Rental and Resale Market Analysis
To obtain information about the rental and resale market including market size, growth, trend, and how it impacts the fashion industry.
Rental market size
- In 2017, the global online clothing rental market size was predicted to amount to $1,856 million by 2023 with a 10.6% CAGR.
- The global online clothing rental market size was predicted to amount to $1.12 billion in 2018 and expected to increase at 9.4% CAGR.
- In the U.S. the clothing rental market size was estimated at $1 billion in 2018 but was predicted to reach $4.4 billion by 2028.
- North America is the region with the highest online rental market share.
- Some of the top companies include Chic by Choice, Share Wardrobe, Glam Corner Pty, Girls Meet Dress, Rentez-Vous, Swishlist Couture, and Liberent.
Resale market size
- The global clothing resale market was valued at $24 billion in 2018, but expected to reach $51 billion by 2023 at approximately 16.27% CAGR.
- 64% of women were more interested in buying secondhand clothing in 2018, compared with 45% in 2016.
- Millennials (33%) and Boomers (31%) are currently the leading customers for secondhand shopping in the resale market while Gen Z (46%) and Millennials (37%) are mostly responsible for the growth in the clothing resale market.
- The clothing resale market was heavily influenced by innovative technology such as thredUP Clean Out Kit, data science, massive volume and scale with automation and mobile apps that can be personalized and enable consumers to shop from anywhere.
- Contributing factors to the online clothing rental market growth include "technological advancements, internet penetration, [and] increasing popularity of online shopping portals".
- Asia Pacific is expected to see an increase in e-commerce as a result of online clothing rental.
- Factors that might hinder growth in the online rental market include "improper regulations, low consumer awareness, and less societal acceptance" but companies are finding innovative solutions to combat this including "live chats with fashion experts".
PROPRIETARY RESEARCH AVAILABLE
Online Clothing Rental Market by End-users and Geography - Global Forecast and Analysis 2019-2023 (TechNavio, $2,500)
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