Online Clothing Rental Market, By Demography (Women, Men, kids, Others), By Business Model (Peer-to-Peer Model, Standalone Model, Hybrid Model, Others), By Price Range (Premium, Mid, Low), By End User (B2C (Business to Customer), B2B (Business to Business)), By Type (Western Wear, Ethnic Wear, Others), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

Published In : Apr 2023

Code : CMI1446

Pages :120

Formats :

Excel and PDF

Industry : Consumer Goods

Market Challenges And Opportunities

Global Online Clothing Rental Market: Growth Drivers

Convenient and economical

Consumer spending on fashion-related activities & increasing focus on children's garments

Customers' increasing spending on fashion-related activities as a result of increased disposable income is one of the key factors fueling the market expansion of online clothing rental. Because of the rising demand for expensive designer gowns and ongoing shifts in consumer fashion sensibility, it is predicted that the market for online clothing rental will grow. The increase in fast fashion labels is a significant factor fueling the market expansion for online clothing rentals.

Manufacturers' increased focus on the kid segment is expected to present profitable market opportunities in the future. Because of their parents' changing lifestyles, children are becoming more brand- and style-conscious, which is expected to drive market growth for online clothing rentals. Growing demand for children's clothing is expected to drive market expansion for online garment rental services over the forecast period. For instance, in 2021, Marks & Spencer launched its first clothing rental trial with the assistance of Hirestreet. M&S's rental collection includes over 40 pieces of women's clothing from its Autograph collection, with an emphasis on high-end materials like leather and silk, as well as the most recent gowns from its M&S x Ghost collaboration.

Global Online Clothing Rental Market: Market Restraints

Lack of adaptability & presence of alternative

One of the most significant impediments to market growth is a lack of customizability based on customer needs and body type. Unlike purchased clothing, which can be altered or even redone before purchase, rental clothing cannot be altered to an individual's specifications. This is expected to stifle market growth. The market is highly fragmented due to the presence of various unorganized manufacturer that offers inexpensive and non-branded products. This factor is expected to hinder the market growth of online clothing rental.