LONDON, June 30, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the online clothing rental market, technological advancements are shaping the online clothing rental market. Technological advancement is among the leading online clothing rental industry trends and has helped online clothing businesses sync up all their operations and business processes. For instance, in October 2021, H&M, a Swedish-based multinational clothing company, launched a blockchain-based clothing rental service with scannable IoT labels on the clothing. With this, customers at H&M’s store can pick garments for instant hire by scanning IoT-connected stickers with their smartphones. Customers can access this service by signing up for Spin and then paying up to $11 in daily hire fees. Reselling or renting alongside innovation in materials is helping create sustainable consumption patterns.
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The global online clothing rental market size is expected to grow from $1.28 billion in 2021 to $1.41 billion in 2022 at a compound annual growth rate (CAGR) of 10.2%. The global online garment rental market size is expected to grow to $2.11 billion in 2026 at a CAGR of 10.5%.
The increasing mobile and internet penetration is expected to propel the growth of the online clothing rental market. Economic development, IT infrastructure, supportive government and business policies, and the degree of urbanization all have a positive impact on mobile and internet growth. In an online clothing rental service, a person rents clothing online with the use of the internet and makes the payment online. According to Data Reportal, a Singapore-based business intelligence company, in October 2021, 4.88 billion people (almost 62%) in the world were using the internet. According to Bankmycell, a US-based price comparison site for mobile phones, in 2021, there will be 6.378 billion (80.76% of the world population) smartphone users. Therefore, increasing mobile and internet penetration is driving the growth of the online clothing rental market.
Major players in the online clothing rental market are Style Lend Company, Rotaro, Rent the Runway, Rent It Bae Company, Mine for Nine LLC, Le Tote, La Reina, Gwynnie Bee, Glam Corner Pty Ltd., FlyRobe, Dress Hire, Dress & Go, ThreadTread, Stylish Play, and Secret Wardrobe.
The global online clothing rental market is segmented by clothing style into western wear, ethnic wear, others; by dress code into formal, casual, traditional; by price range into low, mid, premium; by end-user into women, men, kids.
North America was the largest region in the online clothing retail market in 2021. The regions covered in the global online clothing rental industry outlook are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Online Clothing Rental Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide online clothing rental market overviews, online clothing rental market analyze and forecast market size and growth for the whole market, online clothing rental market segments and geographies, online clothing rental market trends, online clothing rental market drivers, online clothing rental market restraints, online clothing rental market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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