The online clothing rental market is projected to witness solid growth between 2021 and 2031, according to a study by Dublin-based Future Market Insights, which recently said the market is projected to reach $1.8 billion by 2021 and is estimated to rise at a compounded annual growth rate (CAGR) of nearly 11 per cent between this year and 2031.
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 favour.The online clothing rental market is projected to witness solid growth between 2021 and 2031, according to a study by Dublin-based Future Market Insights, which recently said the market is projected to reach $1.8 billion by 2021 and is estimated to rise at a compounded annual growth rate (CAGR) of nearly 11 per cent between this year and 2031.#
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, the study found.
The United States has emerged as a highly lucrative market, accounting for nearly 95 per cent of the North America market. The United Kingdom is projected to register 11.8 per cent YoY growth in 2021, performing exceedingly well within the European market. Germany and France will continue exhibiting high demand for online clothing rental.
Within East Asia, the demand for China and South Korea is expected to be higher than Japan.
Fibre2Fashion News Desk (DS)
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