Global Online Clothing Rental Market Report and Forecast 2024-2032

Global Online Clothing Rental Market Outlook

The global online clothing rental market size reached a value of around USD 1.54 billion in 2023. The market is further expected to grow at a CAGR of 9.70% between 2024 and 2032, driven by the increasing popularity of online shopping portals.

Key Trends in the Market

Online clothing rental is a service in where users can rent various clothing items based on their preferences for a certain period of time and return the clothing at the end of the rental period. As clothing is rented, the costs are significantly lower than purchasing the same clothing. Users can choose to hire clothes for a range of occasions, including photo shoots, theme parties, business events, weddings, and films.

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• The growth of the film, television, and television industry as well as the popularity of fashion influencers on social media platforms are anticipated to drive the online clothing rental market expansion. These end users need clothes for a brief period of time; hence renting is preferred to buying.

• The online clothing rental market is benefiting from the surge in smart marketing strategies and a growing demand for party dresses, designer gowns, and dinner outfits. The development of e-commerce and the launch of new digital platforms is also providing lucrative opportunities to the market by offering features such as virtual trials, renting of accessories with clothes, and rent to buy.

• The global market for online clothing rental is being significantly driven by the general public's growing cost sensitivity. As a result of the rising prices of clothing and accessories consumers are becoming more cost-sensitive and look for ways to save money while yet remaining fashionable.

Global Online Clothing Rental Market Analysis

Based on dress code, the market is divided into formal, casual, traditional, and partywear. The market, based on gender, is categorised into women, men, and kids. On the basis of end use, the market is segmented into business to consumer (B2C) and business to business (B2B). By business model, the market is bifurcated into standalone model and subscription model. The regional markets for online clothing rental are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model, along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global online clothing rental market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• FashionPass Inc.

• URBN SR, LLC (Nuuly)

• Rent the Runway, Inc.

• Tulerie, LLC

• Vince, LLC,

• Armoire Style, Inc.

• The Clothing Rental

• Rent It Bae (FLYROBE)

• Rainey's Closet

• CIRCLE CLOSET

• Drexcode s.r.l.

• MyWardrobeHQ Ltd

• Others

Global Online Clothing Rental Market Share by Dress Code

The traditional dress code segment is witnessing rapid growth in the online clothing rental market, as traditional clothing is most often only worn during festivals and special events. Since traditional clothing is not worn frequently, can be expensive to purchase, and fashions may change, customers choose to rent them rather than buy them. During the forecast period, the formal dress code segment is anticipated to grow significantly. Renting is a growing as a preferable choice for price-conscious and younger consumers because formal clothing, such suits and blazers, is costly and requires care.

Global Online Clothing Rental Market Share by Region

North America is emerging as a growing market for online clothing rentals, fuelled by increasing preference for new fashion, price consciousness, and limited budgets. The expansion of online clothing rental service providers in the region and availability of additional features such as subscriptions and combination packages are further supporting the market for online clothing rental in North America.

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Meanwhile, the Asia Pacific is predicted to witness substantial growth in the market for online clothing rental because of the region's increasing internet penetration and consumer awareness. Clothing rental is a good option for consumers in Asia Pacific who are finding it easier to access the clothes of their choice rather than buying them.

Competitive Landscape

FashionPass Inc., established in 2017 and headquartered in California in the United States, is a women's online clothes, designer dress, and accessory rental service company. Items can be exchanged for new ones as many times per month as the member choose after the prior order has been returned.

Rent the Runway, Inc., founded in 2009, is an online store where customers may rent, subscribe to, or buy designer clothing and accessories. RTR, with its headquarters in New York in the United States, provides clothing, accessories, and home goods from a variety of partner designers.

Vince, LLC, established in 2002 and headquartered in New York, United States, is a major worldwide luxury clothes and accessories company. In addition to ready-to-wear clothing for both men and women, Vince also sells purses, home goods, fragrance, and shoes.

Other market players include URBN SR, LLC (Nuuly), Tulerie, LLC, Armoire Style, Inc., The Clothing Rental, Rent It Bae (FLYROBE), Rainey's Closet, CIRCLE CLOSET, Drexcode s.r.l., and MyWardrobeHQ Ltd, among others.

Key Highlights of the Report