DUBLIN–(COMMERCIAL WIRE)–Report “Online Clothing Rental Market by Product Type, Business Model, End User, Age Group, and Region – Forecast 2022-2032” was added to ResearchAndMarkets.com offering.
The size of the online clothing rental market will grow significantly between 2021 and 2031. The market is forecast to produce US$1.8 billion by 2021.
The subscription model is a new style that is beginning to be adopted by the clothing rental market. It appeals to retailers who must quickly adapt to changing consumer tastes before particular styles become unpopular.
Despite the decline in clothing sales, the clothing 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 clothing rental business experience. However, retailers could avoid the expenses associated with conventional brick-and-mortar businesses.
The clothing rental and subscription market 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 are employing novel strategies to gain traction. For example, Gwynnie Bee offers plus-size consumers clothing rentals, unlike other online fashion rental businesses.
Meanwhile, Union Station wants to take the hassle out of buying bridesmaid dresses, which are often expensive and are chosen based on the taste and style of the bridesmaid, not the wearer. The company allows women to choose dresses for their bridesmaids, which can then be returned after dry cleaning.
Therefore, online garment rental aims to reduce customers’ spending on new garments for any occasion or special purpose.
COVID-19 causing disruption to online clothing rental
Online garment rental was scheduled for sustainability before COVID-19, but the pandemic has created substantial delays as occasions like weddings, social gatherings, and other festivities had to be postponed due to the implementation of lockdown in numerous countries around the world.
Rental demand fell, according to companies like Rotaro, Rent the Runway and others. Since most online garment rental businesses rely on events, the pandemic period had a significant impact on the industry when there were no events and few people were going out.
Key points of the online clothing rental market study
The latest study has predicted that the market will grow at a CAGR of ~11.0% between 2021 and 2031. The US has become a very lucrative market, accounting for nearly 95% of the North American market. The UK is forecast to post 11.8% year-on-year growth. in 2021, with exceptionally good performance in the European market, Germany and France will continue to show high demand for online clothing rental. Within East Asia, demand from China and South Korea is expected to be higher than that from Japan.
Who is winning?
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 buyers today. Rent the Runway rolls out new model clothing subscription plans that include dry cleaning and rental coverage, free shipping and returns, and member-only discounts. In addition, the company is also using sustainable strategies to improve the environment through the use of recyclable garment bags. In 2019, Gap Inc.-owned company Banana Republic LLC partnered with CaaStle and launched ‘Passport of Style’, an online rental subscription for women. This would help the company connect with millennials and Generation Z who would experience fashion in a sustainable way.
Key market trends
Key trends affecting the market
Several fashion designers are incorporating recycling programs and presenting new collections with ecological fibers. Good looks have become a matter of self-esteem among clients. Millennials are a driving force. Rapid emergence of new companies in the online clothing rental market. Men Globalization affects lifestyles Fast-growing online start-ups to sell second-hand designer and designer clothing Consumers demand change Consumers select home services and use e-commerce
Product Innovation Trends
Manufacturers are spending more and more on R&D and stepping up green material End of ownership of fashion products for users Leading players are now diversifying into other profitable segments Technological advances are shaping the car rental market clothing online
Future prospects of the online clothing rental industry
Growth Drivers Influx of Brands Innovative Marketing and Distribution Strategies
Competitor Analysis
By Castle Rotation LTD. Inc Chic by Choice Company Dress & Go Company Dress Hire AU Gap Inc. GlamCorner Pty Ltd. Le Tote Inc. Mine for Nine, LLC Mr. & Ms. Collection MI CLOSET HQ Other (as requested) RENT It Bae Company Rent The Front Row LLC Rent the Runway Rotaro STYLE Lend Company The Secret Wardrope Thread Rentals Urban Outfitters
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Source: news.google.com