According to the latest report by Imarc Group, titled ‘Online Clothing Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027, the global online clothing rental market, that reached a value of $1.9 billion in 2021, is expected to grow at a CAGR of 9.75 per cent through 2022-2027 to $3.3 billion by 2027.
The report, COVID 19 pandemic has adversely affected the online clothing retail market since public gatherings, including weddings and family get-togethers had to be canceled or postponed due to the mandatory lockdown restrictions imposed by the governments of various countries Moreover, due to the fear of transmission of the virus, a majority of the people hesitated in wearing rental clothes due to hygienic concerns, thus impeding the market growth.
Apart from this, the increasing popularity of internet shopping portals due to their enhanced convenience is creating a positive outlook for the market. Moreover, several online clothing rental portals are offering customization options and discounts to attract customers, thus catalyzing the market growth. Besides this, the rising prominence of fashion vlogs, considerable growth in the film and television industry, and the growing preference for rental services due to their easy availability and accessibility to an enormous assortment at a lower cost are propelling the demand for online clothing rental services.
Additionally, the high usage of these resources among fashion-conscious individuals who lack the finances to purchase clothes of their choice is strengthening the global market. Other factors, including the inflating disposable income and easy return or refund options provided by these portals, are also providing an impetus to the market.