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

Online Clothing Rental MarketSize and Trends

Global Online Clothing Rental Market was valued at US$ 1,313.0 Mn in 2022, and is expected to exhibit a CAGR of 10.33%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 2,883.8 Mn by 2030. Online clothing rental is a service that enables customers to rent clothes for a specific period. This service is beneficial for consumers looking for a designer dress for occasions such as theme parties, wedding parties, corporate parties, and filmmaking. Moreover, this service is also suitable for individuals going through temporary changes in their physiques.

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.

Global Online Clothing Rental Market: Market Segmentation

On the basis of demography in 2022, the women segment has accounted for the largest market share of 61.3% in terms of value, followed by the men and kids segments respectively.

Growing women's online luxury fashion is projected to serve major growth opportunities for the market of online clothing rental. Due to a hectic lifestyle, an increasing number of working women are driving demand for online luxury apparel, as this working woman prefers online shopping for purchasing apparel. This is primarily because women are more enthusiastic about purchasing or renting clothing to keep up with fashion trends. Increasing demand for western designer dresses from women all over the world is expected to drive market expansion in the online clothing rental sector over the forecast period. This is creating vast opportunities for online rental players in the near future. The increasing focus of manufacturers on kids segments is expected to offer lucrative market opportunities in the near future. Children are becoming more brand- and style-conscious due to changing lifestyle of parents which is also expected to augment the market growth of online clothing rental. Thus growing kid's wear market is expected to foster the market growth of online clothing rental over the forecast period.

Global Online Clothing Rental Market: Recent Developments

In July 2022, Rent the Runway collaborated with Saks Off 5th to bring pre-owned designer items to its website, which now includes a "pre-owned" section.
In April 2022, David Jones expanded its partnership with the fashion rental platform GlamCorner with the launch of Reloop. Customers can participate in the circular economy whenever they choose to shop consciously with GlamCorner's Reloop.
In May 2022, following collaborations with designers such as Anna Sui and the launch of its resale platform last year, clothing subscription service Nuuly recently launched its latest ready-to-rent collection.
In April 2022, Fly Robe collaborated with Franchise Mart to expand the RENT IT BAE franchise. The one-of-a-kind online premium rental service brings the latest fashion to your door.
In October 2021, H&M, a major clothing retailer, launched a block chain-based service for renting out clothing with scan able lot labels. Customers can choose clothes for an immediate rental by scanning loT-connected stickers with their smartphone. The rental history of each garment is securely tracked using block chain, a decentralized ledger used for data-sensitive loT networks.