Online Clothing Rental Market Estimated To Witness a Phenomenal Growth by 2025
North America dominated the online clothing rental market in 2017, followed by Europe and both are expected to retain market dominance over the forecast period. The U.S, Canada, Germany, France, and Italy are the major economies contributing to the growth of online clothing rental market. Traditions such as celebration of Halloween and parties, and events that require a specific outfit for one time usage are some of the key factors driving the demand for online clothing rental in these economies. Companies operating in this industry are engaged in extensive marketing and promotional activities to attain an edge over its competitors. For instance, in October 2017, Rent the Runway announced a low price membership called RTR Update, where the buyers get to rent four pieces of clothing from the company for a month. At the end of every month, subscribers can select four new items after returning their older clothes. The subscription costs around US$ 89 for a month and includes services such as shipping, dry cleaning, and insurance.
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Asia Pacific is the fastest growing market region for online clothing rental and is expected to exhibit the same trend during the forecast period. India, China, and Japan are the major economies of this region fueling growth of the online clothing rental market. The online clothing rental market in these economies is majorly driven by the influence of the western culture, the concept of renting clothes for a single occasion at a nominal price, rather than buying the same at a high price. Furthermore, rising purchasing power of the consumers residing in these economies is another key factor that is luring several start-up companies to establish a presence in these economies. A number of startups are offering online clothing rental services in Asia Pacific with added benefits in order to enhance customer experience. For instance, Stage3, a startup found in 2016 and based in India, operates on a rental model that offers designer clothes and accessories for men and women with added benefits such as free home trial service and personalized styling assistance in order to offer the best experience to their customers
Online clothing rental is a service by which someone can rent clothing for a specific period of time or buy a clothing. This service is mainly suitable for individuals who do not want to buy expensive clothing for a one-time event. Online clothing rental service proves to be a perfect solution for events such as theme parties, films, weddings, and photo shoots, where people prefer renting clothes rather than buying in order to avoid high costs of the required clothing.
Rising e-commerce platform due to the increasing demand for high speed internet services is one of the key factors fueling the growth of global online clothing rental market. India alone witnessed over 500 million internet users in the last quarter of 2015. According to India Brand Equity Foundation (IBEF), the market for e-commerce in India was estimated at US$ 13 billion in 2015 and the same is set to increase to US$ 188 billion by the end of 2025, projecting a growth of around 30% during the forecast period. Apparels were ranked second in terms of market share in the e-commerce industry.
Furthermore, increasing growth of e-commerce industry and the rapid penetration of smartphone industry in India are major factors driving growth of the global online clothing rental market. Several players operating in this industry, especially in the apparel segment have launched their own apps to provide consumers with convenient shopping. Online clothing rental companies provide lucrative services such as recommendation of services with respect to choosing the required outfit and availability of the required size along with free delivery, which are gaining increased attraction of the consumers.
However, low penetration of such companies in the emerging economies and low societal acceptance of the idea of renting clothes among the consumers in the emerging economies is highly restraining the growth of the market.
Western wear clothing style segment accounted for the major market share in the online clothing rental market in 2016 and is expected to retain market dominance over the forecast period. Popularity of western wear apparels is observed to be high among the consumers. Furthermore, consumer acceptance of online clothing rental services is higher in the Western economies, which is another key factor increasing the demand for western wear clothing.
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Key players in the Online Clothing Rental Market:
Some of the major players in the online clothing rental market include Lending Luxury, Rent the Runway Le Tote, Flyrobe, Bag Borrow Steal, Glam Corner Pty Ltd., Secoo Holdings Limited, Rent the Runway, Dress & Go, and Gwynnie Bee among others.
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