Online Clothing Rental Market size to grow by USD 971.79 million during 2024-2028, 46% of market growth is expected in North America, Technavio

NEW YORK, April 10, 2024 /PRNewswire/ — The Online clothing rental market size is expected to grow by USD 971.79 million between 2023 and 2028. The market size for the Market is projected to experience a CAGR of 9.86% between 2023 to 2027 with a Year over Year (YoY) growth of 9.72%. The market is segmented by End-user (Women, Men, and Children), Type (Formal, Casual, and Traditional), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). The market is driven by increased participation in social events, each with its cultural and historical significance, spurring demand for occasion wear. Despite high costs, consumers seek affordable options, driving market acceptance. Globalized culture, adopting Western occasions, fuels demand for specific dress codes, fostering market growth.

The report analyses the market size and growth and provides accurate predictions on the growth of the market.

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Key Higlights:

• The report recognizes the following as some of the key players in the online clothing rental market: AARK World Pvt. Ltd., Armoire Style Inc., Dress and Go SA, Front Row, Girl Meets Dress, Glam Corner Pty Ltd., Glamourental, My Secret Wardrobe, Rent An Attire, Rent the Runway Inc., Rentez Vous, Secoo Holding Ltd, Stylease Pvt. Ltd., TheDressBank, Urban Outfitters Inc., Wrapd, Your secret closet, and Gwynnie Bee
• Online Clothing Rental Market is fragmented in nature.
• Market to observe 5.79% YOY growth in 2024.

Market Dynamics:

Online Clothing Rental Market Trends: Women Segment Dominates

The women’s segment, valued at USD 1,742.81 million in 2017, continued growing until 2021. Rising demand for occasion wear rentals among women propels this trend, driven by cost-consciousness and environmental concerns over clothing disposal. Participation in social occasions is driving market growth, with festivals and traditions of cultural significance sparking increased demand for occasion wear. However, cost considerations prompt consumers to seek affordable options. Globalized culture, adopting Western occasions worldwide, fuels demand for specific dress codes, boosting the market. Subscription services, personalized recommendations, and increased social event participation further propel market growth.

The report also covers information on the upcoming trends and challenges. Explore detail information by

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Key Segments:

The women’s segment, valued at USD 1,742.81 million in 2017, has continued growth till 2021. The rising demand for renting occasion wear among women is expected to drive this segment further during the forecast period. Women’s increasing consciousness about clothing purchases, coupled with the high prices of occasion wear, encourages them to opt for clothing rental over buying. Additionally, the environmental impact of discarding unwanted clothing drives the preference for renting.

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Analyst Review:

The Online Clothing Rental Market has witnessed remarkable growth and innovation in recent years, driven by changing consumer preferences, technological advancements, and the rise of online retail platforms. This market caters to fashion-conscious individuals seeking access to a wide range of clothing options without the commitment of ownership, offering a convenient and cost-effective alternative to traditional retail. Online clothing rental services have gained popularity among consumers through the proliferation of online shopping portals and fashion vlogs, as well as increased visibility in the film and television industries. These platforms collaborate with garments manufacturers and luxury designer labels to offer an extensive selection of clothing items, including premium jackets, suits, sports apparel, and high-end designer clothes.

Consumers, including those with a keen fashion sense and those seeking formal clothing items for special occasions, have embraced the concept of renting clothes online. They have access to a variety of options ranging from formal dresses to casual wear, allowing them to experiment with different styles and trends without making a long-term commitment. The online clothing rental market caters to various segments, including the formal dress code segment, wedding dress products, men’s wedding outfits, and partywear. Companies like Men’s Wearhouse offer rental clothing for weddings and other formal events, providing a convenient solution for customers seeking elegant attire for special occasions. Online rental services typically operate through subscription-based models, offering monthly or quarterly subscription services that allow customers to rent clothing items for a specified period. These platforms provide a seamless online shopping experience, allowing customers to browse, select, and try on clothing items from the comfort of their homes. In addition to catering to individual consumers, online clothing rental services also serve wedding parties, filmmaking occasions, and corporate events, offering a wide range of clothing styles and options to meet specific dress code requirements.

The rise of the online clothing rental market has contributed to sustainable clothing practices by promoting the reuse of garments and reducing greenhouse gas emissions, textile waste, and landfill. Thrifty fashion lovers can now access expensive designer clothing at a fraction of the cost, while contributing to a more environmentally friendly fashion industry. Overall, the online clothing rental market continues to thrive, offering consumers a convenient, cost-effective, and sustainable way to change their wardrobe and stay up-to-date with the latest fashion trends, all through user-friendly online platforms and subscription-based services.

Market Overview:

The online clothing rental market is witnessing rapid growth fueled by factors like convenience, affordability, and sustainability. Online platforms offer a wide range of options, from formal attire to casual wear, catering to various fashion needs. Consumers can access luxury designer dresses, premium jackets, and suits for special occasions like weddings and parties, all through online rental services. Subscription-based models allow for monthly or quarterly rentals, providing flexibility and cost-effectiveness. This trend aligns with the growing demand for sustainable fashion, reducing greenhouse gas emissions and textile waste. With traditional renting transitioning to digital platforms, consumers can now effortlessly change their wardrobe, keeping up with the latest fashion trends while contributing to a greener future.

Related Reports:

The online apparel retailing market is estimated to increase by USD 220 billion and grow at a CAGR of 13.85% between 2022 and 2027. 

The Textile Manufacturing Market size is forecast to increase by USD 346.05 billion at a CAGR of 4.52% between 2023 and 2028.

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