In an era when fashion trends change with every passing minute, and people are living their lives for social media, most shoppers have adopted a “one and done” approach when it comes to apparels. People nowadays are inclined to sporting a look a single time and then move on to the next. With such consumer behavior, the problem for retailers is significant who are leaving no stones unturned to help shoppers look good in selfies but more often than not, end up with having a pile of outfits unsold, and can’t bear the increasing cost of consumers wearing and then returning garments.

Is renting clothes the solution?

Renting clothes has emerged as a well-established practice, but getting the industry dynamics to work for affordable brands is tricky. And it apparently looks like the enemy of retail as it could dent traditional sales. However, retailers are increasingly looking to give it a shot as spending on clothes is witnessing a shift to experiences such as vacations and dinner dates. Renting can help retailers adapt to this new transition, as well as solve some of fashion’s perennial problems. 

Renting clothes and accessories has become ever popular over the last few years, especially among millennials. In fact, research reveals that millennials are 3 times more likely to rent clothes compared to non-millennials. There are many reasons for this behavior.

The feasibility of renting clothes among millennials has slowly developed into a trend. Millennials are perceiving renting clothes as well as buying second hand clothes as sustainable and economically beneficial. Problems, such as reducing landfill waste, are getting reduced. Many renters also shop in second-hand shops. Buying used clothes makes it easier to resell them instead of throwing them out when they are not liked anymore. There is a constant trading happening.

Different reasons for renting clothes

People who rent clothes can be classified into two different kinds. The first being those who happen to have an event and just don’t have a suitable outfit and the second being those who are taking full advantage of the growing popularity of the global online clothing rental market. These renters typically use clothing rental service multiple times a month to get dressed for work or events. Most of the times the events stay in the same circle and it’s noticed if someone is wearing the same outfit every time. Dressing up for work meetings is another reason to rent instead of buying. Women and men want to present themselves and their company in the best light wearing a well-fitting suit or dress can help.

Renting clothes and accessories online has created a new market, which is witnessing significant growth. While most of the online stores that offer these services are start-ups, more and more large companies are starting to flock the market. Retailers are gradually joining the bandwagon of allowing customers to rent clothes, and the day is not far when most big retailers have to accommodate rental services or find their sales dwindle in the long run.

Check out the Research on Global Markets report featured in this article:

Global Online Clothing Rental Market (2018-2023)
July 2019 | 59 Pages | SKU: 2018229