Market Outlook:

The anticipated global apparel rental market size is poised to reach USD XX. XX Billion by 2024, with a projected escalation to USD XX.XX Billion by 2032, reflecting a compound annual growth rate (CAGR) of X.X% during the forecast period. 

Clothing rental is the practice of borrowing clothes for a specific occasion, usually for an event or event, rather than purchasing them outright. The concept has gained significant popularity in recent years due to changing customer ownership patterns, environmental issues, and the fashion preference for more efficient and affordable products. In clothing rental services, individuals can rent clothes, accessories, or even the entire outfit for a fee well below the cost of purchasing new clothes. These services operate through physical stores or online platforms and carry a wide range of clothing, including jeans, suits, evening dresses, and accessories. Customers choose the items they want, wear them for a certain time or period, and return them after use. This model has many advantages. It promotes sustainability by reducing the demand for fashion, reducing clothing waste, and reducing the overall impact of the fashion industry. It also maximizes the value of each garment by allowing customers to create clothes they may not be able to afford or wear regularly. In addition, rental programs reflect the changing nature of today's consumer, allowing people to enjoy fashion without long-term restrictions or clothing decadence, leading to the evolution of the ability to own.

Market Dynamics:

Driver:

The increase in the number of online rental businesses drives the growth of the apparel rental market. Consumers are increasingly spending more on clothing due to increasing disposable income, which is one of the main reasons for the growth of the online clothing business. Many rental companies have started to use online services. These services help cover a wider range of customers, thus improving the business and creating a positive impact on the forecast period. The global online clothing market is characterized by the importance of the women's segment due to factors such as social presence and participation in events based on international standards, and participation in social media platforms to provide discounts and support. Rentals in the app segment of the market are likely to increase as consumers look to purchase clothing in bulk while still keeping one or two items in their inventory. The market is not very high and players need to offer products with local designs that are unique in every aspect. Additionally, increasing demand for luxury clothing along with changing consumer sentiment is also expected to accelerate the growth of the online clothing rental market in the coming years. Also, the increase in fast-selling products is another factor contributing to the growth of the online clothing industry. 

Restraint:

The increasing hygiene concerns hinder the growth of the apparel rental market. Some customers who place a high value on personal hygiene may find it offensive to share clothing. It is essential to address these issues with rigorous cleaning procedures and transparent communication. Some customers may find it uncomfortable to wear clothing that has been worn by someone else since they are naturally wary of any germs or residual smells. Renters' concerns about cleanliness may be heightened as, unlike their clothing, they have no way of knowing about the hygienic standards of prior tenants. Rental firms must disclose all of their cleaning practices in full. This may entail describing the precise detergents, sanitization techniques, and quality assurance checks that guarantee clothing is hygienically clean after each wear.

Opportunity:

Apparel rentals are cost-effective it create a lucrative opportunity for the growth of the market. For a little portion of the purchase price, renting gives customers access to high-end items for special events or designer labels. Customers on a tight budget who nonetheless want to dress stylishly may find this appealing. Expensive clothing and designer gowns can run into the hundreds of dollars for formal work gatherings, weddings, and galas. These sought-after items can be had at a much-reduced price often a small portion of the original price by renting. Due to this, customers can wear designer labels without going over budget. Even for daily wear, traditional garment purchases entail a substantial upfront expenditure. Customers just pay for the amount of time you use the item when they rent it.

Challenge:

The market for renting out clothing is still rather young. It's critical to establish consumer trust in hygienic procedures and the caliber of rented clothing. Furthermore, it's imperative to run brand awareness campaigns to inform prospective buyers of the advantages of renting clothing. It has multiple cleaning steps, the detergents used, the sanitization techniques, and the quality control processes. To increase trust even more, work with reputable cleaning companies that specialize in clothing needs to maintain the apparel rentals. The company needs to provide conventional and possibly even hypoallergenic cleaning choices to accommodate different tastes.

Key Players

• Rent the Runway (US)
• Hirestreet (UK)
• HURR (UK)
• Circos (US)
• Moss Bros (UK)
• AirCloset (Japan)
• Envoged (India)
• Etashee (India)
• Secoo Holdings Limited (China)
• Secret Wardrobe (India)
• Others

Recent Development

• In December 2021, the number of customers in the fashion industry Fly bathrobe exceeded 1 million and began to recover from the epidemic. The company currently serves customers in 30 cities in India.

• In April 2022, Fly Robe partnered with Franchise Mart to expand RENT IT UAE's franchise. A unique online rental program that brings the latest fashions to your door.

• In July 2022, Rent the Runway partnered with Saks Off 5th to offer pre-owned products to its customers and now includes a “Pre-Owned Products” section.

• In April 2022, David Jones expanded its partnership with fashion rental platform GlamCorner with the launch of Reloop. With Reloop, developed by GlamCorner, customers can participate in the circular economy as soon as they choose to shop for details.

