United States Online Clothing Rental Market is to Grow with a CAGR of around 10% During the Forecast Period.
The growth of the online clothing rental industry is driven by the rising popularity of subscription-based services, growing internet penetration, and changing consumer lifestyles. According to TechSci Research report, “United States Online Clothing Rental Market” - By Region, Competition Forecast and Opportunities, 2017-2027”, the United States online clothing rental market has grown significantly in recent years owing to growing e-commerce websites and the expanding fashion industry. Fashion-conscious people who lack the funds to buy the clothing of their choice are expected to use all available resources. Renting a product is usually less expensive and this is particularly true in this market because fashion trends shift frequently, and clients prefer not to wear the same thing repeatedly. As a result, customers prefer renting clothing to stay fashionable.
Online outfit rental services are helpful for people who wish to buy new costumes for special occasions such as weddings, theme parties, corporate events, photo sessions, and movie shoots. Rental services are a cost-effective solution for people with limited budgets who cannot purchase clothing from their chosen brands. Additionally, since firms make sustainability a fundamental part of their marketing efforts, renting products would be perceived as a more environment-friendly way to consume clothing today. Renting clothing would benefit the environment and natural resources because it would significantly reduce harmful emissions and other pollutants. Clothing manufacturers should increase their social manufacturing standards by including clothing rentals in their business and sustainability strategy.
A business that lets users rent clothes online for a certain amount of time is known as clothing rental. Customers looking for a designer dress for theme parties, weddings, business parties, and filming events can benefit from this service. Designer clothing, footwear, and accessories are available on online clothing rental platforms in various sizes, hues, and brands. Depending on their needs and budget, customers can select any product. Major drivers expected to support growth of the global online clothing rental market include rising fashion propensity, rising brand awareness among consumers, and expanding internet penetration. Similarly, a rise in the number of fashion-conscious consumers and start-up businesses offering quality branded clothing in attractive packages is expected to drive the market during the forecast period.
The fashion and clothing industries have advanced significantly worldwide over the past several years. As a result, customer brand awareness is quickly expanding. Technological advancements and better internet access are stimulating the US market for online garment rentals, which is expected to last during the forecast period. Owing to the growth of social media platforms, people have also recently become more fashion-conscious and are being influenced to try on a variety of clothing. Additionally, the growing influence of social media and the significant impact of online portals for clothing rentals have contributed to the expansion of the online clothing rental business in the United States.
Similarly, over the coming years, it is expected that the rise of fashion vlogs, fashion events, changing trends in adventure events, occasions, , increased middle-class consumer spending power, new marketing strategies, increased efforts from providers using subscription model, and various other factors is expected to contribute to the growth of the online clothing rental market in the United States.
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The United States online clothing rental market is segmented into product type, consumer group, business model, end-user, and region. Based on consumer group, the market is segmented into men, women, & kids. Among these, the women segment is expected to hold the leading share in the market during the forecast period, as seen by their participation at business and social events, their follow-ups with international designer brands, and their active participation on social networking sites that run sales and promotions. The formal dress code segment of the market is predicted to experience considerable growth as consumers prefers to purchase on rent their formal dress for various business meeting and other social events.
Major companies operating in the United States online clothing rental market are:
- Runway, Inc.
- Armoire Style, Inc.
- CaaStle, Inc. (Gwynnie Bee)
- American Eagle Outfitters, Inc.
- Le Tote, Inc.
- Style Lend, Inc.
- The Black Tux, Inc.
- For Days, Inc
- URBN SR, LLC
- Vince, LLC
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“Human propensity for fashion is driving the growth of demand for online clothes rentals. Customers are very conscious of brands in the United States. They are increasingly embracing online clothes purchases owing to their accessibility and availability of a large selection at a reasonable price due to the growing internet penetration. Owing to changing lifestyles and demands for designer dresses, party dresses, and dinner suits, the online clothing rental business is anticipated to expand in the United States.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
United States Online Clothing Rental Market By Product Type (Knitwear, Trousers and Jeans, Jumpsuits, Suits and Blazers, Coats and Jackets, Others (Skirt and Shorts, Ethnic Wear, etc.), By Consumer Group (Men, Women, and Kids), By Business Model (Standalone Model Vs. Subscription Model), By End-User (Business-to-Business (B2B), Business-to-Consumer (B2C), and Consumer-to-Consumer (C2C)), By Region, By Company, Forecast & Opportunities, 2018-2028F, has evaluated the future growth potential of the United States online clothing rental market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the online clothing rental market in the United States.