The fashion industry is notorious for its massive waste production, making it one of the most polluting industries on the planet. With over 100 billion garments produced annually, only 1 percent of these garments are recycled, while a staggering 85 percent end up in landfills or incinerators. However, there is a silver lining as global consumer demand for sustainability is on the rise, with 60 percent of consumers prioritizing eco-friendly practices. This growing demand is putting pressure on the fashion industry to adopt more environmentally conscious approaches.
In response to this demand, alternative fashion retail businesses such as pre-owned, pre-loved, rental, and thrift stores are gaining popularity. These models, although not new, are becoming more prevalent in India as they offer consumers access to affordable, high-quality garments and accessories. This shift empowers individuals to build functional and stylish wardrobes while contributing to a more sustainable fashion industry. Factors such as the rise of social media, increasing clothing costs, and a growing inclination towards sustainability are driving this trend.
The global fashion rental market is projected to grow at a CAGR of 11 percent from 2021 to 2031, with millennials leading the shift towards renting for its cost-effectiveness and fashion-conscious appeal. The impracticality of owning numerous outfits, especially expensive occasion wear, also contributes to the popularity of rental fashion. Gen Z, on the other hand, rejects societal consumption pressures and embraces conscious choices without compromising on style.
The market for pre-loved and second-hand fashion is also witnessing significant growth globally, with projections estimating the market to reach a value of US $64 billion by 2024. In India, while the market for pre-loved fashion is still in its early stages compared to other regions, it is steadily gaining ground. With increasing awareness about sustainability and affordability among Indian consumers, coupled with the rise of online platforms specializing in second-hand fashion, the market is expected to expand rapidly in the coming years.
Rental fashion is becoming increasingly popular as consumers seek eco-friendly and cost-effective ways to stay fashionable. Companies like The Clothing Rental in India are leading the way by offering a curated selection of Indian and Western wear for men and women, including pre-wedding and maternity gowns. The affordability of renting compared to buying, especially for expensive occasion wear, is a key motivator for Indian consumers to choose fashion rental over traditional retail.
In the pre-loved and second-hand fashion segment, brands like The Luxury One are making luxury fashion more accessible and sustainable by offering a curated selection of pre-owned luxury items. By extending the life cycle of these products, these brands contribute to reducing the environmental impact of the fashion industry. The market for pre-owned luxury goods is expected to grow exponentially, with a focus on the circular economy.
Thrifting, the art of seeking second-hand treasures, is also gaining popularity, especially among sustainable fashion influencers. Platforms like Bygone Echoes in India offer exclusive, covetable pieces that add value to one’s closet. The movement towards thrifting reflects a rising consciousness among individuals who are opting for a more deliberate and mindful approach to fashion choices.
Overall, the shift towards sustainable and affordable fashion choices is reshaping the fashion industry. With the rise of rental fashion, pre-loved and second-hand fashion, and thrifting, consumers have more options to build stylish wardrobes while reducing their environmental impact. As the market continues to evolve, brands and consumers alike are embracing the principles of sustainability and circularity in fashion.