A report by ESOMAR-certified market research and consulting firm, projects online clothing rental market will see robust growth between 2021 and 2031. The report perdicts the will reach $1.8 billion by 2021-end with subscription model becoming a new trend in clothing rental business. The online clothing rental subscription market is extending 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.
The market is expected to grow at a CAGR of 11.0 per cent between 2021 and 2031, says the latest market intelligence study. The US has emerged as a highly lucrative market, accounting for nearly 95 per cent of the North America market.
The UK is projected to register 11.8 per cent Y-o-Y growth in 2021, performing exceedingly well within the Europe 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.