Global online clothing rental market is expected to flourish at a significant CAGR of 10% during the forecast period. Moreover, the global online clothing rental market is at nascent stage and is anticipated to garner USD 1.9 Billion by the end of the 2023.
“Online Clothing Rental Market: Global Demand Analysis & Opportunity Outlook 2023”
The global online clothing rental market is segmented into demography such as women, men and kids. Among these segments, women segment is expected to occupy top position in overall online clothing rental market during the forecast period.
Increasing preference of women to wear designer clothes and availability of cost effective options is anticipated to impel the growth of women online clothing rental market. Moreover, wide range of product portfolio for women is expected to intensify the growth of the women online rental market.
However, men online clothing rental segment is expected to grow at a highest CAGR during the forecast period.
Rising popularity of e-commerce, consumer inclination for designer clothes and cheaper alternative to purchasing are anticipated to be the dynamic factors behind the growth of the online clothing rental market.
Ethnic wear segment by type is estimated to register a significant CAGR during the forecast period. Moreover, the ethnic wear segment is expected to account for the largest share of revenue across the globe.
Ethnic wear clothes witness high demand during the festivals and other events. Moreover, high cost associated with the direct purchasing of ethnic clothes is anticipated to push the consumers for ethnic wear renting.
Moreover, emerging trend of “no ownership” is expected to positively impact the growth of the online clothing rental market.
Increasing Expenditure on Fashion and Accessories
Rising spending on clothes and accessories is anticipated to positively impact the growth of the online clothing rental market. Moreover, factors such as growing number of internet subscribers, increasing smartphone penetration and increasing social acceptance of rentals are anticipated to substantially impact the growth of the online clothing rental market.
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Rising Preference to Access Designer Clothes
Rising number of fashion conscious people coupled with high desire to access designer clothes is predicted to trigger the growth of the online clothing rental market. Apart from this, increasing number of service providers and expansion into the untapped regions is also expected to fuel the growth of the online clothing rental market.
However, lack of customization and lack of awareness are some of the factors that are likely to inhibit the growth of online clothing rental market during the forecast period.
The report titled “Online Clothing Rental Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global online clothing rental market in terms of market segmentation by demography, by price range, by type, by end user, by business model and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global online clothing rental market which includes company profiling of Rent the Runway, Sharewardrobe, FlyRobe, Rent A Closet, Secret Wardrobe, Swishlist Couture LLP, Liberent, RENT IT BAE, The Mr. & Ms. Collection, LE TOTE and Style Lend.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global online clothing rental market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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