Online Clothing Rental Market Analysis By Future Demand, Top Players, Size, Share, Opportunities, Revenue and Growth Rate Through 2032
The global online clothing rental market is estimated to be valued at ~US$ 2,007.3 Mn in 2022 and is projected to reach ~US$ 4,828.3 Million by 2032, with overall demand growing at a robust CAGR of ~9.2% from 2022 to 2032.
In a recent analysis, Future Market Insights (FMI) predicted that the online clothes rental market will increase strongly between 2021 and 2031. By 2021, the market is anticipated to generate US$ 1.8 billion. The clothes rental industry is starting to adopt a new trend: the subscription model. It appeals to retailers who are pressed to adapt to changing consumer preferences before certain designs fall out of favour.
To reach its customers, the clothing rental sector is advancing its assortments under subscription model plans despite dropping garment sales. The subscription model generates recurrent income in addition to providing potential clients with expertise with clothes rental businesses.
Retailers may be able to avoid the costs of traditional brick-and-mortar businesses, though. Additionally, the market for clothes subscriptions and rentals gives designers quick access to consumer preferences. Additionally, by requiring specialty/niche markets, the online clothes rental subscription business is expanding the reach of its customers. To get traction, some of them are using creative tactics. For instance, unlike other online apparel rental companies, Gwynnie Bee provides rental clothing for plus-sized customers.
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In the meanwhile, Union Station wants to do away with the hassle of purchasing bridesmaid dresses, which are frequently expensive and chosen based on the lady, not the wearertaste ,’s and style. The company allows women to pick out the dresses for their bridesmaids, which can then be returned after being dry-cleaned.
Therefore, online garment rental aims to reduce clients’ spending on new apparel for any special occasion or purpose.
Key Takeaways from the Online Clothing Rental Market Study
FMI in its latest study has forecast the market to rise at a CAGR of ~11.0% between 2021 and 2031
The U.S. has emerged as a highly lucrative market, accounting for nearly 95% of the North America market
The U.K. is projected to register 11.8% Y-o-Y growth in 2021, performing exceedingly well within the Europe market
Germany and France will continue exhibiting high demand for online clothing rental
Within East Asia, the demand for China and South Korea is expected to be higher than Japan
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COVID-19 Causing Disruptions in Online Clothing Rental
Online garment rental was slated for sustainability before the COVID-19, but the pandemic has created substantial delays as occasions like weddings, social gatherings, and other festivities had to be postponed due to the implementation of lockdown in numerous countries around the world.
Rental demand fell, according to businesses like Rotaro, Rent the Runway, and others. Since the majority of online garment rental businesses depend on events, the pandemic period saw a significant impact on the industry when there were no events and few people going out.
