The Global Online Clothing Rental Market size is expected to reach $2 billion by 2030, rising at a market growth of 8.4% CAGR during the forecast period.
The Asia Pacific region has witnessed substantial economic growth, expanded the middle class, and increased disposable income. Consequently, the Asia-Pacific region generated $246.0 million revenues in the market in 2022. As a result, consumers in the region are becoming more fashion-conscious. They seek convenient, cost-effective ways to access a variety of clothing without the long-term commitment of ownership. The rapid urbanization and changing lifestyles in many Asia Pacific cities have contributed to a shift in fashion preferences. Some of the factors affecting the market are increasing influence of social media and influencers, growing convenience and timesaving, and economic downturn and consumer spending.
Social media platforms are hubs for showcasing the latest fashion trends and styles. Fashion influencers and style bloggers use these platforms to share their outfits, creating a visual landscape of current trends. As users seek to replicate these trends, online clothing rental services become an attractive option for accessing trendy pieces without long-term commitment. The online clothing rental market is expanding significantly due to the increasing influence of social media and influencers. Moreover, the convenience of online clothing rental services is a significant driver. Consumers can browse, select, and receive clothing items at their doorstep without visiting physical stores. This convenience is particularly attractive to busy individuals who value time-saving solutions and a hassle-free shopping experience. Growing convenience and timesaving have been a pivotal factor in driving the growth of the market.
However, Economic downturns and fluctuations in consumer spending patterns can affect the market. During economic uncertainty, consumers prioritize essential purchases over discretionary spending on rental services. Rental platforms need to adapt their strategies to navigate these economic challenges. Economic downturns often result in reduced disposable income for consumers. In such situations, individuals may cut back on discretionary spending, including spending on non-essential items such as clothing rentals. Thus, compliance with regulations related to consumer rights can slow down the growth of the market.
By end-user, the market is categorized into men, women, and children. The men segment covered a considerable revenue share in the market in 2022. Men's attitudes toward fashion have evolved, with an increasing number expressing interest in experimenting with diverse styles. Online clothing rental allows men to access various options without committing to long-term ownership. This aligns with the changing perception of fashion as a form of self-expression and an avenue for exploring different looks. Shifting toward remote work and adopting more flexible dress codes have influenced men's fashion preferences. With less emphasis on formal office attire, men seek versatile, comfortable clothing that seamlessly transitions from work to leisure. Online clothing rental services allow men to curate a wardrobe that aligns with these new lifestyle norms.
Based on dress code, the market is classified into formal, casual, and traditional. In 2022, the formal segment witnessed the largest revenue share in the market. Formal dress codes are often associated with special events such as weddings, galas, corporate functions, and black-tie affairs. Online clothing rental platforms can capitalize on the demand for occasion-specific dressing by offering diverse formalwear options. Users prefer renting formal attire for events where they need a specific and elegant look without the commitment of owning expensive garments they may only wear occasionally. Many online clothing rental services collaborate with designer and luxury brands to offer a premium selection of formal attire. This allows individuals to access high-end fashion without the prohibitive costs of purchasing designer garments. The allure of wearing luxury brands for special occasions contributes to the appeal of online rental services.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1 Billion |
| Market size forecast in 2030 | USD 2 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 8.4% from 2023 to 2030 |
| Number of Pages | 168 |
| Number of Table | 260 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Dress Code, End-User, Region |
| Country scope |
|
| Companies Included | The Clothing Rental, Rent the Runway, Inc., Flyrobe (Aark World Pvt Ltd.), Gwynnie Bee (CaaStle Inc.), Le Tote, Inc., By Rotation Ltd., Urban Outfitters, Inc., Dress Hire AU, Glam Corner Pty Ltd, The Secret Wardrobe |
| Growth Drivers |
|
| Restraints |
|
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region acquired a significant revenue share in the market. The Asia Pacific region has witnessed substantial economic growth, expanded the middle class, and increased disposable income. As a result, consumers in the region are becoming more fashion-conscious. They seek convenient, cost-effective ways to access a variety of clothing without the long-term commitment of ownership. The rapid urbanization and changing lifestyles in many Asia Pacific cities have contributed to a shift in fashion preferences.
Free Valuable Insights: Global Online Clothing Rental Market size to reach USD 2 Billion by 2030
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include The Clothing Rental, Rent the Runway, Inc., Flyrobe (Aark World Pvt Ltd.), Gwynnie Bee (CaaStle Inc.), Le Tote, Inc., By Rotation Ltd., Urban Outfitters, Inc., Dress Hire AU, Glam Corner Pty Ltd, The Secret Wardrobe
By End-User
By Dress Code
By Geography
This Market size is expected to reach $2 billion by 2030.
Increasing influence of social media and influencers are driving the Market in coming years, however, Economic downturns and consumer spending restraints the growth of the Market.
The Clothing Rental, Rent the Runway, Inc., Flyrobe (Aark World Pvt Ltd.), Gwynnie Bee (CaaStle Inc.), Le Tote, Inc., By Rotation Ltd., Urban Outfitters, Inc., Dress Hire AU, Glam Corner Pty Ltd, The Secret Wardrobe
The expected CAGR of this Market is 8.4% from 2023 to 2030.
The Women segment is leading the Market by End-User in 2022,there by, achieving a market value of $1.1 billion by 2030.
The North America region dominated the Market by Region in 2022 and would continue to be a dominant market till 2030;there by, achieving a market value of $717.1 million by 2030.
Unique Offerings Our team of dedicated experts can provide you with attractive expansion opportunities for your business.
