How much is the rental fashion industry worth?

How much is the rental fashion industry worth?

Projected to reach a value of more than $2 billion by 2025, the global clothing rental industry is changing fashion consumption as we know it.

What could the clothing rental market be worth in the UK?

Forget puff-sleeves and power shoulders – 2021’s biggest trend is clothes rental. A study by Westfield shopping centre found that the UK clothing rental market has a potential value of £923m, and is forecast to boom over the next few years.

Why renting clothes is sustainable?

On average, per rental garment, Rent the Runway estimates a 24 per cent reduction in water usage, a six per cent reduction in energy usage, and a three per cent reduction in CO2 emissions, in comparison to buying new.

How big is the fashion rental industry?

According to a new report published by Allied Market Research, titled, Online Clothing Rental Market by End User and Clothes Style: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global online clothing rental market was valued at $1,013 million in 2017, and is estimated to reach $ 1,856 million by …

Why you should rent clothes?

Six advantages of renting clothes

• Saves you money. If you decide to rent clothes it can be a convenient and cost-effective way to ‘shop’.
• Save wardrobe space. I know I’m not the only one who has a wardrobe full of things I don’t wear.
• Wear designer brands.
• You will never run out of clothes to wear.

Is renting better for the environment?

Renting generated the highest amount of emissions because of all the transportation involved; indeed, the study found that it’s actually better, from a climate perspective, to simply buy the jeans, wear them, and throw them away.

Why renting clothes is bad?

The biggest damagers to the environment in the rental process come from chemicals used in dry cleaning clothes in-between loans, carbon emitted in transportation between renter and rentee and the packaging methods.

How much is Hurr worth?

London-based Hurr runs a mix of peer-to-peer rental services and managed stock with brand partners, carrying inventory worth over £3 million (about $4.2 million). In addition to its website and app, the company has a physical presence in two Selfridges department stores.

Is it cheaper to rent clothes?

Modern wardrobe: Renting clothes comes with many advantages However, the environment bears the cost. Renting this clothing for special occasions is usually much cheaper – without having to forego quality or designer labels as a consumer. So you can save money and rely on high quality for everyday street style.

Is renting clothes worse for the environment?

A study has revealed that renting clothes, long touted as one of the “answers” to fashion’s sustainability crisis, is worse for the planet than throwing them away. It found that renting clothes had the highest climate impact of all. The hidden environmental cost was found to be delivery and packaging costs.

Is fashion rental sustainable?

How does Hurr earn?

The company makes money by taking 15\% of the rental price from the lender and 15\% from the renter, and they’re planning to scale to all major UK cities by the end of this year.

What was the global online clothing rental market size in 2018?

The global online clothing rental market size is estimated to be USD 1.12 billion in 2018 and is expected to expand at a CAGR of 9.4\% over the forecast period. Increasing online retail is the primary driving factor for this growth.

Will online clothing rental sales continue to grow in 2021?

According to FMI’s analysis, Online Clothing Rental sales would grow at an 11.0\% CAGR between 2021 and 2031. How is Accessibility of Online Retail Fuelling Online Clothing Rental Global Demand?

How online clothing rental companies can leverage potential opportunities in kids wear?

With increasing spending capacity and changing kid’s lifestyle, the kids wear market is expected to benefit on a major scale. Hence, online clothing rental companies can leverage potential opportunities by expanding offerings in kid’s apparel. How Creating Awareness in Middle East & African Countries is a big Opportunity?

Why do consumers prefer renting clothes to stay trendy?

Renting a product is always cost-efficient, and more so in this industry where the trends keep changing and consumers do not prefer repeating clothes. As a result, consumers prefer renting clothes to stay trendy. Increasing e-commerce, especially in Asia Pacific is expected to propel the market in the near future.