Key Highlights

• 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 of time, 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 giving customers the opportunity 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.

• The market size of the worldwide Apparel Rental Industry surpassed USD XX Billion in 2023, and by 2032, it is projected to reach USD XX billion, boosting at a CAGR of XX%.

• 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.

• Consumers are increasingly spending more on clothing due to increasing disposable income, which is one of the main reasons for the growth of online clothing business. 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. Additionally, the increase in fast-selling products is another factor contributing to the growth of the online clothing industry. Additionally, 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, 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.

Scope of the Industry Profile

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)

Segmentation

By User

• Women

• Men

• Kids

By Business Model

• Peer-to-Peer Model

• Standalone Model

• Subscription Model

• Hybrid Model

By Price Range

• Premium Pricing

• Mid Pricing

• Budget/Economy Pricing

By Apparel Type

• Clothing

• Footwear

• Accessories

By Age Group

• Up to 6 years

• 6 – 18 Years

• 18 – 35 Years

• 35 – 50 Years

• Above 50 Years

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 the 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 & their recent developments.

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

Recent Development

• In December 2021, the number of customers of 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.

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.