Future Market Insights (FMI) in a new report has projected online clothing rental market to exhibit solid growth between 2021 and 2031. The market is projected to reach US$ 1.8 Bn by 2021. The subscription model is becoming a new trend in the clothing rental business. It appeals to retailers who are under pressure to cater to… Read More »Online Clothing Rental Market Registering a Strong Growth by 2020-2030
Future Market Insights
(FMI) in a new report has projected online clothing
rental market to exhibit solid growth between 2021 and 2031. The
market is projected to reach US$ 1.8 Bn by 2021. The subscription model is
becoming a new trend in the clothing rental business. It appeals to retailers
who are under pressure to cater to shifting consumer inclinations before
certain designs lose favor.
Even with declining garment sales, the clothing rental industry
is strolling assortments down the subscription model plans with an end goal to
reach its customers. The subscription model does not just give clothing rental
organizations experience to potential customers, it creates recurring revenues.
However, it can save retailers the expenses associated with traditional
brick-and-mortar stores. The clothing rental subscription and rental market
also provide designers with fast insights into shopper’s inclinations.
To
Get Sample Copy of Report Visit @ https://www.futuremarketinsights.com/reports/sample/rep-gb-1452
Moreover, the online clothing rental
subscription market is extending its customer’s reach by obliging
specialty/niche markets. Some of them are adopting innovative strategies to
gain traction. For instance, Gwynnie Bee offers rental
clothes for plus-sized shoppers – something that has been disregarded by other
online clothing rental retailers.
Meanwhile, Union Station
intends to remove the nuisance from buying bridesmaid dresses, which are
regularly costly and purchased by the taste and style of the lady, not the
wearer. The firm empowers ladies to choose their bridesmaids’ dresses, which
would then be able to be returned after they have been dry-cleaned.
Thus, online clothing rental
is intended to help the customers curb expenditure on buying new clothes for
any special occasion/purpose.
Key Takeaways from the Online
Clothing Rental Market Study
- FMI in its latest study has forecast the market to rise at a
CAGR of ~11.0% between 2021 and 2031 - The U.S. has emerged as a highly lucrative market, accounting
for nearly 95% of the North America market - The U.K. is projected to register 11.8% Y-o-Y growth in 2021,
performing exceedingly well within the Europe market - Germany and France will continue exhibiting high demand for
online clothing rental - Within East Asia, the demand for China and South Korea is
expected to be higher than Japan
“In online
clothing rental business the subscriptions and rentals are the most effective
methods to keep customers engaged consistently. Some of the leading names in
the market are introducing attractive offers such as discounts and gift card
options to gain competitive edge,” says FMI analyst.
For More Details,
Ask Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-1452
COVID-19 Causing Disruptions in Online Clothing Rental
Prior to the COVID-19, online
clothing rental was set to achieve sustainability, but the pandemic has caused
significant disruptions as events such weddings, social gatherings, and other
occasions were cancelled due to the imposition of lockdown in various nations
across the world.
Companies such as Rotaro,
Rent the Runway, and others saw a decline in the number of rental requests. As
the online clothing rental companies are primarily event-based, so when there
have been no events and people are not going out in the pandemic period which
in turn had a profound effect on the clothing rental business.
Who is winning?
Some of the key players
operating in the online clothing rental market are Rent the Runway, Rotaro,
GlamCorner Pty Ltd., Gwynnie Bee Company, Mine for Nine LLC, Dress Hire AU,
ThreadTread, Nuuly, Rent The Front Row LLC, Dress & Go Company, Chic by
Choice Company, Style Lend Company, Rent It Bae Company, Mr. & Ms.
Collection, The Secret Wardrope, Banana Republic LLC, Le Tote Company, and Lending
Luxury, among others.
- In September 2020, to meet the changing preference/needs of today’s shoppers Rent the Runway implements new clothing subscription model plans which include dry cleaning and rental coverage, free shipping and returns, and members-only discounts. Further, the company is also using sustainable strategies to improve the environment by using recyclable garment bags.
- In 2019, the Gap Inc. owned company Banana Republic LLC had partnered with CaaStle and launched ‘style passport’ an online rental subscription for women. This would help the company to connect with millennials and Gen Zs who would to experience fashion in a sustainable manner.
Get Valuable Insights into
Online Clothing Rental Market
Future Market Insights, in
its new offering, provides an unbiased analysis of the global online clothing
rental market, presenting historical demand data (2016-2020) and forecast
statistics for the period from 2021-2031. The study divulges compelling
insights on the online clothing rental market based on the product type
(knitwear, trousers & jeans, jumpsuits, suits & blazers, coats &
jackets, skirts & shorts, and ethnic wear), business model (standalone
model, and subscription model), end-user (business-to-business {B2B},
business-to-consumer {B2C}, and consumer-to-consumer {C2C}), and consumer
orientation (men, women, and kids) across seven major regions.
Summary
According to Future Market
Insights’ recent market report titled “Online Clothing Rental Market: Global
Industry Analysis 2016-2020 and Opportunity Assessment 2021-2031”, the
availability of large variety of brands related to apparel for both men and
women at a discounted rate is strengthening the trend of online shopping.
Asia-Pacific markets are propelling the growth of e-Commerce. In East Asia,
China accounts for the highest number of Internet users, followed by India,
United States, and Indonesia which is expected to create a major potential for
mobile and online shopping in the country.
Download Methodology of this Report @ https://www.futuremarketinsights.com/askus/rep-gb-1452
Further, various convenience stores in Japan offer multimedia
kiosks for customers and frequently act as collection points for e-Commerce
orders. Apart from this, the growth of the online shopping trend in the country
is significantly driven by women shoppers owing to them becoming increasingly
independent in handling their finances. This is a major factor expected to fuel
the growth of the global online clothing rental market in the future.
