“Thanks! It’s rented.” These are the exact words my friend would say every time someone compliments her attire. She takes pride in the fact that most of her dresses are from the rental stores, not to mention, most of them are pretty branded ones too. So no complaints about the quality though!
I found it really intriguing how someone would be fine wearing already used clothes. And couldn’t help myself but research more about it. The results were astonishing! The global market value for online clothing rental is over $1,861.2 million in 2021. And a whopping 11% of Compound Annual Growth Rate (CAGR) is forecasted for the years 2021-2031. Now that’s some serious business!
When and how did it start?
Historically, this trend started in the year 2016. Though, it was dormant for quite some time. The increase in awareness of the fashion brands amongst the general public increased its demand. Thanks to social media, now more people are aware of the brands that are not just Nike, Jordon or Balenciaga.
Online clothing rental platforms found a massive surge during 2020. North America and the Asia Pacific are notable contributors to this market. Most of the people interested in such ideas are Millennials and generations after them. They are more interested in the ability to access these luxury brands than spending four figures to own them. Well, this shift must be because of the economical strains that the current generation is facing due to the prevailing crisis.
People these days are preferring sustainability over fast fashion. Fast fashion is great and no doubt one would want to enjoy new trends of every season in their closet. However, we only use 40% of the clothes we own. The rest would either be dumped in the landfill or burnt.
So, instead of adding woes to the already existing environmental disaster, the current generation found an ideal way to deal with the crisis; all while staying in fashion. The fashion industry currently is posing a threat to the environment by being responsible for 20% of the world’s water pollution and 10% of the world’s carbon emissions. By choosing the rentals, not only are we looking for sustainability but are also enforcing that the fashion companies also produce such kinds.
Interested in the business?
Many youngsters are finding a golden opportunity in this business and are starting their entrepreneurship journey in one way or the other. You can choose to either choose to dropship the products or personally buy them from the wholesalers and sell them online. The business opportunities are limitless.
Much preference is given to the online pages and websites. By starting a new page on social media websites like Instagram, Facebook etc is one option. The other one is through a traditional approach, emails. Email marketing is an underrated means of marketing strategy. Its ROI is 4200% for every dollar spent. But how to get enough contacts? It’s easy by choosing email search websites like GetEmail.io. This highly efficient website is powered by artificial intelligence and has an extensive database to find emails in just a blink of an eye!
If you want to be on the purchasing end or the buying end, you will be doing good for the environment regardless. One step at a time let’s walk the ramp to sustainability.
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