LONDON--(BUSINESS WIRE)--The global online clothing rental market is expected to post a CAGR of nearly 11% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
With growing competition in the fashion industry, retailers are expanding their product line to keep customers engaged with their brands. This is driving consumers to rent branded clothes on a subscription basis to avoid the accumulation of huge volumes of fast fashion clothing in their wardrobes. With such rental subscription models, consumers keep themselves updated with the latest fashion trends. The growing popularity of the rental subscription model is encouraging leading market players to offer luxury fashion dresses and everyday casuals on a subscription basis. Factors such as the growth of the fast fashion industry and quickly shifting fashion preferences are creating new market opportunities for online clothing rental players. These factors are expected to drive the growth of the global online clothing rental market during the forecast period.
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As per Technavio, the rising 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
Consumers across the world are increasingly adopting ethical practices in their clothing. This is prompting fashion industry players to focus on the adoption of sustainable practices in manufacturing. Players in the fashion industry are using renewable and recyclable materials to avoid harmful effects caused by clothing items in landfills. Several vendors are adopting subscription models to showcase the sustainability in their clothing businesses. The growing trend of sustainable clothing will have a positive impact on the growth of the market during the forecast period.
“Apart from the growing trend of sustainable clothing, the rising popularity of experiential marketing and 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.
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Global Online Clothing Rental Market: Segmentation Analysis
This market report segments the global online clothing rental market by end-users (women, men, and children) and geography (APAC, Europe, MEA, North America, and South America).
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 rise in the number of new online clothing rental startups in the region.
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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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