In a recent analysis, Future Market Insights (FMI) forecasts that the online clothes rental market would rise steadily between 2021 and 2031. By 2021, the market is expected to reach US$ 1.8 billion. In the clothes rental industry, the subscription model is becoming increasingly popular. It appeals to retailers who are under pressure to respond to changing consumer preferences before specific designs become obsolete.
Despite dwindling garment sales, the clothing rental business is advancing its product lines through subscription model plans in order to reach its customers. The subscription model not only provides potential clients with experience, but it also generates recurrent revenue for garment rental companies. It can, however, save retailers money on the costs of traditional brick-and-mortar storefronts. Clothing rental subscriptions and the rental industry also give designers quick insight into shopper preferences. Furthermore, by allowing specialty/niche markets, the online clothes rental subscription business is expanding its consumer base. To get traction, some of them are employing novel techniques. Gwynnie Bee, for example, caters to plus-size customers, which is something that many other online garment rental companies overlook.
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.
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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
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.
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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.
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About Future Market Insights (FMI)
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, and has delivery centers in the UK, 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.
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