Overview of the Global Online Clothing Rental Market
A new trend in the fashion industry is the renting out of clothes; and this is done using an online platform – either an app or a website to rent clothing items for a certain amount of time and pay for them as a service. These platforms connect customers directly to the portal itself, without the need for an intermediary agent, other than maybe just the delivery guys.
And this consumer trend has formed into a full-fledged Global Online Clothing Rental Market valued by Research On Global Markets to be about USD 1.96 Bn by 2023. Today, one can find any kind of clothing for use anywhere like weddings, theme parties, photoshoots, all of which have strengthened the demand for renting out clothes.
It falls cheaper too as individuals don’t have to invest in buying expensive, dressy clothes at full prices to be worn for a few hours. They can rent them for less, wear them for that special occasion and then return them. Consumers also have access to top designer wear this way, and it’s simple too – all they have to do is login and select the dress of their choice.
This does look like a trend that’s here to stay, owing to the level of affordability and convenience it offers consumers, but right now it is at a nascent stage – where it’s largely nice, experimental and just a trend popular in the developed western countries. It still has to exhibit some kind momentum before it can be taken seriously enough by investors and entrepreneurs who will be interested in helping it grow.
But for now, this industry is coming along and there are many factors helping it. One is the rise in the trend of online shopping – we already get why online shopping is so big – but now that there is increased internet penetration in a lot of the Asians countries, it is possible that the online clothing rental trends might catch on in the Asia-Pacific region, and if that’s the case, then this market is expected to intensify growth.
Other things that might help online clothing rental to grow in this same region is the rise in urban population that is most likely to benefit from this kind of service. This consumer segment is also fashion conscious too and has smartphones, or in other words have access to it.
Till then, the success and growth of this industry rest in the North American region, which is the biggest market. Reasons for this include an increase in the awareness of this kind of clothing and fashion service and the kind of benefits it has over traditional online clothes shopping.
The other reason is an increase in the number of working women – a consumer segment that can afford it, probably love this fashion choice and are eager to save money on the latest trends but not miss out on them. The last reason is the increasing need to have, wear and even own luxury apparels over generic consumer apparel brands –something that is believed to be inspired by celebrity lifestyle, high fashion advertising, especially in the US.
It is likely that these same consumer fashion patterns will introduce, and then boost the growth of this market in Asian-Pacific regions.
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