by Market Overview:
The global online clothing rental market is estimated to be valued at US$ 1,313.0 million in 2022 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 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 size 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
