21 May Would you rent your entire wardrobe?
Written by Gen Mater.
What about your lingerie collection?
Well, perhaps not your entire wardrobe. You might like to keep your favourite pair of jeans and a few basic items. But renting your wardrobe is not as outrageous as it may seem.
According to The State of Fashion 2019, a joint report from The Business of Fashion and McKinsey & Company, 2019 will be a year of awakening. Younger generations are increasingly concerned about social and environmental issues and they want their favourite fashion labels to address these concerns.
These consumers want to know where their clothing is made and by whom. How much that person is paid, and whether they enjoy a safe work environment. They want brands to reduce excessive water consumption, stop depleting non-renewable resources, and limit greenhouse gas emissions.
For their part, the fashion industry has quickly realised that these consumers will not hesitate to reward those who take action on these issues. And this is not a small market. Gen Z and millennial consumers represent $350 billion in spending power just in the US.
Are Gen Z Fashion Hungry or Sustainable?
It’s important to note that this desire for ethical and sustainable fashion does not change the fact that consumers still want access to a variety of clothing at a reasonable price.
At first, these two ideas sound mutually exclusive but the answer may be found in a new business model. By renting their wardrobe, consumers can access the latest fashion, at a fraction of the cost, while reducing the environmental impact.
You can wear that lingerie inspired outfit just once and not feel guilty – that’s got to be a good thing right?
The future of rent rather than own?
Already there is a strong desire to rent rather than own. Most people prefer to watch Netflix rather than buy a DVD or listen to Spotify to access the latest music. And this trend is not limited to the more affordable fashion market. Luxury products are becoming more expensive so even people who earn a lot of money may need to consider renting an outfit.
Missy Noir commenting that most of us have been doing it for years without even thinking.
“Whether you had a big sister and paid by doing her chores or were all about the pre-party to try on your friend’s clothes. It’s fun being able to switch it up and it’s one positive solution to our fast fashion nightmare.”Justene from Missy Noir.