Online Clothing Rental Market by End-users and Geography - Global Forecast and Analysis 2019-2023
Global Online Clothing Rental Market: About this market
Technavio’s online clothing rental market analysis considers sales from end-users such as women, men, and children. Our analysis also considers the sales of online clothing rental in APAC, Europe, North America, South America, and MEA. In 2018, the women segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as rising demand for renting designer wear from women will play a significant role in the women segment to maintain its market position. Also, our global online clothing rental market report looks at factors such as the growing e-commerce fashion industry, rising participation of people on social occasions, and growing fast fashion industry. However, inventory management challenges, limitations of cross-boundary rental services, and additional fees to avail online clothing rental services may hamper the growth of the online clothing rental industry over the forecast period.
Global Online Clothing Rental Market: Overview
The growing fast fashion industry
Fast fashion refers to clothing items that are designed with the latest fashion fads to be supplied to the mass market. Consumers prefer to be up to date with the latest fashion trends at a flexible range. The competitive pressure is leading the retailers to keep changing their product line. To avoid the accumulation of huge volumes of fast fashion clothing in their wardrobes, consumers opt for branded clothes on a rental subscription. Thus, keeping them updated, leading to the expansion of the global online clothing rental market at a CAGR of almost 11% during the forecast period.
The growing trend of sustainable clothing
The demand for sustainable clothing is rising as consumers from different parts of the world are adopting ethical practices in their clothing. This is leading the fashion industry players, ranging from mass-market to high-end fashion segments to focus on sustainability concerns while manufacturing clothes. Sustainability approaches in the fashion industry mostly include the reduced volume of packaging, use of renewable and recyclable materials, and use of fewer production resources such as power, water, and materials. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global online clothing rental market during the forecast period 2019-2023, click here.
With the presence of several major players, the global online clothing rental market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading online clothing rental manufacturers, that include Glam Corner Pty Ltd, Le Tote, Inc., PANOPLY CITY – SAS, Rent the Runway Inc., YEECHOO Ltd.
Also, the online clothing rental market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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