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Global Apparel Rental Market to 2027

Publisher GlobalData
Published Jan 31, 2024
Length 40 Pages
SKU # GBDT18584993

Description

Global Apparel Rental Market to 2027


Summary

The Global Apparel Rental Market to 2027 report offers comprehensive insight and analysis of the global apparel rental market, including market sizes and forecasts for 48 countries, with regional and category breakdowns. It provides detailed analysis of the key trends shaping the market, and the leading companies in apparel rental.

In 2023, the global apparel rental market is expected to have grown 33.0%, sitting 52.4% above 2019 levels, driven by increased consumer awareness. Europe is forecast to be the rental market’s fastest growing region, with its share of the market expected to jump by 7.0ppts between 2023 and 2027, fuelled by the high number of traditional players launching their own rental services, as well as the strength of specialists such as HURR and My Wardrobe HQ. The Americas’ share of the market is expected to fall the most between 2023 and 2027, due to a relatively established market in North America, and weak engagement in Latin America.

Scope

Affordability represents the biggest incentive for renting apparel according to UK consumers, as it works out more cost-effective than buying items brand new, especially as consumers mainly choose to rent special outfits for events that they would only wear once.
An increasing number of retailers and brands have begun launching their own rental propositions in recent years, and though these initiatives are unlikely to drive significant revenue, it allows brands to improve their sustainability credentials and relevance.
There remain several inhibitors for growth in the market. 45.5% of UK shoppers that did not rent apparel said this was due to their preference for owning items, showing there is a long way to go to convince consumers on the benefits of renting.
Rental is most popular for luxury and premium brands, with 29.0% of UK renters stating that renting allowed them access to something they could not afford to buy outright.

Reasons to Buy

Understand what is behind the outperformance of the apparel rental market, and the differentiation between categories.
Learn about the geographical differences in the way consumers shop for apparel rental, and which are the key countries driving growth in the market.
Identify what makes the leading rental players successful and how you could integrate this within your own business.

Table of Contents

40 Pages
  • Executive Summary
    • Key Trend: Rental platforms diversify their product offerings to widen appeal
    • Key Trend: Mainstream brands launch rental with specialist platforms and services
    • Key Trend: Brands experiment with in-store rental services to alleviate fit barriers
    • Global Apparel Rental Market 2017-2027
    • Global Apparel Rental Market by Region 2017-2027
    • Top 10 Global Apparel Rental Markets 2017-2027
    • Global Apparel Rental Market by Category 2017-2027
    • Global Apparel Rental Market by Sub-Category 2017-2027
    • Global Intentions to Rent Apparel by Demographic and Region
    • UK Most Popular Apparel Styles Rented
    • UK Apparel Rental Drivers
    • UK Apparel Rental Inhibiters
    • Company in Focus: HURR
    • Company in Focus: By Rotation
    • Company in Focus: Nuuly
    • Company in Focus: Gwynnie Bee
    • Apparel Rental Market by Country
    • Apparel Rental Definition
    • Geographical Coverage
    • Apparel Resale Methodology

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