A recent report on Online Clothing Rental Market provides a detailed analysis of the industry size, revenue forecasts and geographical landscape pertaining to this business space. Additionally, the report highlights primary obstacles and the latest growth trends accepted by key players that form a part of the competitive spectrum of this business.
Global Online Clothing Rental Market is valued at USD 1.12 billion in 2019 and expected to reach USD 2.25billion by 2025 with the CAGR of 10.53% over the forecast period.
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Scope of Global Online Clothing Rental Market Report-
Online clothing rental includes services through which individuals can rent clothing for a predetermined period. These services are beneficial for people who participate in occasional events such as weddings, theme parties, corporate parties, and photo and film productions. Fashion-conscious people who don’t have the financial resources to buy the clothes of their choice can also use the online clothing rental services. In addition, the online clothing rental service can also be used for people whose physique temporarily changes, such as pregnant women. Rental services provide these groups with cost-effective options, boosting the global online clothing rental market.Fashion-conscious people who don’t have the funds to buy the clothes of their choice should make the most of the resources available. Renting products is always profitable, especially in an industry where industry trends change and consumers do not like to wear clothes repeatedly. As a result, consumers prefer to rent clothes to stay fashionable.
Due to the growing demand for high speed Internet services, the e-commerce industry continues to grow, which is one of the main factors driving the growth of the global online clothing rental market. According to data from the Indian Brand Equity Foundation (IBEF), India alone saw more than 500 million Internet users in the last quarter of 2015. The value of the Indian e-commerce market in 2015 was $ 13 billion, and that number will continue to grow to 188 billion US dollars by the end of 2025. Apparels industry was ranked second in the total market share of e-commerce industry.
Global Online Clothing Rental Market is segmented on the basis of dress code, market type, business model and end-user. On the basis of dress code, the market is segmented into formalwear, casuals, partywear and ethnics. On the basis of market type, market is segmented into B2B and B2C. On the basis of business model, the market is segmented into peer-to-peer model, hybrid model, standalone model, and others. On the basis of end-user, the market is segmented into men, women, and kids.
The regions covered in this Online Clothing Rental market report are North America, Europe, Asia Pacific and rest of the World. On the basis of country level, market ofOnline Clothing Rental is subdivided into U.S., Mexico, Canada, U.K., Germany, France, Italy, China, Japan, South East Asia, Africa, etc.
Key Players Online Clothing Rental Market Report-
Online Clothing Rental Market report covers major key players in the market like Rent the Runway, Elanic Services Pvt Ltd., The Clothing Rental, Poshmark, Envoged, Etashee, Secoo Holdings Ltd, Flyrobe.com, Gwynnie Bee, Le Tote, Swapdom, StyleLend, Dress Hire and others.
Rent the Runaway adds new subscription with a two-swap renting model, encouraging more renters
March3rd, 2020; Rent the Runway, a major player in online clothing rental market, updates its subscription option to ease the renting processes and frequencies more for its customers. In its two-swap model, company opens a subscription plan of 135 USD per month, wherein users can swap four clothing two times in a month, the company hopes to enlarge its users-base by providing a middle road solution to its customers between an unlimited subscription plan and also increasing the borrowing capacities in a month.
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GlobalOnline Clothing Rental Market Dynamics-
Growing trend of online shopping, increasing preference for designer clothing at a reasonable price, increasing number of youth population, raising internet penetration, rapid advancements in technology and a rising usage of smartphones and e-commerce at a global level are the major factors for driving the growth of Global Online Clothing Rental Market. As per the data revealed by World Economic Forum, in November 2019, around 35.2% of the total market share of rentals accounts for only rented clothing. Also, youth population holds around 65% of the total customer base for rentals.
Moreover, the popularity of fashion video blogs, the film industry and television, is expected to drive market growth. These industries need short-term clothing, so they prefer to rent rather than buy. Therefore, this growth is expected to affect the demand for online clothing rental in the coming years.
However, there are certain problems being encountered by customers when renting rather than purchasing. The most major of these being inability to customize the size of the apparel as per the body’s perfect fit. Rented clothes can not be altered or fitted according to the appropriate measurements. This is supposed to act as a restraining factor for the market growth.
There is a growing initiative being started by many companies to increase their customer base, that includes incorporating various innovative attributes. Live chat with stylists is more and more common and some companies offer the same products in two sizes so that customers can try and choose more suitable products. This innovative solution makes the limitations inherent in the online clothing rental market less inconvenient for market participants. This is expected to provide lucrative opportunities for the growth of online clothing rental market in coming years.
North America is expected to remain a dominant region in the Global Online Clothing Rental Market.
North America is rapidly developing into a growing market for online clothing rental. Youth population rents more and more items in the area to prevent possession. In the United States, clothing rents lag behind other categories, such as cars, furniture and electronics, but the trend in online clothing rents is catching up quickly. A survey by Unibail-Rodamco-Westfield of American customers showed that more than 9% of respondents were in favor of the idea of renting clothes. Businesses and retailers are also responding to the challenges and opportunities of online clothing rental.
Asia Pacific is expected to witness a fastest growth due to strong demand from developing countries like India and China. Increased consumer awareness and the popularity of the Internet are the main drivers of growth in the region. India and China represent more than 34% of the world’s population, so increased consumer awareness in these countries is expected to affect overall growth. As per World Economic Forum (WEF), Future of Consumption Fast Growth Consumers Market India 2019 report, 1 in every 5 sophisticated rich population in India use rental apparel apps frequently, while around 50-60% population is aware about it. In these developing countries, consumers have found a better way to buy the clothes of their choice without having to buy them, so renting clothes is the right solution for them.
Key Benefits of Global Online Clothing Rental Market Report-
Global market report covers in depth historical and forecast analysis.
Global market research report provides detailed information about Market Introduction, Market Summary, Global Market Revenue (USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country level.
Global market report helps to identify opportunities in market place.
Global market report covers extensive analysis of emerging trends and competitive landscape.
Complete Report Details @ https://industrystatsreport.com/Consumer-Goods/Online-Clothing-Rental-Market-Size/Summary
Global Online Clothing Rental Market Segmentation: –
By Market Type:
By Business Model:
By Regional Analysis: (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Table of Content
1 Study Coverage
1.1 Online Clothing Rental Product
1.2 Key Market Segments in This Study
1.3 Key Manufacturers Covered
1.4 Market by Type
1.5 Market by Application
1.6 Study Objectives
1.7 Years Considered
2 Executive Summary
2.1 Global Online Clothing Rental Market Size
2.2 Online Clothing Rental Growth Rate (CAGR) 2020-2025
2.3 Analysis of Competitive Landscape
2.4 Key Trends for Online Clothing Rental Markets & Products
3 Market Size by Manufacturers
3.1 Online Clothing Rental Production by Manufacturers
3.2 Online Clothing Rental Revenue by Manufacturers
3.3 Online Clothing Rental Price by Manufacturers
3.4 Mergers & Acquisitions, Expansion Plans
4 Online Clothing Rental Production by Regions
4.1 Global Online Clothing Rental Production by Regions
4.2 North America
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