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Online Clothing Rental Is Fastest Growing Segment Fueling Growth Of Online Clothing Rental Market

Leena Shedmake
Online Clothing Rental Is Fastest Growing Segment Fueling Growth Of Online Clothing Rental Market

The online clothing rental market provides flexibility to customers to rent variety of clothes including dresses, shirts, jeans, suits for different occasions at affordable prices. The online clothing rental services give customers to access latest fashion trends without actually having to buy expensive clothing items.

The global Online Clothing Rental Market is estimated to be valued at US$ 8388.654692 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the online clothing rental market is growing preference of customers towards subscription-based clothing rental business models. Many key players in the market such as Rent the Runway, Le Tote and Armoire allows customers to rent specific number of clothing items per month or per season at fixed subscription price without due dates. This subscription model offers great convenience to customers and also provides steady recurring revenues for clothing rental businesses.

Segment Analysis

The global online clothing rental market is segmented on the basis of clothing type, end user, and region. Based on clothing type, the market is segmented into women's clothing, men's clothing, and kid's clothing. The women's clothing segment dominates the market and is expected to continue its domination over the forecast period. This is because women frequently change outfits and like to experiment with new styles without spending much on clothes.

Key Takeaways

The Global Online Clothing Rental Market Demand is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period, due to increasing preference of customers towards renting clothes for special occasions and eco-friendliness.

Regional analysis:

The online clothing rental market in North America dominates the global market, followed by Europe. This is attributed to high disposable income, frequent participation in social gatherings, and high adoption of online shopping in these regions. The Asia Pacific region is expected to be the fastest growing market over the forecast period due to rising fashion consciousness among millennials in developing economies like India and China.

Key players:

Key players operating in the online clothing rental market are Rent the Runway, Poshmark, Elanic Services Private Limited, Dress & Go, GlamCorner Pvt Ltd., Envoged, Etashee, Secoo Holdings Limited, and Secret Wardrobe. Rent the Runway dominates the market due to its large collection of high quality designer wears and convenient rental packages.


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Leena Shedmake
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