Customers now enjoy online clothing sales thanks to their simple usability and the inclusion of an incredible variety at a limited cost. This is also fueling global demand for online clothing rental.
DUBAI, UAE / ACCESSWIRE / March 2, 2021 / Future Market Insights: FMI states in its recent study that the online clothing rental market will record an impressive CAGR of 11% in the forecasted period 2021-031. Demand for online clothing rentals is anticipated to continue surging particularly due to the Changing lifestyle and preference for party wear dresses.
Over the last decade, the sharing economy has brought forward different disruptive business models, progressively facilitated through the introduction of new digital platforms. The sharing economy empowers shoppers to rent, borrow, and swap idle capacities rather than buying the goods." says the FMI analyst.
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Online clothing rentals Market - Important Highlights
- Ethnic wear is predicted to register a CAGR of more than 12.0 percent over the projected period, as buyers tend to rent ethnic clothing instead of buying it.
- The stand-alone model segment is projected to contribute comparatively higher sales relative to the subscription market model over the forecast era.
- Markets in North America and Asia-Pacific are projected to make a substantial contribution to the overall sales growth of the global online apparel rental industry.
Online clothing rentals Market - Drivers
- The growing popularity of the Internet and increasing consumer awareness is anticipated to drive the growth of the market.
- An increase in individual purchases, changing fashion patterns, and the influence of the West are driving the growth of the Asian market.
- An increase in demand for party skirts, designer dresses, and suits is expected to improve the online clothing rental market.
- Over-consumption and inescapable recycling of discarded apparel have become a worrisome global phenomenon - and in many instances, these clothes are thrown away unduly. This is stimulating the development of the sector because there is no wastage involved here.
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Online clothing rentals Market - Restraints
- The absence of customizability is a major restraint for the market
- Less social recognition may serve as a restriction and will impede the development of the online apparel rental industry.
COVID-19 Impact on Online clothing rentals Market
The online clothing rentals market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic. At a time when the pandemic happened, almost overnight, the market for clothing renting, which usually targeted employees at urban workplaces and/or possibly those getting ready for a major night out, came to a standstill, lockdowns being maintained across the globe, and lounge clothes were steadily picked up over extravagant ones. Rental services directly experienced dwindling demand as consumers started operating from home and activities such as weddings and holidays were delayed, skipped, or held virtually. however, the online clothing rentals market is likely to set on a path of regaining as economies have started to stabilize bit by bit.
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Besides adopting different strategies for expansion, the key market players are therefore focusing on product launches. Also, several enticing incentives to achieve momentum are launched. For example, the New York & Company Closet has added a special button that allows subscribers the option of either giving or redeeming their membership.
Some of the leading companies operating in the market are: Rent the Runway, Rotary, GlamCorner Pty Ltd., Gwynnie Bee Company, Mine for Nine LLC, Dress Hire AU, ThreadTread, Nuuly
About the Study
The study offers readers a comprehensive assessment of the online clothing rentals market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type (Knitwear, Trousers & Jeans, Jumpsuits, Suits & Blazers, Coats & Jackets, Skirt & Shorts), an end-user (Business-to-Business (B2B), Business-to-Consumer (B2C), Consumer-to-Consumer (C2C)), orientation(men women, kids, others) and across key regions (North America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Mr. Abhishek Budholiya
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
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Press Release Source: https://www.futuremarketinsights.com/press-release/online-clothing-rental-market
SOURCE: Future Market Insights
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