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Emerging Markets Responding to Rental Market Phenomenons
Rental Clothing Myth Busters
December 19, 2022
What Does the Future of Sustainable Fashion Look Like?
December 19, 2022
Written by: Laaibah Hanan
RENTAL/RESALE are an integral part of the upcoming circular business model of next generation fashion consumption. As the consumption of rental fashion has increased in the past few years, it is inevitable that the rise of such platforms will certainly lead to the dent in the world of mass-produced fashion. The fast fashion industry is reported to produce 1.92 tonnes in textile waste every year and has been reported to rise global emissions by 50% in 2030 (Igini, 2022). The fast fashion industry is known for their notoriously unsustainable and unethical practices from wastefulness to unfair wages paid to workers and their unsafe work environments.
How Have Shoppers Reacted?
Recently, many shoppers have switched over to using reusable, repurchasing, and rental clothing platforms for their apparel. Rental platforms have gained huge momentum over the past decade, with many millennials praising the environmental benefits of using such platforms. Ethical and sustainable practices are hard for many shoppers to fulfill and seems an impossible daunting task to keep up with and ensure during every purchase. Rental platforms have created widespread impact by going online, which is especially evident over the pandemic, making it more accessible and simpler as ever.
New Changes are Coming
Moreover, the fashion industry is one that is constantly changing and evolving. Over time, the new replaces the old. People are constantly influenced either by popular culture, including musicians, movie stars, social media, and royalty etc. The fashion industry today has an approximated $350 billion in value in 2022. The rental fashion industry is one that started a decade ago and has increased in popularity overtime. They offer the opportunity to enjoy high end clothing without having to spend a fortune. Instead of consumer spending a large sum and investing in only a single piece of clothing, these companies offer the apparel for a fraction of the retail price, with the agreement of returning it after a specified amount of time.
Soon, the retail industry reeled from profits after taking a heavy blow from the entrance of rental fashion platforms. The rental market is predicted to significantly grow between 2021 and 2031. The market was previously projected to produce US$ 1.8 billion by 2021. Despite declining garment sales, the clothing rental industry is expanding its assortments under different subscription models to reach clients. The subscription model generates recurrent income in addition to providing potential clients with expertise with clothes rental businesses. Rental as a concept has grown fast. But today’s shoppers are discerning. They are increasingly questioning the practices of companies and are putting their money where their morals are.
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.
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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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References:
- https://toppandigital.com/translation-blog/will-emerging-markets-respond-rental-wardrobe-phenomenon/
- https://mailchimp.com/courier/article/fashion-rental-market/
- https://www.thestar.com/business/2022/09/25/to-rent-or-buy-whats-in-store-for-the-clothing-rental-industry-in-canada.html
- https://www.rentle.io/blog/rental-business/online-clothing-rental-market
- https://www.businesswire.com/news/home/20220825005571/en/Global-Online-Clothing-Rental-Market-2022-to-2027—Industry-Trends-Share-Size-Growth-Opportunity-and-Forecasts—ResearchAndMarkets.com
