Market Size of Online Clothing Rental Industry
| Study Period | 2018-2029 |
| Market Size (2024) | USD 1.77 Billion |
| Market Size (2029) | USD 2.47 Billion |
| CAGR (2024 - 2029) | 6.79 % |
| Fastest Growing Market | North America |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Online Clothing Rental Market Analysis
The Online Clothing Rental Market size is estimated at USD 1.77 billion in 2024, and is expected to reach USD 2.47 billion by 2029, growing at a CAGR of 6.79% during the forecast period (2024-2029).
- Consumers are increasingly spending on clothing activities due to their increasing disposable incomes, which is a significant factor fueling the growth of the online clothing rental market. The growing demand for costly designer dresses, in confluence with evolving fashion trends, is expected to fuel the growth of the market in the coming years. Additionally, many clothing rental companies have started using subscription-based services online. These services help reach a broader customer base, thus stabilizing their market.
- The global online clothing market is characterized by the women segment owning a prominent share in factors such as frequent presence across social and corporate events, follow-ups with international designer labels, and active engagement on social media platforms. The market is likely to witness significant growth in the formal dress code segment rental as consumers are more prone to purchase casual wear in volume while keeping a pair or two of formals in the wardrobe. Additionally, consumers across the market are willing to rent their wedding dress products instead of buying expensive wedding outfits. Due to increasing demand, players are introducing expensive wedding collections in their rental portfolios. In April 2023, Wedding Wingman company offered men's wedding outfits in the United States. The products are disclosed on the Men's Wearhouse company websites.
- Moreover, more celebrities in the limelight promote rental clothing across the market, encouraging consumers to rent apparel products. Additionally, online rental services play a crucial role in attracting consumers as they prefer to use online websites over physical outlets to access an exclusive and wide range of options on different platforms and compare the rental price from platform to platform instantly. Companies operating in the market focus on offering competitive pricing to attract consumers. The market concentration is low, and players are expected to provide products that encompass local designer labels who develop products that are unique in each way.
