How Online Fashion Rentals Are Changing the Way We Shop
In a world of online shopping, it’s no surprise that there are always new ways of using e-commerce in the fashion sector. One of these being online fashion rentals. Over the past couple of years, fashion rentals have been increasingly gaining popularity. Much of this popularity and excitement for the companies is generated through social media and influencers. I have seen sponsored videos by influencers flood Instagram and TikTok, showing how they style the monthly items they have rented. This influx of sponsored content led me to get to the bottom of online fashion rentals and see how they are changing the way that we are shopping for clothing.
What Exactly Is an Online Fashion Rental?
Online fashion rentals are similar to instore rentals such as tuxedo rentals. If you ever went to prom, your date most likely went to the nearest tuxedo store to rent his ensemble for the night. After wearing it to the event, they would return the tux back to the rental store. Online fashion rentals are essentially the same concept. However, they usually are sold as a monthly subscription. There are different subscription levels depending on how many clothes you want to receive, and the price will increase for each level. Once you pick your subscription some fashion rentals will allow you to shop off their website and pick the items you want for that month while some rentals allow you to talk with a stylist that can help pick the items you receive. Some rentals focus on allowing you to rent from other user’s closets, essentially like a shared closet. Once you wear the clothing, you mail it back to the company to receive another box of rentals.
What are Some of the More Popular Online Fashion Rental Companies?
Because the business for online fashion rentals seems to be growing, there are many different companies perusing it, but a few main ones stick out. The most commonly used is Rent The Runway. You have probably heard of this company as they are usually the first ones to pop-up in a Google search for fashion rentals and have a large social media presence especially among influencers. What’s special about Rent The Runway is that it lives up to its name. The clothing items that you can receive are actual designer items that would cost you hundreds if you were to purchase them from their retailer. Some of the brands that Rent The Runway carries are RHODE, Kate Spade, Hutch, HALSTON, and many more. Other popular fashion rental companies are Fashion Pass (which is starting to grow a large following), Nuuly, Vince Unfold, and StyleLend.
Why Are Online Fashion Rentals Becoming Popular?
The attraction to online fashion rentals could be because it is a less expensive and easier way to wear the latest fashions. This is especially when it comes to designer items like some rentals offer. You are paying less each month to receive multiple designer items than it would cost to buy one of these items from the retailer. It is also a more sustainable way to wear and purchase clothing. Once you wear your items you are able to give them back to the rental service so another customer can wear the garments as well. Overall, this extends the life of garments and reduces waste when you decide to get rid of items in your closet that you may have bought to wear once but know you won’t wear again. In addition, Rent The Runway lists that other positives to rentals are that you are saving time and money spent from doing laundry and getting items dry cleaned, you have no buyer’s remorse, and again you are wearing designer items without paying the designer cost.
What Does the Future Look Like for Online Fashion Rentals?
It has been projected that the value of these online fashion rentals can reach more than two billion dollars by 2025. This just shows how popular these rental sites are actually becoming. I think much of this has to do with the increase of online shopping during the pandemic. Consumers found it easier to not have to leave their house to shop and are exposed to a larger range of clothing items and brands online than they may have instore. Fashion rentals could become as popular as the normal buying patterns we are used to as more people realize renting can make more financial sense and be more sustainable. It will be interesting to watch how online fashion rentals will continue to grow and expand in the fashion market.
