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| Online Clothing Rental Market |
Market Overview:
The global Online Clothing Rental Market is estimated to be valued at US$ 1,313.0 million in 2023 and is
expected to exhibit a CAGR of 10.33% over
the forecast period 2023-2030. Online clothing rental services provide a
convenient and cost-effective solution for consumers to rent clothes for special
occasions, reducing the need for frequent purchases and promoting
sustainability. The advantages of online clothing rental include access to a
wide range of designer clothing, flexibility in choosing styles for different
events, and affordability compared to buying expensive outfits. With the
increasing popularity of sustainable fashion and the rise of sharing economy,
the online clothing rental market is expected to witness significant growth.
Market Key Trends:
One key trend in the online clothing rental market is the growing demand for
high-end designer clothing rentals. Luxury clothing rental platforms like Rent
the Runway and GlamCorner Pvt Ltd. are gaining popularity among
fashion-conscious consumers who want to wear designer outfits for special events
without the high price tag. These platforms offer a curated selection of
designer dresses, gowns, and accessories for rent, allowing customers to access
high-end fashion at a fraction of the cost. The trend of renting designer
clothing is driven by the desire for variety, sustainability, and
affordability. As more consumers embrace the concept of sharing economy and
seek unique fashion experiences, the demand for high-end clothing rentals is
expected to continue to grow in the coming years.
Segment Analysis:
The Online
Clothing Rental Market Growth can be segmented based on the type of
clothing, end-user, and region. Based on the type of clothing, the market can
be further divided into dresses, tops, bottoms, accessories, and others. Among
these segments, dresses dominate the online clothing rental market. This can be
attributed to the growing demand for renting dresses for special occasions such
as weddings, parties, and prom nights. Additionally, dresses are considered the
most popular choice for renting as they offer a wide variety of styles,
designs, and sizes to consumers. Furthermore, the high cost associated with
purchasing designer dresses makes rental options more appealing to customers.
Key Takeaways:
The global online clothing rental market is expected to witness high growth,
exhibiting a CAGR of 10.33% over the
forecast period from 2023 to 2030. This growth can be attributed to several
factors. Firstly, the increasing awareness among consumers about sustainable
fashion practices and the desire to reduce wastage and environmental impact is
driving the demand for clothing rental services. Renting clothes instead of
buying them helps in reducing textile waste and promotes circular economy
practices.
Regionally, North America is expected to be the fastest-growing and dominating
region in the online clothing rental market. This can be attributed to the high
disposable income of consumers in the region, along with the growing popularity
of sustainable fashion trends. Furthermore, the presence of major market
players in North America, including Rent the Runway and Poshmark, also
contributes to the market's growth in this region.
Key players operating in the online clothing rental market include Rent the
Runway, Poshmark, Elanic Services Private Limited, Dress & Go, GlamCorner
Pvt Ltd., Envoged, Etashee, Secoo Holdings Limited, and Secret Wardrobe. These
players offer a wide range of clothing rental options, including designer wear,
formal wear, and casual wear. They also provide convenient delivery and return
services, making it easier for customers to rent clothes online. These key
players are expected to continue dominating the market due to their strong
brand presence and extensive customer base.
Read More: https://www.dailyprbulletin.com/online-clothing-rental-market-size-share-and-trends/