(NBC News) – Instead of a shopping spree, more women are opting for a rental fee.
Rent the Runway started as a special occasion, designer dress rental service, and now offers rental services for all clothing. Many businesses and consumers are following the trend.
“89% of our subscribers say they shop less now that they subscribe to Rent the Runway,” Sarah Foster of Rent the Runway said.
Brittany Johnson, the founder and CEO of similar brand, FashionPass, says there are many perks of the rental economy.
“It’s like sharing a closet with your best friend if your best friend was the trendiest coolest blogger,” Johnson said.
FashionPass is one of the growing number of clothing rental services for everyday looks. You simply pick new styles online, wear them, and ship them back.
Rental services aren’t just for clothes. There’s RocksBox for jewelry and RoomService for furniture.
The rental movement is fueled by younger generations who feel pressure to stay trendy on social media.
“We target somebody who’s looking to actively post on Instagram” Johnson said.
Brands like Ann Taylor Lost and Express are starting to pivot to the subscription model, as brick-and-mortar stores face growing challenges amid the pandemic.