The garment rental market has been around for a while, but it has recently received a lot of attention as a result of the appeal of minimalist lifestyles and the emergence of sustainable fashion. Renting clothing appears to be the ideal answer to people’s current quest to lessen their carbon footprint and decrease their reliance on rapid fashion. But how much is the value of the garment rental market? Let’s look more closely.
The global market for renting out apparel was estimated to be worth $1,013 million in 2019 and is anticipated to expand to $2,081 million by 2027, at a CAGR of 9.4% from 2020 to 2027. Numerous factors, such as the growing understanding of how fashion affects the environment, the development of the sharing economy, and the rising demand for high-end and designer apparel, are responsible for this startling expansion.
Rent the Runway is one of the major participants in the apparel rental market. Customers can use the online site Rent the Runway, which was established in 2009, to rent upscale designer clothing and accessories for one-time events or regular wear. Over 11 million people are members of the company, which has raised over $190 million in investment. A unicorn in the fashion business, Rent the Runway was valued at $1 billion in 2019.
Renting garments can be expensive or inexpensive, depending on the company and the kind of apparel. For instance, Rent the Runway costs a monthly membership fee of $159 for unlimited four-item rentals at a time, or $89 for four rentals per month. Other businesses charge by the item, with costs ranging from $30 to $300. However, renting clothing is typically less expensive than purchasing it, particularly if you only need to wear it once or twice.
The price of renting suits might vary based on the suit’s quality and brand. The Black Tux, a well-known suit rental business, estimates that the average cost of hiring a suit is between $150 and $200. However, for high-end designer outfits, this can increase to $400 or more. If you need a suit for a particular occasion but don’t want to make the investment in buying one, renting one is a fantastic alternative. It’s crucial to know that the cost of renting a suit also includes modifications and cleaning.
It depends on the event as to how far in advance you should purchase a suit. It’s advised to purchase or rent a suit at least one month before a wedding or other formal event to allow for alterations and other unforeseen problems. You may buy or rent a suit anytime you need one, though, if all you’re searching for is something to wear on a regular basis.
In conclusion, the market for renting out garments is expected to grow quickly and reach a value of over $2 billion in the coming years. One of the major companies in the market, Rent the Runway has over 11 million members and a $1 billion valuation. In general, renting clothing is less expensive than purchasing new clothing, and renting suits is a smart choice for special events. It’s advised to buy or rent a suit at least a month in advance for special events because suit rental prices vary depending on the company and the style of clothing.