Online clothing rental includes services through, which individuals can rent items of clothing for a specific period of time. These services benefit individuals participating in occasional events, such as wedding parties, cultural events, theme parties, corporate parties, costume parties, film-making, or photoshoots. Individuals who are fashion-conscious, but lack the financial resources to purchase the clothing of their choice make use of online clothing rental services. Moreover, online clothing rental services are useful for individuals going through temporary changes in their body structure, such as pregnant women. Rental services provide a cost-effective option for all genders, which drive the demand for online rented clothes, across the globe.
The online clothing rental platforms have immensely contributed to the revenue of the overall online clothing market by increasing the availability of clothing items at convenience. In addition, online clothing rental platforms are used by people who need clothes for special occasions but do not prefer purchasing new clothing every time. From a consumer point of view, these clothing rental service providers are offer value for money offerings and a wide variety of products. They provide access to these apparels without ownership, which is an upcoming trend among millennial consumers who prefer economical alternatives.
Advancements in technology has increased the penetration of internet as well as higher utilization of smartphones has led to the better communication between users and owners through online platforms.
Online clothing rental depicts robust growth in North America especially in the U.S., due to presence of major online clothing rental companies, better opportunities for start-ups in the region, and deeper market penetration. The countries in the Asia-Pacific region such as India and China gain market penetration, due to increase in market knowledge and rise in popularity of online clothing rental start-ups. The market is segmented based on demography, type of clothes, and geography. Based on end-users, it is categorized into women, men, and kids. On the basis of clothing styles, it is classified into ethnic, western, and others. Geographically, it is analyzed into North America, Europe, Asia-Pacific, and LAMEA. The key players profiled in the report include Bag Borrow Steal (U.S.), Dress & Go (Brazil), Glam Corner Pty Ltd (Australia), Gwynnie Bee (U.S.), Le Tote (U.S.), Lending Luxury (U.S.), Rent the Runway (U.S.), Secoo Holdings Limited (China), Secret Wardrobe (India), and Share Wardrobe (India).
Online Clothing Rental Market Key Segments
The market is segmented on the basis of demography, types of clothes, and geography.
BY CLOTHING STYLES
MARKET PLAYERS IN THE VALUE CHAIN
Other players in the value chain include (profiles not included in the report)
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