LONDON--(BUSINESS WIRE)--The global online clothing rental market is expected to post a CAGR close to 11% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Consumers look forward to staying up-to-date with the latest fashion trends at a flexible price range. However, to avoid the accumulation of huge volumes of fast fashion clothing in their wardrobes, consumers have begun renting branded clothing on a rental subscription basis. Therefore, several vendors in the fast fashion industry have adopted online clothing rental services as a sustainable approach to increase their revenue inflow. For instance, H&M has acknowledged that it is exploring new business models, including the rental model, owing to the rising competition in the market. Thus, the growth of the fast fashion industry will boost the growth of the online clothing rental market during the forecast period.
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As per Technavio, the growing trend of sustainable clothing, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Online Clothing Rental Market: Growing Trend of Sustainable Clothing
The demand for sustainable clothing is rising as consumers across the world are adopting ethical practices in their clothing. Therefore, fashion industry players, ranging from mass-market to high-end fashion segment, are all focusing on sustainability in the manufacture of clothing. For instance, in July 2019, Fast Retailing Co. Ltd (Fast Retailing) announced its plan to reduce single-use plastic by up to 85% by the end of 2020. This would be achieved by switching to eco-friendly paper packaging from September 2019 across all its 3,500 stores worldwide. In keeping with the sustainable approach, several vendors are focusing on adopting the renting model to showcase sustainability in their clothing business. Thus, with such initiatives, the market for online clothing rental is expected to showcase a positive outlook during the forecast period.
“Apart from the growing trend of sustainable clothing, the rising trend of experiential marketing and the increasing adoption of the subscription-based model are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Online Clothing Rental Market: Segmentation Analysis
This market research report segments the global online clothing rental market by end-user (women, men, and children) and geographical regions (North America, Europe, APAC, South America, and MEA).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market and register the highest incremental growth. This is due to the high consumption of premium and luxury clothing and consumers’ shift toward sustainable clothing options.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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