Gone are the days when people used to acquire things as a status symbol, showcasing them at every event. Today, sharing culture has given rise to multiple industries, with the fashion rental industry being one of them.
With over 2138 million dollars in turnover worldwide, the niche has grabbed world attention for many good reasons. But it didn’t happen overnight. Instead, it took multiple years and contributions of brilliant minds to shape the clothing rental industry into what it is today. Keep on reading, and we will dig deep into all the pinpoints that contributed to success while discussing how it is an ultimate opportunity for brands as well as customers. So, without any further discussion, let’s dig deep into the content.
Your Guide to the Rise of the Fashion Rental Industry
What is Rental Fashion?
Rental fashion is a new terminology in the retail business that encourages the usage of pre-loved items for a definite period. The whole phenomenon works around renting a garment piece owned by one person or an organization to the consumer for a temporary basis and charging a fair amount of fee for it,
Unlike the fashion manufacturing industry, which struggles for the mass production of cheap yet quality clothing, the rental sector aims to enter the longevity of one piece of clothing to a maximum duration.
The scenario is beneficial not only for the seller and the consumer but also for the environment as it minimizes resource wastage. Thus indicating that there is a vast potential for the fashion rental market to conquer the worldwide manufacturing market in the years to come.
The Evolution
The evolution of clothing rentals reports predicts that the industry will be growing by 10 percent until 2027, reaching a net worth of approximately 2.2 billion dollars.
Awareness about the importance of environmentally friendly businesses has increased significantly in the mid-twentieth century. Many industries have faced severe criticism for contributing to environmental degradation, with fashion being no exception.
Although the criticism caused many brands to face severe consequences, it also has encouraged eco-friendly practices which include the sharing culture within the garments niche. As a result, the concept of re-selling preloved clothing and renting dresses in the circular economy became a common practice. Today, there are an enormous number of applications and websites that allow one to sell or swap their items.
Thus, the consumer is allowed to progress in trading and exchanging their preloved clothing rather than investing money in purchasing new garments whenever the need arises. Although the practice is significantly beneficial for the environment, it also has contributed to stabilizing the consumer’s income and minimizing resource wastage in the long run.
With the progress, the idea of rental fashion is now taking off in enormous ways.
Benefits of the Rental Garment Industry
Rental fashion has an extensive range of benefits to offer to its consumers and sellers. In the first place, it enhances the sellers for the clothing pieces they own. Thus, they are able to generate a sustainable business and ongoing revenues without investing much.
On the other hand, buyers are all granted flexibility by the garment rental agreement. That means they can sport their favorite outfits temporarily without committing to the entire purchase.
The environment is also getting immense benefits from the adaptation. According to a study conducted by “Rent The Runway,” the renal model has displaced about 1.3 million dollars in the production of new garments since 2010 due to a hike in the rental businesses. This leads to a saving of 98.6 kWh of energy and over 44 million pounds of CO2.
How Does the Rental Business Work
Many people consider this as a home business where they borrow or trade each other’s dresses for a shorter period and return them along with some money or any other commodity. Yet, the company can be taken in professional ways in two significant ways discussed as follows.
Through Thrift Stores
Although thrift stores mainly deal with the repurchasing of preloved items, the same business model is today getting adopted in the rental industry. The people establish stores where they invest in purchasing dresses from multiple giant brands.
This might include first copies of established brands such as Gucci, Channel, Louis Viton, and Versace as well. Now, the people are all allowed to enter, roam around, and select the dress they want to rent.
It is then rented to the consumer just like you get a book from your library. On the return day, the dress is scrutinized to determine if it is in perfect condition. If any scratches or tears are found, consumers have to pay for it.
Through Applications
The process is straightforward. Under this, a simple application is made. Thus establishing a common platform for buyers and sellers.
Here both parties can meet up with each other and decide the rates and duration regarding the renting. When the order is placed, the app owner gets a significant share of the commission from the payment.
Benefits of Rental Clothing
Savings
Rental clothing is cost-efficient. Instead of buying those pricey clothes, you can just rent them. Buying cheaper clothes won’t be a great idea to wear on special occasions. But your pocket won’t allow you to buy the premium garments. You can rent the dress for particular events rather than paying a heavy amount to wear it once a year. Through it, you will be able to wear different fancy clothes at each celebration without making your pockets empty. Renting clothes helps to save an immense amount.
If you are the one who likes to wear their clothes less then rental clothes would be an appropriate option for you. Isn’t it great to be able to wear a diversity of clothes?. But it won’t be a great idea to have a bulk of clothes. Rental clothing allows you to wear, unlike clothes for every event, without having a stuffed closet. This way you can wear different and beautiful clothes for every occasion.
Wear Trendy Every Time.
It happens that you purchase some nice and trendy clothes, but soon they go out of fashion. Hence, it will be a waste to keep them on hold. At the same time, rental clothes offer to wear trendy clothes every time. It allows you to rent the dress and outfits that are in trend. Surprise people with your outfits that are always on trend. Rental clothes will enable you to be fashionable and try out the clothes you wish to have. This way you will be relaxed about having out fashion clothes in the future. So go with the changes and rent whatever is on trend.
Flexibility
Rental clothes provide flexibility. Imagine you live in a cold place but are going to an abandoned place for vacation. In that case, you won’t have any clothes that could be worn during the vacation. Here the Rental clothes come for the save. You can just rent the clothes that are appropriate to wear at a particular location and can return them when you arrive home. It is highly beneficial when you need unique clothes just for a limited period.
Conclusion
The fashion industry gas gave rise to the rental garment industry. The content above discusses some of the fantastic benefits of the rental garment industry, along with all the essential information. So make sure to read till the end.
