Customers can hire clothes for a set amount of time through an online clothing rental service. Consumers seeking a designer dress for events such as theme parties, wedding parties, and business parties, as well as filming, would benefit from this service. Furthermore, this service is appropriate for people who are experiencing transient physical changes.
In terms of revenue, the global online clothing rental market is expected to reach roughly US$ 2,143.8 million by the end of 2027, with a CAGR of 10.2 percent over the forecast period (2020-2027).
Drivers:
Consumer spending on fashion activities is increasing as their disposable income rises, which is supporting the growth of the Online Clothing Rental Market. The market for online garment rental is predicted to increase in tandem with the growing demand for expensive designer dresses and ongoing changes in consumer fashion sense. Another key element driving the expansion of the online clothes rental sector is an increase in the number of fast-fashion labels.
Restriction on the Market
Due to the presence of numerous unorganized manufacturers who offer low-cost, non-branded products, the market is severely fragmented.
This aspect is likely to hinder the expansion of the online garment rental business.
Opportunities in the Market
Manufacturers' increased focus on children's markets is projected to provide profitable market prospects in the near future. Because of their parents' changing lifestyles, children are becoming more brand and style sensitive, which is predicted to boost the market growth of online clothing rental. Over the projected period, the increasing kids' wear industry is expected to support the expansion of the online clothing rental market.
Market Developments
Men's clothing and apparel are becoming more popular in the market, thanks to the increasing number of metrosexual males. The increasing focus of online portal companies on men's rental apparel, together with men's shifting propensity towards branded products, is expected to accelerate the market expansion of the Online Clothing Rental Market.
Drivers:
Consumer spending on fashion activities is increasing as their disposable income rises, which is supporting the growth of the Online Clothing Rental Market. The market for online garment rental is predicted to increase in tandem with the growing demand for expensive designer dresses and ongoing changes in consumer fashion sense. Another key element driving the expansion of the online clothes rental sector is an increase in the number of fast-fashion labels.
Restriction on the Market
Due to the presence of numerous unorganized manufacturers who offer low-cost, non-branded products, the market is severely fragmented.
This aspect is likely to hinder the expansion of the online garment rental business.
Opportunities in the Market
Manufacturers' increased focus on children's markets is projected to provide profitable market prospects in the near future. Because of their parents' changing lifestyles, children are becoming more brand and style sensitive, which is predicted to boost the market growth of online clothing rental. Over the projected period, the increasing kids' wear industry is expected to support the expansion of the online clothing rental market.
Market Developments
Men's clothing and apparel are becoming more popular in the market, thanks to the increasing number of metrosexual males. The increasing focus of online portal companies on men's rental apparel, together with men's shifting propensity towards branded products, is expected to accelerate the market expansion of the Online Clothing Rental Market.
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