Online Clothing Rental is a service that is able to provide individuals with the ability to rent to apparel for a stipulated period of time for a price. There are different types OF clothes that are available ranging from generic clothes to costumes and designer clothes, which people can rent out if they need them.
Online Clothing Rental Market Trends
One of the main drivers of the online clothing rental market is the increase in the penetration of the internet and the developments in the Information and Communications Technology industry, which has led to the rising popularity and usage if e-retail and e-commerce channels are leading to a surge in market growth. Moreover, the increasing usage of mobile devices and other portable devices is also contributing to the market growth over the forecast period. Furthermore, the increased e-commerce market in the Asia-Pacific region, which is attributable to the rising disposable income of the people is also a factor that is augmenting the market growth.
Moreover, another reason for the growth of the market is as some of the individuals re not able to afford the expensive and branded dresses they like, they seek to rent it out for some event or single-time use.
However, the presence of offline clothing rental stores, which are still used by some of the individuals acts as a restraint in the market growth over the forecast period.
The current market is expected to be a lucrative market and is poised to attract many new players, which will enhance the products and offer different types of subscriptions to attract more customers and will provide an opportunity for the Online Clothing Rental Market to grow further.
Product Offerings by Market Players in Online Clothing Rental Market
There is increasing popularity of online rental channels among the younger generation and the increasing usage of the e-retail channels and e-commerce channels for shopping clothes as they are offered at discounts, which has led these services to gain rapid traction among the adolescent and middle-aged women and men across the globe. This is a factor, contributing to the increase in the Online Clothing Rental market size. Moreover, market players are increasingly participating in the market to advance and enhance the availability of rental clothes through online channels. Thus, they are involved in product launches, and mergers in order to accelerate the development of the online clothing rental services, thereby boosting their market position and contributing to increasing the online clothing rental market size. For example, Myntra, one of the most famous online apparel and e-retail stores in India announced that they have entered into the online clothing rental market by entering into a collaboration agreement with Flyorobe, which is a fashion rental service based in Mumbai.
The collaboration platform service is called “MyntraXFlyrobe”. Currently, this service is available only in some of the major metropolitan cities namely Delhi-NCR, Mumbai, Hyderabad, and Bengaluru, and is available for select customers only. In May 2o19, Urban Outfitters, which is among the most popular brands, among the younger population and the middle-aged population in the US announced that they are starting an online clothing rental service called “Nuuly” and the clothes will be available form their other two brands called Anthropologie and Free People. The rental service will be available at an amount of $88 per month.
Conclusion:
Currently, a different type of causal and traditional wear is being ordered on rent through Online Clothing Rental and is expected to hold a significant share in this market and is anticipated to witness a fast growth rate in the upcoming years due to the burgeoning demand from the consumers. With respect to current market trends, it is anticipated that the formal wear renting will surge upcoming years with demand being generated from the corporate class individuals which have good quality and good stitching, and finish, among other attractive characteristics. This is one of the major factors, which will continue to play a role in driving this market. In addition, it will attract many new entrants who will bring new and better changes and enhancements in Online Clothing Rental services. Thus, the market will remain competitive in the upcoming years and it is projected to show modest growth in the upcoming years.
Key Questions Answered in This Report:
- What are the key regions having a significant market share of the market?
- What are the drivers and restraints of the market?
- Who are the key market players in the market?
- What is the market segmentation of the Report Name?
- Who are the end-users of the Report Name?
Follow Us
