Europe Online Clothing Rental Services Market size will reach $478.21 million in 2023

Europe Online Clothing Rental Services Market Overview

According to Global Market Monitor, the Europe online clothing rental services market size will reach $478.21 million in 2023 with a CAGR of 9.57% from 2023 to 2028.

Market Drivers

With disposable incomes increasing, consumers are spending more on clothing activities, fueling the growth of the online clothing rental market. An increasing number of fast fashion brands is another major factor contributing to the development of the online clothing rental market. Additionally, many clothing rental companies have started using subscription-based services online. These services have helped to reach a broader range of customer base, thus stabilizing their market.

Downstream Demand

Currently online clothing rental is mainly suitable for those who do not want to buy expensive clothes at one time. Millennial-aged end-users are important targets, and individuals who are experiencing rapid changes in temporary stages, such as pregnant women are also ideal customers. The online clothing rental market is gradually attracting more people who are not in use, and the downstream business market is expected to continue to expand.

Online Clothing Rental Services Market Trends

Monthly/quarterly subscription services are a growing trend in the online clothing rental industry, where retailers provide subscribers with rented clothing on a monthly/quarterly basis online. These services are helping companies reach a wide range of customer bases and save time in acquiring new customers and generating recurring revenue. Various online leasing companies have begun to make great efforts to use the Internet and advertising innovations to expand their market share, such as getting a rebate on the total booking fee for the previous month. It is an attempt to stay competitive and increase specialized products, resulting in more online leasing.

Rent the Runway is one of the most popular and oldest companies in this business, holding a share of 9.96% in 2022 and offering rental of designer clothing and accessories. It started as a pure e-commerce company and later opened a physical retail store. The main clothes on loan include wedding dresses, wedding guest dresses, formal event dresses, etc.

Company Name	Rent the Runway
Website	www.renttherunway.com
Established Time	2009
Plants Distribution	USA
Sales Region	Worldwide
Services Introduction	RTR Reserve RTR Update RTR Unlimited

For more industry information, please refer to our latest released "2023 Global Online Clothing Rental Services Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".