According to the latest report by IMARC Group, titled “Online Clothing Rental Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global online clothing rental market size reached a value of US$ 1.26 billion in 2019. Online clothing rental services offer garments on rent for special occasions, such as weddings, theme parties, corporate parties, photoshoots and film shoots at a cost-effective rate and without the involvement of a third person. Apart from this, they also provide designer apparel, footwear and accessories from a wide range of brands, sizes and colors.
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The boosting sales of smartphones, in confluence with the increasing penetration of the internet, represent one of the key factors driving the global online clothing rental market growth. In addition to this, a rise in the popularity of fashion vlogs that require clothes for a short duration is catalyzing the demand for online clothing rental services worldwide. Furthermore, owing to the growing trend of fast fashion and escalating demand for premium clothing, consumers nowadays are shifting toward online clothing rental services to stay updated with the latest fashion trends. Several companies are adopting the rental model as a sustainable approach, which includes the use of renewable and recyclable materials, minimizing the consumption of power and water, and reducing the volume of packaging. They are also offering added benefits, such as live chats with fashion experts and free trials at home. These factors are expected to provide a positive outlook for the market growth in the coming years. Looking forward, IMARC Group expects the market to reach a value of US$ 2.08 Billion by 2025, exhibiting a CAGR of 8.7% during 2020-2025.
Breakup by Clothing Styles:
- Western Wear
- Ethnic Wear
- Others
- Women
- Men
- Kids
- Low
- Mid
- Premium
- Business to Consumer (B2C)
- Business to Business (B2B)
- Peer-to-Peer Model
- Standalone Model
- Hybrid Model
- Clothing Rental
- Dress & Go
- Rent it Bae
- Glam Corner Pty Ltd
- Gwynnie Bee
- Le Tote
- Rent The Runway Inc.
- StyleLend
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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