Over the pandemic, many consumers were informed of the many ways fast fashion has come to ignore the warning signs of climate change. In response many have boycotted large fast fashion giants in the hope to cease production and eliminate harmful manufacturing processes. This change in consumerism has resulted in the success of fashion rental platforms which naturally brings up the question: how is this going to change the fashion industry? Will it forever change the industry?
The rise in rental fashion is due to a few reasons, most notably because of the creation of ecommerce platforms. With ecommerce being easily accessible, may brands businesses are able to migrate their shop into platforms online reaching over a larger demographic. The savings that are involved in renting clothing is another reason why rental platforms are profitable. Renting reduces a significant cost from the price tag for shoppers to be able to afford to experimental and try new articles of clothing.
Over the past year, while consumers were stuck at home isolating and unable to shop in-person for their fashion needs, they migrated to online platforms. While spending time online, existing rental companies that had not gotten much attention before were now booming amidst the lockdown. With rental companies gathering so much attention from shopper, retailers decided to jump the wagon and started offering rental services on their products as well. Most notably Ralph Lauren started their very own rental services for several their products.
Renting undoubtedly changes the game for many retailers, specifically high-end ones where individuals would shop only once for special events. As more consumers took advantage of this opportunity, larger brands dealing gowns and dresses started to notice a decline in sales. To keep up with the new demand, many large retailers turned to launching their own line of rental wear, allowing consumers to shop affordably and sustainably.
The rental market taps into the shared economy by offering to shopper the chance to wear new garments instead of borrowing from a friend. Renters usually pay a subscription fee to have access to clothing for days at a time. A study by Statistica found that in 2019 the rental industry was worth a whopping $3.9 billion dollars! By 20250, it is projected to hit over $7 billion dollars in value. With ecommerce readily available, many rental companies are online allowing for such high volumes of consumers that can easy access ways to rent. The circular economy is one that is designed for sustainability. With minimal to no waste produced in the process, it is an effective way for the fashion industry to keep up and meet new demands of consumers.
À New Wave to Fashion. À New Way of Living.
Your First and Last Sustainable AI and Social Powered P2P/B2C Multifunctional Ecosystem (BUY/SELL/RENT/LEND/ SWAP/GIFT), for Me and You.
Via ÀLA.HAUSSE’s Multi-functional and Multi-purposeful Fashion Ecosystem- BUY/SELL/RENT/LEND mobile application, INDIVIDUALS & brands ( BETA) are encouraged to REBUY, RESELL, REUSE and UP-CYCLE their personal “Clossets” aka Clothing Assets. Through this consumerism habit shift we slow down the urgency on fashion carbon footprint, aiding sustainability as a whole.
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