Are Rentals The Next Frontier For Retail?
Are the retail customers of this generation commitment-phobes? You would think so based on the rapid growth of the rental and resale market, but the answer is a little more complicated. Coherent Market Insights estimates that the global online clothing rental market was valued at $1.5 billion in 2017 and will increase by 9.4 percent by 2026. Two influential factors account for the increased adoption of a rental/resale model in clothing: the demand created for constant wardrobe variety by social media and the growing consciousness around sustainability, particularly amongst younger generations. In response, a number of companies have sprung up to attack this new niche, including rental pioneer Rent the Runway and companies like Le Tote, Gwynnie Bee, Bag Borrow or Steal and Union Station. Read more at Forbes.
