The global online clothing rental market is estimated to be valued at ~US$ 2,007.3 Million in 2022 and is projected to reach ~US$ 4,828.3 Million by 2032, with overall demand growing at a robust CAGR of ~9.2% from 2022 to 2032.
In a recent analysis, Future Market Insights (FMI) predicted that the online clothes rental market will increase strongly between 2021 and 2031. By 2021, the market is anticipated to generate US$ 1.8 billion. The clothes rental industry is starting to adopt a new trend: the subscription model. It appeals to retailers who are pressed to adapt to changing consumer preferences before certain designs fall out of favour.
To reach its customers, the clothing rental sector is advancing its assortments under subscription model plans despite dropping garment sales. The subscription model generates recurrent income in addition to providing potential clients with expertise with clothes rental businesses.
Retailers may be able to avoid the costs of traditional brick-and-mortar businesses, though. Additionally, the market for clothes subscriptions and rentals gives designers quick access to consumer preferences. Additionally, by requiring specialty/niche markets, the online clothes rental subscription business is expanding the reach of its customers. To get traction, some of them are using creative tactics. For instance, unlike other online apparel rental companies, Gwynnie Bee provides rental clothing for plus-sized customers.
In the meanwhile, Union Station wants to do away with the hassle of purchasing bridesmaid dresses, which are frequently expensive and chosen based on the lady, not the wearertaste ,’s and style. The company allows women to pick out the dresses for their bridesmaids, which can then be returned after being dry-cleaned.
Therefore, online garment rental aims to reduce clients’ spending on new apparel for any special occasion or purpose.
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Key Takeaways from the Online Clothing Rental Market Study
- FMI in its latest study has forecast the market to rise at a CAGR of ~11.0% between 2021 and 2031
- The U.S. has emerged as a highly lucrative market, accounting for nearly 95% of the North America market
- The U.K. is projected to register 11.8% Y-o-Y growth in 2021, performing exceedingly well within the Europe market
- Germany and France will continue exhibiting high demand for online clothing rental
- Within East Asia, the demand for China and South Korea is expected to be higher than Japan
COVID-19 Causing Disruptions in Online Clothing Rental
Online garment rental was slated for sustainability before the 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 businesses like Rotaro, Rent the Runway, and others. Since the majority of online garment rental businesses depend on events, the pandemic period saw a significant impact on the industry when there were no events and few people going out.
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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 the online clothing rental
- In September 2020, to meet the changing preference/needs of today’s shoppers Rent the Runway implements new clothing subscription model plans which include dry cleaning and rental coverage, free shipping and returns, and members-only discounts. Further, the company is also using sustainable strategies to improve the environment by using recyclable garment bags.
- In 2019, the Gap Inc. owned company Banana Republic LLC had partnered with CaaStle and launched ‘style passport’ an online rental subscription for women. This would help the company to connect with millennials and Gen Zs who would to experience fashion in a sustainable manner.
Online Clothing Rental Market by CategoryProduct Type
- Knitwear
- Trousers & Jeans
- Jumpsuits
- Suits & Blazers
- Coats & Jackets
- Skirt & Shorts
- Ethnic Wear
Business Model
- Standalone Model
- Subscription Model
End-User
- Business-to-Business (B2B)
- Business-to-Consumer (B2C)
- Consumer-to-Consumer (C2C)
Consumer Orientation
- Men
- Women
- Kids
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
- Oceania
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Get Valuable Insights into Online Clothing Rental Market
Future Industry Insights’ latest product, which presents historical demand data (from 2016 to 2020) and projected information for the years 2021 to 2031, offers an unbiased analysis of the global online clothing rental market. The study provides compelling insights on the online clothing rental market based on end-user (business-to-business, business-to-consumer, and consumer-to-consumer, or B2B), product type (knitwear, trousers & jeans, jumpsuits, suits & blazers, coats & jackets, skirts & shorts, and ethnic wear), business model (standalone model, and subscription model), end-user (business-to-business, B2
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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