The fashion industry is one of the most polluting on the planet due to the enormous amount of waste it produces. Every year, over 100 billion garments are produced, of which only 1% are recycled and 85% end up in landfills or incinerators. Despite this, the industry is under pressure to adopt more ecologically friendly practices due to a growing global consumer demand for sustainability, with 60% of consumers prioritizing eco-friendly practices.
The growing consumer focus on sustainability has led to a surge in demand for secondary fashion retail businesses, such as pre-owned, pre-loved, rental, and thrift stores. Even though these models are not new, their popularity is growing in India because they give customers access to reasonably priced, expertly made, and high-quality clothing and accessories. This allows people to show off their fashionable yet functional wardrobes and supports a more sustainable fashion sector. Numerous factors, such as the emergence of social media, the rising cost of apparel, and the growing trend toward sustainability, are responsible for this recent growth.
The increasing interest of consumers in affordable and environmentally conscious fashion trends is one of the key factors driving the popularity of rental fashion. Technological developments have also made it possible for businesses to increase their offerings and turn customers into renters.
From 2021 to2031, the global market for fashion rentals is anticipated to expand at a compound annual growth rate of 11%. This trend is being driven by millennials, who prefer renting because it's more affordable and fits with their desire to make choices that are conscious of fashion.
This growing trend is also impacted by the impracticality of owning multiple outfits, especially pricey occasionwear. Gen Z embraces conscious choices without sacrificing style, rejecting the pressures of consumerism from society.
The demand for unique and vintage items, affordability, and sustainability are driving changes in consumer values, as evidenced by the rapidly expanding global market for pre-owned and second-hand fashion. Estimates indicate that the market is sizable, despite the fact that it is difficult to pinpoint a precise amount because of the decentralized nature of the industry and differing opinions regarding what qualifies as pre-owned or second-hand clothing. Forecasts from ThredUP, a well-known online consignment and thrift store, indicate that the global market for used clothing is expected to grow to a valuation of US $64 billion by 2024, demonstrating the significant impact of this industry.
Although the market for pre-owned and second-hand clothing is still relatively new in India compared to other countries, it is growing rapidly. However, the market is anticipated to grow quickly in the upcoming years due to rising consumer awareness of affordability and sustainability among Indians, as well as the emergence of online marketplaces and platforms that specialize in used clothing.
