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Online Clothing Rental Market will Rise at Higher than 12% CAGR through 2031: FMI
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The online clothing rental market is projected to grow over 12% CAGR through 2031, driven by subscription models and changing consumer preferences.
Future Market Insights (FMI) in a new report has projected online clothing rental market to exhibit solid growth between 2021 and 2031. The market is projected to reach US$ 1.8 Bn by 2021. The subscription model is becoming a new trend in the clothing rental business. It appeals to retailers who are under pressure to cater to shifting consumer inclinations before certain designs lose favor.
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Even with declining garment sales, the clothing rental industry is strolling assortments down the subscription model plans with an end goal to reach its customers. The subscription model does not just give clothing rental organizations experience to potential customers, it creates recurring revenues. However, it can save retailers the expenses associated with traditional brick-and-mortar stores. The clothing rental subscription and rental market also provide designers with fast insights into shopper’s inclinations.
Moreover, the online clothing rental subscription market is extending its customer’s reach by obliging specialty/niche markets. Some of them are adopting innovative strategies to gain traction. For instance, Gwynnie Bee offers rental clothes for plus-sized shoppers – something that has been disregarded by other online clothing rental retailers.
Meanwhile, Union Station intends to remove the nuisance from buying bridesmaid dresses, which are regularly costly and purchased by the taste and style of the lady, not the wearer. The firm empowers ladies to choose their bridesmaids’ dresses, which would then be able to be returned after they have been dry-cleaned.
Thus, online clothing rental is intended to help the customers curb expenditure on buying new clothes for any special occasion/purpose.
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Key Takeaways from the Online Clothing Rental Market Study
“In online clothing rental business the subscriptions and rentals are the most effective methods to keep customers engaged consistently. Some of the leading names in the market are introducing attractive offers such as discounts and gift card options to gain competitive edge,” says FMI analyst.
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COVID-19 Causing Disruptions in Online Clothing Rental
Prior to the COVID-19, online clothing rental was set to achieve sustainability, but the pandemic has caused significant disruptions as events such weddings, social gatherings, and other occasions were cancelled due to the imposition of lockdown in various nations across the world.
Companies such as Rotaro, Rent the Runway, and others saw a decline in the number of rental requests. As the online clothing rental companies are primarily event-based, so when there have been no events and people are not going out in the pandemic period which in turn had a profound effect on the clothing rental business.
Who is winning?
Some of the key players operating in the online clothing rental market are Rent the Runway, Rotaro, GlamCorner Pty Ltd., Gwynnie Bee Company, Mine for Nine LLC, Dress Hire AU, ThreadTread, Nuuly, Rent The Front Row LLC, Dress & Go Company, Chic by Choice Company, Style Lend Company, Rent It Bae Company, Mr. & Ms. Collection, The Secret Wardrope, Banana Republic LLC, Le Tote Company, and Lending Luxury, among others.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The main topic is the growth and trends in the online clothing rental market projected to rise over 12% CAGR through 2031.
COVID-19 caused disruptions due to event cancellations, impacting the demand for rental clothing.
Subscription models and niche market strategies are key drivers of growth in the online clothing rental market.
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