Online Clothing Rental Market to be Dominated by B2C Segment During the Forecast Period
High internet penetration, changing lifestyles and preferences
for party wear dresses, designer dresses, and dinner suits to drive the growth
of the online clothing rental market.
According to TechSci
Research report, “Online Clothing Rental Market – Global Industry
Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027F” The online clothing rental market is
made up of businesses (organizations, sole proprietors, and partnerships) that
sell online clothing rental services and let customers rent clothes for a set
amount of time. These services may be helpful for people who want to purchase
new costumes for special events like weddings, theme parties, corporate events,
photo shoots, and movie shoots. For those with limited funds who cannot buy
clothing from their preferred brands, rental services are an affordable
alternative.
Western wear, ethnic wear,
and other clothing genres make up the bulk of online clothing retailers. The
term "Western wear" refers to fashions in Western nations like the
United States, Canada, or specific regions of Europe or that draw inspiration
from outfits worn in the American West in the 19th century. Online clothing
rentals offer formal, casual, and traditional attire in low, mid, and high
price ranges to suit a variety of dress codes. Women, men, and children are the
three main categories of consumer groups for online clothing rental.
Individual spending growth,
evolving fashion trends, and western influence contribute to market expansion.
One of the main factors influencing the demand for online clothing rental in
the nation is that some players in the market even provide services at meager
prices with added benefits like free trials at home.
Browse over XX market
data Figures spread through 110 Pages and an in-depth TOC on the "Online Clothing Rental Market"
The global online clothing
rental market is segmented based on product type, user orientation, business
model, end-user, region, and competitive landscape. Based on product type, the
market is segmented into Knitwear, Trousers and Jeans, Jumpsuits, Suits and
Blazers, Coats and Jackets, and Others (Skirts and Shorts, Ethnic Wear, etc.)
Among these product categories, Suits & Blazers are expected to have the
largest market share because they are costly and need upkeep. Renting is
therefore preferred by the millennial generation and price-conscious customers.
Hence, the suits and blazers segment drive the growth of the global online
clothing rental market.
Based on user orientation, the market is segmented into men, women, and kids. Among
these consumer groups, the women group holds the largest share in the global
online clothing rental market. Over the forecast period, increasing demand for
western designer dresses from women worldwide is anticipated to drive market
expansion in the online clothing rental sector.
On the basis of the business
model, the market is segmented into the standalone model and subscription model.
Among these models, the standalone model segment is anticipated to generate
revenues significantly higher than those by subscription business models due to
the increasing demand for western wear and designer dresses. The subscription
model is anticipated to experience favorable revenue growth in the global
online clothing rental market.
Based on the End-User, the
market is segmented into (Business-to-Business (B2B), Business-to-Consumer
(B2C), and Consumer-to-Consumer (C2C). Among these end-users,
the business-to-consumer
model holds the largest share in the global online clothing rental market. It
is anticipated to grow faster during the forecast period and maintain its
dominance. In the business-to-consumer segment, the company sells products to
its target customers through e-commerce platforms. Hence, business-to-consumer
segment helps grow the demand for online rental clothing.
On the basis of region, the
market is segmented into North America, Europe, Asia-Pacific, Middle East &
Africa, and South America. Among all the region, North America holds the
largest share in the global online clothing rental market due to the high
levels of disposable income. Key elements that are anticipated to fuel growth
in the online clothing rental market during the forecast period include rising
fashion consciousness and rising fashion spending in these regions.
Key Market Players in the
Global Online Clothing Rental Market include:
- Rent
the Runway, Inc.
- Glam
Corner Pty Ltd
- UNION
STATION KANSAS CITY
- American
Eagle Outfitters, Inc.
- CaaStle,
Inc.
- Le
Tote, Inc.
- Style
Lend
- Share
Wardrobe
- Dress
& Go Company
- Chic by
Choice Company
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“The tendency toward fashion is what is
driving the rise in demand for online clothing rentals. Customers all over the
world have a high level of brand awareness. Due to their accessibility and
availability of a vast assortment at a low price, customers now favor online
clothing purchases due to the increasing internet penetration. This is also
boosting global demand for online clothing rentals. The online clothing rental
market is likely to grow due to changing lifestyles and preferences for
designer dresses, party dresses, and dinner suits.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Online
Clothing Rental Market- Global Industry Size, Share, Trends, Opportunity, and
Forecast 2017-2027 Segmented By Product Type (Knitwear, Trousers and Jeans,
Jumpsuits, Suits and Blazers, Coats and Jackets, Others (Skirt and Shorts,
Ethnic Wear, etc.), By
User Orientation (Men, Women, and Kids), By Business Model (Standalone Model Vs. Subscription Model), By End-User
(Business-to-Business (B2B), Business-to-Consumer (B2C), and
Consumer-to-Consumer (C2C)), By Region,.” has
evaluated the future growth potential of online clothing rental market globally and provides statistics and information on market structure, size, share,
and future growth. The report provides cutting-edge market intelligence and helps
decision-makers to make sound investment decisions. Besides, the report also
identifies the emerging trends along with essential drivers, challenges, and
opportunities present in the online clothing rental market globally.
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