Global Online Clothing Rental Market Analysis Report 2022-2032: Various Fashion Designers Integrate Recycling Programs and Introduce New Collections with Eco-Friendly Fibers – ResearchAndMarkets.com

0

DUBLIN–(BUSINESS WIRE)–The “Online Clothing Rental Market by Product Type, Business Model, End User, Age Group and Region – Forecast 2022-2032” report has been added to from ResearchAndMarkets.com offer.

The size of the online clothing rental market will significantly increase between 2021 and 2031. The market is expected to produce US$ 1.8 billion by 2021.

The subscription model is a new style that the clothing rental market is starting to embrace. It appeals to retailers who need to adapt quickly to changing consumer tastes before certain styles become unpopular.

Despite declining apparel sales, the apparel rental industry is expanding its assortments under subscription model plans to reach its customers. The subscription model generates recurring revenue in addition to providing potential customers with expertise in clothing rental businesses. However, retailers might be able to avoid the expense associated with traditional brick-and-mortar businesses.

The clothing rental and subscription marketplace also gives designers immediate access to consumer preferences. The online clothing rental subscription industry is also expanding its consumer base by needing specialized/niche markets. Some of them employ new strategies to gain ground. For example, Gwynnie Bee offers rental clothing to plus-size consumers, unlike other online fashion rental companies.

In the meantime, Union Station wants to take the hassle out of shopping for bridesmaid dresses, which are often expensive and chosen based on the woman, not the wearer’s taste and style. The company allows women to choose dresses for their bridesmaids, which can then be returned after being dry cleaned.

Therefore, online clothing rental aims to reduce customer spending on new clothes for any occasion or special purpose.

COVID-19 causes disruption in online clothing rentals

Online clothing rental was expected to be sustainable before COVID-19, but the pandemic has caused significant delays as occasions such as weddings, social gatherings and other festivities have had to be postponed due to the set up. lockdown in many countries around the world.

Rental demand has plummeted, according to companies like Rotaro, Rent the Runway and others. Since the majority of online clothing rental businesses are event dependent, the pandemic period had a significant impact on the industry when there were no events and few people went out.

Key Findings from the Online Clothing Rental Market Research

  • The latest study forecasts the market to grow at a CAGR of roughly 11.0% between 2021 and 2031

  • The United States has become a very lucrative market, accounting for nearly 95% of the North American market

  • The UK is expected to grow 11.8% annually in 2021, with an extremely strong performance in the European market

  • Germany and France will continue to show strong demand for online clothing rentals

  • In East Asia, demand for China and South Korea is expected to outpace that of Japan

Who wins?

  • Rent the Runway, Rotaro, GlamCorner Pty Ltd., Gwynnie Bee Company, Mine for Nine LLC, Dress Hire AU, ThreadTread, Nuuly, Rent The Front Row LLC, Dress & Go Company, Chic by Choice Company, Style Lend Company, Rent It Bae Company, Mr. & Ms. Collection, The Secret Wardrope, Banana Republic LLC, Le Tote Company and Lending Luxury are some of the major players in online clothing rental.

  • In September 2020, to meet the changing preferences/needs of today’s shoppers, Rent the Runway is implementing new apparel subscription models that include dry cleaning and rental coverage, free delivery and returns , plus member-only discounts. Moreover, the company also uses sustainable strategies to improve the environment by using recyclable garment bags.

  • In 2019, Gap Inc.-owned Banana Republic LLC teamed up with CaaStle and launched the “Style Passport,” an online rental subscription for women. This would help the company connect with Millennials and Gen Z who want to experience fashion in a sustainable way.

Main market trends

Key trends impacting the market

  • Various fashion designers integrate recycling programs and present new collections with eco-friendly fibers

  • Beauty has become a matter of self-esteem among customers

  • Millennials are a driving force

  • Rapid emergence of start-ups in the online clothing rental market

  • Growing trend of self-care among men

  • Globalization impacts lifestyles

  • Fast-growing online start-ups to sell second-hand branded and designer clothes

  • Consumers demand change

  • Consumers choosing home services, using e-commerce

Product Innovation Trends

  • Manufacturers increasingly spend on R&D and step up environmentally friendly materials

  • The End of User Ownership for Fashion Products

  • Top players are now diversifying into other profitable segments

  • Technological advancements are shaping the online clothing rental market

Future prospects of the online clothing rental industry

  • Factors promoting growth

  • Influx of brands

  • Innovative distribution and marketing strategies

Competition analysis

  • Per Spin LTD

  • Castle. Inc.

  • Chic by Choice Company

  • Dress & Go Company

  • AU dress rental

  • Gap inc.

  • GlamCorner Pty Ltd.

  • Le Tote inc.

  • Mine for Nine, LLC

  • Mr & Mrs Collection

  • MY WARDROBE HQ

  • Others (as requested)

  • RENT It Bae Company

  • Rent the Front Row LLC

  • Rent the track

  • Rotary

  • STYLE Loan Company

  • The Secret Guard

  • Yarn Rentals

  • Urban outfitters

For more information on this report, visit https://www.researchandmarkets.com/r/1d5lu6

Share.

Comments are closed.