Online Clothing Rental Market is Anticipated to Expand at a CAGR of 10.76% During the 2018-2023

The increasing demand for online clothing rental is driven by the inclination toward fashion. Brand awareness is quite high among consumers across the globe. Thanks to the improving internet penetration, customers are now preferring online purchase of clothes due to their easy accessibility and availability of an enormous assortment at a limited cost. This also is fuelling the demand for online rented clothes globally.  Changing lifestyle and preference for party wear dresses, designer dresses, and dinner suits are likely to boost the online clothing rental market.

The Global Online Clothing Rental Market is expected to see remarkable growth in the upcoming years. Fashion-conscious people who lack finances to buy garments of their choice are expected to utilize this opportunity of the Online Clothing Rental Market to the fullest. Leasing an item is constantly cost-proficient, and more so in this industry where the patterns continue to change, and consumers do not prefer repeating clothes. Thus, customers favor leasing garments to stay trendy.

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Over the last decade, the sharing economy has brought forward different disruptive business models, progressively facilitated through the introduction of new digital platforms. The sharing economy empowers shoppers to rent, borrow, and swap idle capacities rather than buying the goods.

Fashion rental platforms have been positioned by the media as a radical new way to consume clothing that is both budget and environmentally friendly. Endorsements by some of the leading houses in media have promoted this new way of consuming.

Key players:

LE TOTE
Share Wardrobe
The Mr. & Ms. Collection
Style Lend
Girl Meets Dress
Secret Wardrobe
Swishlist Couture LLP
Walkin Closet
FlyRobe
Liberent

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Online Clothing Rental is a service that includes services through which individuals can rent various clothing items to the consumers as per their requirement for a certain period. These services are more convenient and cost-effective for consumers. The user can take various clothing items on rent for different occasions such as corporate parties, film making, wedding ceremonies, theme parties, photoshoots, and many more. Online Clothing Rental further provides a wide range of dresses, easy payment, and delivery of clothes in time.

On the basis of types:

Women
Men
Kids

On the basis of applications:

Business to consumer(B2C)
Consumer to Consumer(C2C)

Increase in the accessibility of online retail is the primary driver of the online clothing rental market. On account of the swift expansion of the Information and Communication Technology (ICT), e-Commerce shopping has grown rapidly over the last decade. Furthermore, the advancement in mobile internet technology has determined the demand for online shopping which makes the process significantly more convenient.

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