About Online Clothing Rental
Online Clothing Rental refers to services through which individuals can rent items of clothing for a predefined period. These services are for the benefit of the individuals participating in any occasions such as wedding parties, theme parties, corporate parties, and photo shoots and filmmaking. Consumers prefer online purchase of clothes due to the availability of a large variety at a discounted price. This trend by the customers is driving the Global Clothing Rental. Online Clothing Rentals also include consumers who are undergoing temporary physique change such as pregnant women’s. Online Clothing Rental is a cost-effective solution to consumers. Rental dresses can be used several times by various customers. Fashion-conscious individuals that lack the financial resources to purchase the clothing of their choice are expected to make the most use of online clothing rental services.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The market is fragmented and key players are focusing on formal wears and using their product portfolio for business expansion. Traditions such as the celebration of Halloween and parties and events that require a specific outfit for one-time usage are some of the key factors driving demand for online clothing rental in the region. Several new start-ups companies are beginning their online clothing rentals, which is expected to aid in the growth of the market in the region. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Online Clothing Rental market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Rent the Runway (United States), Secret Wardrobe (India), Le Tote (United States), GlamCorner Pty Ltd (Australia), RENT IT BAE(India), Mine for Nine, LLC (United States), Dress Hire AU(Australia), Thread Rentals(New Zealand) and Urban Outfitters (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Gap Inc.(United States) and By Rotation Ltd(United States).
Segmentation Overview
AMA Research has segmented the market of Global Online Clothing Rental market by Type (Men’s, Women’s, Kids and Others) and Region.
On the basis of geography, the market of Online Clothing Rental has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End users, the sub-segment i.e. Business to Consumer (B2C) will boost the Online Clothing Rental market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Clothing Style, the sub-segment i.e. Parties and Wedding Wear will boost the Online Clothing Rental market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rapid Technological Advancement Such as Mobile Internet Technology and Growth in Gross Domestic Product (GDP) in Developing Countries
Market Growth Drivers:
Increased Internet Penetration Rate, Easy of Usage of Online Purchase and The Shift in Consumer Preference from Offline Retail to E-commerce
Challenges:
Lack of Customizability and Rental Clothing can’t be adjusted to Precisely fit the Customer’s Needs
Restraints:
Low Societal Acceptance of the Idea of Renting Clothes
Opportunities:
Companies Offering Innovative Features on Discounted price and The Growth of the Corporate Sector in Developing Economies
Market Leaders and their expansionary development strategies
In November 2019, AARK World's fashion rental service, Rent It Bae, acquired its Flyrobe. This acquisition marks Flyrobe's expansion plans and integration into Rent It Bae's services.
In January 2023, Rent the Runway expanded its reach by selling its secondhand luxury clothing items on Amazon. The subscription-based startup, in pursuit of profitability, has made hundreds of items available through a virtual Rent the Runway storefront on Amazon, including pieces from its 'pre-loved' collection and new, unworn items from its 'design collective.'"
Key Target Audience
Online Clothing Rentals Manufacturers, Distributors/Suppliers/Wholesalers, Potential Investors, Downstream Vendors and Government and Regulatory Bodies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.