The global online clothing
rental market in 2021 was valued at ~US$ 1,861.2 Mn and is projected to grow at
a CAGR of ~ 11.0% during the forecast period.
Future Market Insights
(FMI) in a new report has projected online clothing
rental market to exhibit solid growth between 2021 and 2031. The
market is projected to reach US$ 1.8 Bn by 2021. The subscription model is
becoming a new trend in the clothing rental business. It appeals to retailers
who are under pressure to cater to shifting consumer inclinations before
certain designs lose favor.
Even with declining garment sales, the clothing rental industry
is strolling assortments down the subscription model plans with an end goal to
reach its customers. The subscription model does not just give clothing rental
organizations experience to potential customers, it creates recurring revenues.
However, it can save retailers the expenses associated with traditional
brick-and-mortar stores. The clothing rental subscription and rental market
also provide designers with fast insights into shopper’s inclinations.
To
Get Sample Copy of Report Visit @ https://www.futuremarketinsights.com/reports/sample/rep-gb-1452
Moreover, the online clothing rental
subscription market is extending its customer’s reach by obliging
specialty/niche markets. Some of them are adopting innovative strategies to
gain traction. For instance, Gwynnie Bee offers rental
clothes for plus-sized shoppers – something that has been disregarded by other
online clothing rental retailers.
Meanwhile, Union Station
intends to remove the nuisance from buying bridesmaid dresses, which are
regularly costly and purchased by the taste and style of the lady, not the
wearer. The firm empowers ladies to choose their bridesmaids’ dresses, which
would then be able to be returned after they have been dry-cleaned.
Thus, online clothing rental
is intended to help the customers curb expenditure on buying new clothes for
any special occasion/purpose.
Key Takeaways from the Online
Clothing Rental Market Study
- FMI in its latest study has forecast the market to rise at a
CAGR of ~11.0% between 2021 and 2031 - The U.S. has emerged as a highly lucrative market, accounting
for nearly 95% of the North America market - The U.K. is projected to register 11.8% Y-o-Y growth in 2021,
performing exceedingly well within the Europe market - Germany and France will continue exhibiting high demand for
online clothing rental - Within East Asia, the demand for China and South Korea is
expected to be higher than Japan
“In online
clothing rental business the subscriptions and rentals are the most effective
methods to keep customers engaged consistently. Some of the leading names in
the market are introducing attractive offers such as discounts and gift card
options to gain competitive edge,” says FMI analyst.
For More Details,
Ask Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-1452
COVID-19 Causing Disruptions in Online Clothing Rental
Prior to the COVID-19, online
clothing rental was set to achieve sustainability, but the pandemic has caused
significant disruptions as events such weddings, social gatherings, and other
occasions were cancelled due to the imposition of lockdown in various nations
across the world.
Companies such as Rotaro,
Rent the Runway, and others saw a decline in the number of rental requests. As
the online clothing rental companies are primarily event-based, so when there
have been no events and people are not going out in the pandemic period which
in turn had a profound effect on the clothing rental business.
Who is winning?
Some of the key players
operating in the online clothing rental market are Rent the Runway, Rotaro,
GlamCorner Pty Ltd., Gwynnie Bee Company, Mine for Nine LLC, Dress Hire AU,
ThreadTread, Nuuly, Rent The Front Row LLC, Dress & Go Company, Chic by
Choice Company, Style Lend Company, Rent It Bae Company, Mr. & Ms.
Collection, The Secret Wardrope, Banana Republic LLC, Le Tote Company, and Lending
Luxury, among others.
- In September 2020, to meet the changing preference/needs of today’s shoppers Rent the Runway implements new clothing subscription model plans which include dry cleaning and rental coverage, free shipping and returns, and members-only discounts. Further, the company is also using sustainable strategies to improve the environment by using recyclable garment bags.
- In 2019, the Gap Inc. owned company Banana Republic LLC had partnered with CaaStle and launched ‘style passport’ an online rental subscription for women. This would help the company to connect with millennials and Gen Zs who would to experience fashion in a sustainable manner.
Get Valuable Insights into
Online Clothing Rental Market
Future Market Insights, in
its new offering, provides an unbiased analysis of the global online clothing
rental market, presenting historical demand data (2016-2020) and forecast
statistics for the period from 2021-2031. The study divulges compelling
insights on the online clothing rental market based on the product type
(knitwear, trousers & jeans, jumpsuits, suits & blazers, coats &
jackets, skirts & shorts, and ethnic wear), business model (standalone
model, and subscription model), end-user (business-to-business {B2B},
business-to-consumer {B2C}, and consumer-to-consumer {C2C}), and consumer
orientation (men, women, and kids) across seven major regions.
Summary
According to Future Market
Insights’ recent market report titled “Online Clothing Rental Market: Global
Industry Analysis 2016-2020 and Opportunity Assessment 2021-2031”, the
availability of large variety of brands related to apparel for both men and
women at a discounted rate is strengthening the trend of online shopping.
Asia-Pacific markets are propelling the growth of e-Commerce. In East Asia,
China accounts for the highest number of Internet users, followed by India,
United States, and Indonesia which is expected to create a major potential for
mobile and online shopping in the country.
Download Methodology of this Report @ https://www.futuremarketinsights.com/askus/rep-gb-1452
Further, various convenience stores in Japan offer multimedia
kiosks for customers and frequently act as collection points for e-Commerce
orders. Apart from this, the growth of the online shopping trend in the country
is significantly driven by women shoppers owing to them becoming increasingly
independent in handling their finances. This is a major factor expected to fuel
the growth of the global online clothing rental market in the future.
The global online clothing
rental market in 2021 was valued at ~US$ 1,861.2 Mn and is projected to grow at
a CAGR of ~ 11.0% during the forecast period.
