How bright is the scope of rental fashion in India
A new generation of young people are always creating a wave of change and a generation (Gen-Z/Millennials) that was born into or introduced to the digital age has a totally different appetite for fashion. Gen-Z and Millennials are addicted to social media and therefore avoid repeating clothes, which creates a greater demand for new clothes.
The digital age has also caused a wave of awareness among young people, so now everyone knows the who’s who of the luxury world and wants a slice of the pie by wearing the latest designer outfits. To top it off, fashion trends are constantly changing, so owning clothes based on new trends seems even more redundant as it’s heavy on the pockets and doesn’t give as much marginal utility to the product. Rentals have fitted seamlessly into this niche that was created solely by the digital boom and is now being embraced gracefully due to COVID and climate action sensitivity.
Young people in urban cities, especially our Levels I and II, are becoming more aware of what they wear and where their clothes come from. All of this led to a kind of revolution, bringing people towards the idea of renting. Renting clothes is not only easier on the pockets, but it also allows people to freely post and display their outfits on social media without fear of not being able to repeat them. There has been a natural shift among people making frugal choices that help them be at the top of their fashion game. Customer acquisition costs for tech rental companies have come down significantly post-Covid, which is very much a reflection of organic business growth.
Influencers post new outfits every day and unlike the old days when only celebrities rented their outfits, our influencers next door are all ready to rent. There is no shortage of designer content and clothing available for hire. Rental brands are growing both online and offline as people can now see the benefits of rental and the numbers speak volumes. People rent products with real market price of Rs 20,000 to Rs 15,00,000 at rental values between Rs 1,500 and Rs 1,50,000. helps them live their dream of wearing their favorite designer while avoiding the hassle of upkeep, not to mention never having to repeat it out of guilt again.
The numbers are promising and they show that rental is only here to stay and grow, it has now become the new era of buying for customers in India. C2C (customer to customer rental) models are growing as seen with rental companies giving back to society by creating a model of sustainable reuse, they do so by taking great care of fabrics. Women can now rent their designer clothes from rental companies and earn extra income to indulge more in a shopping/rental spree. Thrift stores are also growing as people become familiar with the idea of sharing clothes, rental companies get their designer outfits, and outfits pass from consumer to consumer effortlessly.
Growing concerns about carbon footprints among Gen Z are pushing brands like French Connection, Allbirds, M&S, Lululemon, Hugo Boss and Gore-Tex in addition to Burberry to turn to rental and resale.
Suffice to say that even the big brands are trying to save their image by showing that they care about the planet. Conversations around clothing recycling have become the new norm. Consumers are sharing outfits and refurbishing old jewelry instead of investing in new pieces. At their wedding, brides choose to adapt their mother’s outfits and recreate new looks that showcase a beautiful blend of traditional heritage with a modern twist. Music festivals have resumed in India and Indians are using all their creativity to come up with new looks by renting cool outfits, which they know they will never wear again.
These rapidly changing norms have created a cultural shift where wearing pre-loved clothes is no longer embarrassing but rather something we are very proud of. step away from that idea and make conscious choices without compromising on fashion. Trends are always going to change and if you have to have 70% essentials in your wardrobe and the rest 30%, you rent, save or carefully evaluate your choices when investing in a piece of fast fashion . As soon as the wedding season arrives in India, all the old clothes go further into the wardrobe and there is an urgent need to wear something new, something upbeat, so basically every wedding season purchase ethnic marriages cannot be repeated for at least a year. or two. This delay is tied to wear and tear on clothes and snatches a large chunk of a customer’s savings. All of this is now prompting urban Indians to invest money in hassle-free rentals that they can fashion on their grams and honestly, this cultural shift is a big step in the future. Whether it’s a friend’s wedding or a concept shoot for social media, renting is the best way to optimize outfits and look stylish at all times.