Online Clothing Rental Market Analysis by Trends, Size, Share, Company Overview, Growth and Forecast by 2032
The global online clothing rental market is projected to grow at a robust CAGR of 11.0% for the forecast period of 2021 to 2031. Online clothing rental market will exhibit considerable growth over this period. Swiftly changing consumer preferences, and lifestyles along with an inclination toward fashion are likely to foster growth in the online clothing rental market.
Rising product availability and an increase in easy access to online retail is a major market growth driver for online clothing rental. In the last ten years, the rapid expansion of the Information and Communication Technology has enabled the growth of the e-commerce sector. Advancements in mobile technology further supplement the growing demand for online shopping. Additionally, rising social occasions, casual gatherings, and festivities in emerging economies like China, India, and Brazil present an extensive consumer base for the online clothing rental market. These factors are expected to bolster the market possibilities over the forecast period.
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Moreover, fashion rental platforms have gained huge traction, fuelling prospects for the online clothing rental market. In addition to this, an accelerated drive for sustainability also factors in the fashion industry. Amid the rising adoption of sustainability measures renting is considered a more sustainable way of consuming clothes. Benefits like reduction in carbon emissions and other harmful chemicals induce manufacturers in the clothing industry to adopt clothing rental as a part of their business and sustainability strategy. This will also increase their brand and social standing.
Though the majority of attractive market opportunities come from the women’s segment, kid’s and men’s segments also offer diverse growth possibilities for online clothing rental companies. With the rise of style- and brand consciousness, online clothing rental companies can leverage potential opportunities by expanding offerings in kid’s and men’s apparel. Further, growing awareness regarding online clothing rental is anticipated to create substantial growth opportunities for clothing rental conglomerates all over the world.
Growing consumer inclination towards designer garments and truly shifting fashion proclamations are also fuelling the online clothing rental demand. A rising focus on sharing and gaining instant access to products that one wants to wear with rising awareness about the positive ecological impacts of the sharing economy and increasing spending power in countries like India, China, and Brazil are driving the growth of the global online clothing rental demand.
“Growing sustainability trends with a desire for designer garments and instant access will likely augment the sales of online clothing rentals for the forecast period,” says an FMI analyst.
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