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By 2026, it was projected that the global rental apparel industry will generate around seven and a half billion dollars in sales.
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The market for renting out clothing in the United States was estimated to be worth $1 billion in 2018 and was expected to grow to $4 billion in value by 2028.
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Rent The Runway just announced record-breaking sales beginning in Q2 2022, and according to other studies, the market is anticipated to expand by 10% annually until 2027.
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Clothing shop sales were projected to be almost 18 billion USD in June 2023.
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When looking at the customer base through the lens of clothing type, formal attire commands a 48% market share.
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With a 27% revenue share, Europe is the second-big area for clothes rental after North America.