Growing
consumer awareness and value for money are some of the main drivers of the
global online clothing rental market. It has also gained social acceptance as
consumers have started renting second-hand products. Consumers can rent
more than one piece of clothing and borrow it for a specific amount of time.
Some of these services even offer unlimited virtual closets. A subscription-based
model and increasing disposable income levels have helped fuel the growth of
the online clothing rental market. With the emergence of online clothing rental
services, consumers can rent an array of outfits to meet various occasions.
Market Dynamics:
Growing
demand for online clothing rental is expected to propel growth of the global
online clothing rental market over the forecast period. The awareness among
people about brands is high all over the world, which drives the demand for
such clothing rental. For instance, in May 2022, Clothing rental start-up,
Cloan was launched to offer consumers access to the wardrobes of fashion
industry creators and influencers to people.
However,
lack of customizability and lack of awareness about benefits of online rental
products in consumers is likely to hinder growth of the global online clothing
rental market over the forecast period.
Latest Sample Copy Of Report - https://www.coherentmarketinsights.com/insight/request-sample/1446
Impact of COVID-19:
The
outbreak of coronavirus in China spread across more than 100 countries all over
the world. The virus outbreak affected several industries adversely. The online
clothing rental market was also negatively affected due to COVID-19 pandemic.
People use clothing rental services for special occasion; however, during the
pandemic many of such activities or events were banned. Thus, demand for
clothing rental also declined. Which adversely affected growth of the online
clothing rental market.
Key Takeaways:
The global
online clothing rental market is estimated to grow with a CAGR of XY% over the
forecast period, due to rise in internet penetration all over the world. For
instance, as per the data of the World Bank, the rate of individuals using
internet increased from 54% in 2019 to 60% in 2020.
North
America among regions is anticipated to witness robust growth in the global
online clothing rental market over the forecast period. This growth can be
attributed to increasing adoption of renting out items instead of owing them by
millennial populations in the region.
Major
players functioning in the global online clothing rental market are Share
Wardrobe, Rent the Runway, Secoo Holding, Omapal Technologies Private Limited,
Envoged, GlamCorner, Poshmark, UNION STATION KANSAS CITY, American Eagle
Outfitters, Etiquette Formal Hire Ltd., Gwynnie Bee Inc., Gwynnie Bee Inc.,
STYLE LEND, Le Tote, Inc., La Reina, Flyrobe, and Chic by Choice.
No comments:
Post a Comment