Rental clothing has a bright present, and probably an even stronger future. This is why the idea of replacing an entire wardrobe with a small wardrobe and a 'subscription fee' even for rental clothes is not at all far-fetched.
A billion dollars.
Here's how much the company is valued Rent the Runway after a whopping $ 125 million investment in 2019. Rent the Runway is one of the many rental clothing services available today (some directly from big brands, others, like Rent the Runway, not). There is a whole series of companies that are focusing on an audience that is looking for a very varied style of clothing, and the freedom to change it often without filling the wardrobe with clothes.
Will it become a trend? As with music, films and soon transportation, the idea of not owning clothes and guaranteeing yourself always new clothes with a monthly "fee" will perhaps change our culture.
Here are several reasons for and against this trend in rental fashion. Not all of them are beautiful or uplifting, but they all have equal propensities to rent (or to possess).
Pros: life is a timeline
Rent the Runway dates back to 2009, but this trend was happening even before that. In general, the Millennial generation is less interested in ownership and more interested in access. Yet, the new generations are also driving this social mutation. In an age where you are constantly posting photos of yourself, looking dynamic and engaging is likely gaining importance. The rise of social media has produced an acceleration of the phenomenon: today people's timelines are real "visual highways" where appearance changes at dizzying speed, in an attempt to keep attention alive. But this is only part of it.
Pro: Environment first
I think many of us have become increasingly aware of the ecological impact that the current low-cost fashion system has. To everyone it seems more and more like a model close to collapse. We consistently use less than 40% of what's in our cupboards. The rest is there moldering, or will end up in landfill. An increasingly large part of us knows that we can live with much, much less. And have a “lighter” wardrobe by subscribing to a clothing rental service like ForDays (I talked about it some time ago) can be a way to fight waste.
Pros: you can vary and you are always impeccable
Marie Kondo teaches. The happiness you get from a dress (or object) decreases as it becomes more obvious. Instead of throwing the dress in the back of the wardrobe because you no longer like it or because it "smells old", you vary with clothes that are always perfect, which calm social anxiety and remove the hindrance of the decision.
Pros: you feel integrated
Natural curiosity and the desire to explore can be enhanced with services such as clothing rental and subscription services. Trying on the trendy dress of the moment means being able to comment on it, perhaps in a group of people who love that genre, or who have already worn a similar dress. Maybe in a similar event. It's a way to be part of the conversation, and it can be very engaging for people who like to feel part of the global village.
Cons: it is not very personal
People still like to own things. The property gives us a sense of control and identity, in a way that “for hire” access is not. Those who use rental clothes only on important occasions know that that evening area is not strictly, permanently linked to their identity. It is an “aspirational” identity, it is what one would like to be, or it is how one would like to present oneself. The dress you buy, which you "make yours", responds to other, perhaps more intimate and personal logics.
Cons: nothing is really yours
Owning things is also comforting, in the sense that we can dispose of them as we please, or give them to someone else if we want. Suppose you have younger siblings: owning something is valuable beyond personal use. It can be a way to transfer value and wealth or share your experience with others.
Cons: buy bonuses
There is also an entertainment, almost “therapeutic” and certainly reassuring value in going to a store and buying things. Some people just enjoy this process and it's not the same as picking out an outfit and taking it away. Not until clothing rental services develop valuable environments and experiences.
Cons: men don't like renting
In her master's thesis from a few years ago, a former doctoral student, Aleksandra Kovacheva, considered gender differences in interest in clothing subscription services. She has found that men are not particularly interested in these types of experiences. Women see it as an exploratory experience: they can learn new things, find variety. Men don't. Men seem to prefer more control over purchasing.
So no, I don't think fast fashion will die. I just think ownership-based retailing will adapt. Perhaps by offering models similar to Amazon Prime Reading: keep a suit as you like, or change it if you want. Choose from time to time between ownership and access.
The big brands try
Are large companies also trying to enter this market with their own solutions? Ann Taylor, H&M, Urban Outfitters - a lot of big stores are trying.
I think that the future of the clothing rental sector, in a certain sense, depends on the psychological spirit and the economic conditions that will take over the next generations. Many kids who attend high school today (not very many) are looking more pragmatically at the market, we'll talk about it in some future posts. I have studies on the myth of the "famous cell phone" at hand, perhaps there is a hint of a countertrend (which surprises me) and the new generations are also attentive to prices. If this were the case, the trend of rental clothes would have an easy life, but unpredictable outcomes.
For example, rejection due to hyperstimulation. I wouldn't be surprised to see in the future people who pay a monthly subscription for clothes, and only wear a few basic items because they reject the idea of being defined by what they wear.
