Rental clothing, the fashion of the future?

What increasingly motivates companies to venture into clothing rental is that through this line of business they can provide a focus on sustainability to consumers, in addition this facilitates temporary access to important and luxury brands to various clients. . For these reasons, more than one wonders if renting clothes is the fashion of the future.

In this sense, the new generations are the ones that mostly request this type of service, since they currently do not have the economic power to buy a totally new luxury product, due to their age and the economic crisis that many countries are going through.

According to Enrique Porta, partner responsible for the Consumer sector at KPMG, «in the field of fashion, where consumption is much more frequent, trends are more changing and seasonal and with many price options; What can motivate the change in the consumption model is mainly sustainability and the possibility of offering more alternatives to a consumer who values ​​variety and change more than ever, in a context in which social networks have an increasing influence and where the personal image becomes very important».

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Companies such as H&M, Banana Republic and Urban Outfitters are betting on these business models. According to Porta, as quoted on the Telva website, this H&M business line is "a manifestation of how brands are adapting to the new profile of the consumer, who is increasingly akin to new consumption models related to the collaborative and circular economy and values ​​-and even demands- not only that brands have a commitment to sustainability and concern for the environment, but also that they comply with actions consistent with that promise.

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Meanwhile, the new consumer habit focuses much more on trying, using and changing, instead of owning, and values ​​the possibility of accessing many differentiated alternatives that meet their needs.

Notably, clothing rental is growing faster than the general fashion market, and according to some consultancies, such as Global Data, this rapid growth is causing retailers such as H&M to consider the model as a way to maintain steadily declining profits.

“To the extent that this trend is taking hold among consumers, it is reasonable to think that there will be an increasing number of brands that incorporate this possibility in their offer, as long as said proposal is accompanied by a differential service use experience. , memorable and convenient for the consumer”, explained Porta.

One step away from model loyalty

Fashion will be one of the industries that will have to transform the most to meet the Sustainable Development Goals; since if one in three fashion consumers already make their purchase decisions based on the social and environmental impact of the garment, it makes sense to assume that, in a short time, renting clothes will be as common as buying them and even more so if the brands themselves they sell it they begin to rent it.

What H&M offers

H&M has rented clothes that belong to the most expensive collections of the firm and also include garments such as wedding dresses, party dresses or special editions.

Since 2020, the H&M proposal makes a total of 50 selected pieces available to members of its loyalty program. In addition, those who choose to rent can take three garments for 350 Swedish crowns a week, the equivalent of about 33 euros per item, and will have the option to purchase the clothes in better conditions.

Find out more about how the H&M rental service works by clicking here

Also read: H&M innovates and will launch its clothing rental service through an app

Tags: clothing rentalhmRetail