Online Clothing Rental Market sales would Increase at an 11.0% CAGR by the end of the year 2031| FMI

In a recent analysis, Future Market Insights (FMI) predicted that the online clothes rental market will significantly grow between 2021 and 2031. The market is projected to produce US$ 1.8 billion by 2021. The subscription model is a new style that the clothing rental market is beginning to adopt. It appeals to retailers that must quickly adjust to shifting consumer tastes before particular styles become unpopular.

Despite declining garment sales, the clothing rental industry is expanding its assortments under subscription model plans to reach its clients. The subscription model generates recurrent income in addition to providing potential clients with expertise with clothes rental businesses. However, retailers could be able to sidestep the expenses associated with conventional brick-and-mortar enterprises.

The market for clothing rentals and subscriptions also provides designers with immediate access to consumer preferences. The online clothing rental subscription industry is also broadening its consumer base by needing specialty/niche markets. Some of them are employing novel strategies to get traction. For instance, Gwynnie Bee offers plus-size consumers rental clothes, in contrast to other online fashion rental businesses.

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In the meanwhile, Union Station wants to do away with the hassle of purchasing bridesmaid dresses, which are frequently expensive and chosen based on the lady, not the wearertaste ,’s and style. The company allows women to pick out the dresses for their bridesmaids, which can then be returned after being dry-cleaned.

Therefore, online garment rental aims to reduce clients’ spending on new apparel for any special occasion or 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

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COVID-19 Causing Disruptions in Online Clothing Rental

Online garment rental was slated for sustainability before the COVID-19, but the pandemic has created substantial delays as occasions like weddings, social gatherings, and other festivities had to be postponed due to the implementation of lockdown in numerous countries around the world.

Rental demand fell, according to businesses like Rotaro, Rent the Runway, and others. Since the majority of online garment rental businesses depend on events, the pandemic period saw a significant impact on the industry when there were no events and few people going out.

Who is winning?

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 are some of the major players in the online clothing rental

• 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.

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Online Clothing Rental Market by CategoryProduct Type

• Knitwear
• Trousers & Jeans
• Jumpsuits
• Suits & Blazers
• Coats & Jackets
• Skirt & Shorts
• Ethnic Wear

Business Model

• Standalone Model
• Subscription Model

End-User

• Business-to-Business (B2B)
• Business-to-Consumer (B2C)
• Consumer-to-Consumer (C2C)

Consumer Orientation

• Men
• Women
• Kids

Region

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Middle East and Africa (MEA)
• Oceania