The online clothing rental market provide services through which consumers can rent clothing for a definite time period. Due to the sudden rise in popularity of fashion influencers, fashion blogs and vlogs, social media, film industry, various events taking place almost every weekend, the market has been rapidly gaining momentum. Rising emphasis on the sustainability and the environmental awareness is also playing a key role in driving the online clothing rental market.
Online clothing rental Market: Growth factors and restraints
The consumers who are fashion forward and like staying up to date with the current fashion trends, but do not have the money or do not want to spend the money, instead of buying and accumulating clothes in the current trends of fast fashion, are now more inclined to renting out clothes for events or functions they have to attend. Certain industries like the fashion industry or film industry, generally require clothes for a limited time period. These industries prefer renting out clothes instead of buying them.
Renting clothes is not only a cost effective way in an industry which is constantly changing but also a more sustainable and ethical approach to fashion. The consumers can stay in trend without shelling out extra bucks. The online clothing rental service provides a more guilt free way of shopping for a new look. Traditional clothes are worn only on special events and occasions and are pretty expensive. Hence, consumers can choose to rent out traditional clothes without burning a hole in their pockets. Thus, these factors are expected to impact the global online clothing rental market in the near future.
The increasing popularity of e-commerce worldwide, internet penetration and growing awareness of the consumers are expected to drive the rental clothing market in the near future. The increasing affinity of the consumers towards high end designer brands has also worked in favor of the online clothing rental market due to the cost effectiveness of renting a piece , rather than buying it. However certain factors like low consumer awareness, skepticism of the consumers, less social acceptance of the concept of renting clothes are posing a hindrance to the growth of the market. One of the main factors that might be holding back the market is the sizing problem of the clothes. The rented clothes cannot be altered as per the need of the customers. The companies have been trying out new innovations like live chat with stylists and 24/7 customer support, surveys relating to personal styles of the consumers to overcome these restrains. Some companies have also gone ahead and offered try at home services.
In India, the concept on online rental clothing came into existence in 2012. Since then various clothing rental services has come into existence. Flyrobe, SwishList, Klozee, LibeRent, The Clothing Rental are some of the key players in the Indian online clothing rental market. There are many more companies that are currently joining the market. The entire global online clothing rental market is currently being driven by product innovation and focusing on enhancement of consumer experiences by introducing advanced services.