Online
Clothing Rental Market:
Online
clothing rental comprises services through which individuals can rent items of
clothing for a predefined period. These services are of benefit to individuals
participating in occasionally conducted events, such as wedding parties, theme
parties, corporate parties, and photoshoots and filmmaking. Fashion-conscious
individuals lacking the financial resources to purchase the clothing of their choice
can also make use of online clothing rental services. Moreover, online clothing
rental services are also of use for individuals going through temporary changes
in their physique, such as pregnant women. Rental services provide a
cost-effective option for these demographics, which has driven the demand from
the global online clothing rental market.
The primary
driver of the global online clothing rental market is the increasing ease of
use of online retail. Thanks to the rapid advancement observed in
telecommunications technology, Internet shopping portals have grown in
popularity rapidly over the last decade. The advancement in mobile Internet
technology has further driven the demand for online shopping by making the
process even more convenient. The rapidly growing middle class and corporate
sector in developing economies has also expanded the target demographic for the
online clothing rental market. Both these factors are expected to retain a
strong influence on the trajectory of the global online clothing rental market
in the coming years.
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Increasing
Internet penetration in developing countries with a promising demographic
breakdown, such as India, China, Brazil, etc. is also helping the online
clothing rental market post a strong growth rate. While mobile telephony in
these countries still lags behind developed regions such as North America and
Western Europe, broadband Internet is becoming easily available for an increasing
portion of the population, which has driven the demand for online shopping and
online rental services.
The major
restraint on the global online clothing rental market is the lack of
customizability. In contrast to purchased items of clothing, which can be
refitted according to the individual’s measurements or even customized before
buying, rental clothing can’t be adjusted to precisely fit the customer’s
needs. This leaves significant scope for discontent among users of online
clothing rental services. In response to this, many companies in the online
clothing rental market are starting to offer innovative features. Live chats
with stylists are becoming an increasingly common feature, while some companies
offer the same item in two sizes so that customers may try them on and choose
the better fit. Such innovative solutions are making this inherent restraint on
the online clothing rental market less cumbersome for market players.
Online
Clothing Rental Market: Geographical Overview
The global
online clothing rental market is led by North America, followed closely by
Europe. Western Europe is by far the dominant segment of the Europe market,
thanks to the high purchasing power and fashion consciousness of consumers in
developed countries such as France, Italy, Germany, and the U.K. The easy
availability of broadband Internet in these regions has also been a major
factor in the growth of the online clothing rental market.
However, the
larger population of dynamic Asian countries such as China and India is
expected to swing the balance in the favor of Asia Pacific in the coming years.
The purchasing power of APAC consumers is on the rise due to the growing GDP of
developing economies in the region, while Internet penetration is also
increasing at promising rates across the region.
In terms of
competition, Rent the Runway, Share Wardrobe, Elanic Services Private Limited,
Secoo Holding Limited, Stylish Play, FlyRobe, Walkin Closet, and Secret
Wardrobe are the major players operating in the global online clothing rental
market.
The report
offers a comprehensive evaluation of the market. It does so via in-depth
qualitative insights, historical data, and verifiable projections about market
size. The projections featured in the report have been derived using proven
research methodologies and assumptions. By doing so, the research report serves
as a repository of analysis and information for every facet of the market,
including but not limited to: Regional markets, technology, types, and
applications.
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