• In May 2022, Nuuly Clothing Service has recently collaborated with designers to introduce new rental products, such as the Anna Sui, which started selling last year.

Segment Insights:

By User

The demand for women's clothing rental is driven by many factors, not just the development of fashion. Consumers, especially young people, are becoming more environmentally conscious and willing to opt for express rentals to reduce their impact on the environment. Additionally, the influence of social media also plays an important role. People looking for stylish and unique clothes to be displayed on platforms such as Instagram for special occasions increase the need for a variety of rental clothes. Economics also plays a role; Renting makes luxury fashion more affordable by allowing women to get the best clothes without paying a low price. Finally, the shift in thought from ownership to experience has led to a desire for casual, multi-brand clothing that meets everyday consumers' desire for new experiences and reduces product clutter.

By Apparel Type

Consumers' changing attitudes towards ownership and safety are increasing demand for footwear. People, especially those living in the city, are looking for stylish and versatile shoe options without long-term commitments and purchasing costs. The rise of fast fashion and the influence of social media have also played a significant role; People's desire to wear stylish shoes suitable for special occasions or outfits encourages them to choose rental services. In addition, the demand for shoe rental has increased for special events such as weddings, where unique and stylish shoes are a must. In addition, environmentally conscious consumers have made them choose to borrow, reducing the overall environmental impact of shoe production and waste in line with the global pressure on fashion choices.

Regional Insights:

Apparel rental demand in Asia Pacific is driven by several factors. One of the main factors is the country's growing middle class, whose income from disposable items and members' desire to buy fashionable clothes without their high prices. The rise of social media platforms has created a group of fashion-conscious people who want to wear jeans offered by popular and famous people. Clothing rental offers affordable solutions that allow customers to access different styles and brands at different times, in line with different consumption patterns. Additionally, consumer environmental awareness also plays an important role. As sustainability becomes a global priority, many people in the Asia-Pacific region are turning to environmentally friendly options. Clothing rental encourages the reuse of clothing and reduces waste, thus reducing the overall carbon footprint associated with the fashion industry. Additionally, the convenience of online platforms and the popularity of digital payments have made renting clothes more convenient and easy, increasing demand. The younger generation, especially the smart Millennials and Generation Z, are embracing these trends and emphasizing simplicity and sustainability in their fashion choices. Therefore, a combination of factors such as income growth, social impact, environmental concerns, and digital convenience have led to the emergence of apparel in the Asia-Pacific region.

Segmentation:

By Apparel Type

• Clothing
• Footwear
• Accessories

By Price Range

• Premium Pricing
• Mid Pricing
• Budget/Economy Pricing

By Business Model

• Peer-to-Peer Model
• Standalone Model
• Subscription Model
• Hybrid Model

By Age Group

• Up to 6 years
• 6 – 18 Years
• 18 – 35 Years
• 35 – 50 Years
• Above 50 Years

By User

• Women
• Men
• Kids

By Region

North America

• USA

• Canada

• Mexico

Europe

• France

• UK

• Spain

• Germany

• Italy

• Rest of Europe

Asia Pacific

• China

• Japan

• India

• South Korea

• Rest of Asia Pacific

Middle East & Africa

• GCC

• South Africa

• Rest of the Middle East & Africa

South America

• Brazil

• Argentina

• Rest of South America

What to Expect from Industry Profile?

1. Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Apparel Rental market in the world.

2. Use PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Apparel Rental market.

3. Leading company profiles reveal details of key Apparel Rental market players’ global operations, strategies, financial performance & recent developments.

4. Add weight to presentations and pitches by understanding the future growth prospects of the Global Apparel Rental market with forecast for the decade by both market share (%) & revenue (USD Million).

FAQ’s

1) What are the major factors driving the growth of the Global Apparel Rental Market?

• Growing eco-consciousness among consumers, leading to a preference for sustainable fashion choices are the major factors driving the growth of the Global Apparel Rental Market

2) What would be the CAGR of the Global Apparel Rental Market over the forecast period?

• The Global Apparel Rental Market is poised to grow at a CAGR of XX% from 2024 to 2032.

3) Which region will provide more business opportunities for the growth of the Global Apparel Rental Market in the future?

• The Asia Pacific region is expected to create more opportunities in the market.

4) Who are the major players dominating the Global Apparel Rental Market?

• Rent the Runway (US), Hirestreet (UK), HURR (UK), Circos (US), Moss Bros (UK), AirCloset (Japan), Envoged (India), Etashee (India), Secoo Holdings Limited (China), Secret Wardrobe (India), and Others.

5) What are the segments in the Global Apparel Rental Market?

• By Apparel, By Type, User, By Business Model, By Price Range, and By Age Group are the industry key segments considered for a research study.

6) What is the estimated market revenue for Global Apparel Rental Market in 2032?

• The estimated revenue for the Global Apparel Rental Market in 2032 is USD XX billion.