter the size of a person wearing rental apparel. As a result, firms are employing cutting-edge techniques to overcome these constraints, such as live dialogues with fashion experts. Many firms often provide the same product in two sizes so that clients can select the one that best fits them.
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Online Clothing Rental Market Key Segments Covered:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Clothing Styles:
- Western Wear
- Ethnic Wear
- Other Clothing Styles
By Dress Code:
- Formal
- Casual
- Traditional
By Price Range:
- Low
- Mild
- Premium
By End User Sector:
- Business to Consumer (B2C)
- Business to Business (B2B)
By Region:
- North America
- Europe
- Asia-Pacific
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market's historic and forecast market growth by geography.
Online Clothing Rental Market Key Players:
The Global Online Clothing Rental Market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as: Armoire Style Inc., Dress and Go SA, Dress Hire, Flyrobe, Front Row, Girl Meets Dress, La Reina Gown, MEWA Textil Service AG, My Secret Wardrobe, Rent the runway, Secoo Holding Limited, Share Wardrobe, The Clothing Rental, The Mr. & Mrs. Collection, The Dress Bank, Urban Outfitters Inc., Your secret closet.
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Online Clothing Rental Market Size
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