Global Apparel Rental Market Report 2024: In 2023, the Market is Expected to have Grown 33%, Sitting 52.4% Above 2019 Levels - Forecasts to 2027 Featuring HURR, By Rotation, Nuuly, and Gwynnie Bee

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Mar 07, 2024, 23:15 ET

DUBLIN, March 7, 2024 /PRNewswire/ -- The "Global Apparel Rental Market to 2027" report has been added to ResearchAndMarkets.com's offering.

The Global Apparel Rental Market to 2027 report offers comprehensive insight and analysis of the global apparel rental market, including market sizes and forecasts for 48 countries, with regional and category breakdowns. It provides detailed analysis of the key trends shaping the market, and the leading companies in apparel rental.

In 2023, the global apparel rental market is expected to have grown 33.0%, sitting 52.4% above 2019 levels, driven by increased consumer awareness. Europe is forecast to be the rental market's fastest growing region, with its share of the market expected to jump by 7.0ppts between 2023 and 2027, fuelled by the high number of traditional players launching their own rental services, as well as the strength of specialists such as HURR and My Wardrobe HQ. The Americas' share of the market is expected to fall the most between 2023 and 2027, due to a relatively established market in North America, and weak engagement in Latin America.

Scope

Affordability represents the biggest incentive for renting apparel according to UK consumers, as it works out more cost-effective than buying items brand new, especially as consumers mainly choose to rent special outfits for events that they would only wear once.
An increasing number of retailers and brands have begun launching their own rental propositions in recent years, and though these initiatives are unlikely to drive significant revenue, it allows brands to improve their sustainability credentials and relevance.
There remain several inhibitors for growth in the market. 45.5% of UK shoppers that did not rent apparel said this was due to their preference for owning items, showing there is a long way to go to convince consumers on the benefits of renting.
Rental is most popular for luxury and premium brands, with 29.0% of UK renters stating that renting allowed them access to something they could not afford to buy outright.

Reasons to Buy

Understand what is behind the outperformance of the apparel rental market, and the differentiation between categories.
Learn about the geographical differences in the way consumers shop for apparel rental, and which are the key countries driving growth in the market.
Identify what makes the leading rental players successful and how you could integrate this within your own business.

Key Topics Covered:

EXECUTIVE SUMMARY

KEY TRENDS IN THE GLOBAL APPAREL RENTAL MARKET

Rental platforms diversify their product offerings to widen appeal
Mainstream brands launch rental with specialist platforms and services
Brands experiment with in-store rental services to alleviate fit barriers

GLOBAL APPAREL RENTAL MARKET: MARKET SIZE TO 2027

Global Apparel Rental Market, 2017-2027

GLOBAL APPAREL RENTAL MARKET: REGIONAL PERFORMANCE TO 2027

Global Apparel Rental Market Share by Region 2017-2027
Top 10 Global Apparel Rental Markets 2017-2027

GLOBAL APPAREL RENTAL MARKET: CATEGORY PERFORMANCE TO 2027

Share of Global Rental Market by Category, 2017, 2023 & 2027
Global Apparel Rental Market by Sub-Category 2017-2027

CONSUMER INSIGHTS

Global Intentions to Rent Apparel by Demographic and Region
UK Most Popular Apparel Styles Rented
UK Apparel Rental Drivers
UK Apparel Rental Inhibiters

COMPETITIVE LANDSCAPE: COMPANY PROFILES

Company in Focus: HURR
Company in Focus: By Rotation
Company in Focus: Nuuly
Company in Focus: Gwynnie Bee

APPENDIX

A selection of companies mentioned in this report includes

ASOS
Ba&sh
Bo+Tee
Boohoo
By Rotation
Coperni
Damson Madder
Eloquii
Farm Rio
French Connection
Ganni
Good American
Gwynnie Bee
H&M
Hirestreet
HURR
Jaquemus
John Lewis & Partners
La Mas Mona
Levi's
Lidl
LK Bennett
Maje
Mango
Missoma
Moss Bros
Motel
Mugler
Mulberry
My Wardrobe HQ
Net-a-Porter
Nobody's Child
Nuuly
Oh Polly
OOSC
Oxwash
Paco Rabanne
Paige
Rejina Pyo
Rent The Runway
Rixo
Rntr
Selfridges
The Kooples
Universal Standard
Urban Outfitters
Victoria Beckham
Zadig & Voltaire
Zara

For more information about this report visit https://www.researchandmarkets.com/r/ruef38

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