Growing consumer inclination towards designer garments and truly shifting fashion proclamations are also fuelling the online clothing rental demand. Further, growing awareness regarding online clothing rental is anticipated to create substantial growth opportunities for clothing rental conglomerates all over the world. With the rise of style- and brand consciousness, online clothing rental companies can leverage potential opportunities by expanding offerings in kid’s and men’s apparel. Though the majority of attractive market opportunities come from the women’s segment, kid’s and men’s segments also offer diverse growth possibilities for online clothing rental companies. This will also increase their brand and social standing. Benefits like reduction in carbon emissions and other harmful chemicals induce manufacturers in the clothing industry to adopt clothing rental as a part of their business and sustainability strategy. Amid the rising adoption of sustainability measures renting is considered a more sustainable way of consuming clothes. In addition to this, an accelerated drive for sustainability also factors in the fashion industry.
Moreover, fashion rental platforms have gained huge traction, fuelling prospects for the online clothing rental market. These factors are expected to bolster the market possibilities over the forecast period. Additionally, rising social occasions, casual gatherings, and festivities in emerging economies like China, India, and Brazil present an extensive consumer base for the online clothing rental market. Advancements in mobile technology further supplement the growing demand for online shopping. In the last ten years, the rapid expansion of the Information and Communication Technology has enabled the growth of the e-commerce sector.
RENT THE RUNWAY MEN DRIVER
Rising product availability and an increase in easy access to online retail is a major market growth driver for online clothing rental.
Swiftly changing consumer preferences, and lifestyles along with an inclination toward fashion are likely to foster growth in the online clothing rental market. Online clothing rental market will exhibit considerable growth over this period. 04, 2022 (GLOBE NEWSWIRE) - The global online clothing rental market is projected to grow at a robust CAGR of 11.0% for the forecast period of 2021 to 2031.