Deep Dive 19 minutes PremiumDeep Dive: Millennial Lifestyles Drive Growth in Apparel Rental Coresight Research January 16, 2017 Executive SummaryOnline apparel and accessory rental services are proliferating. Apparel rental models allow customers to borrow items for a set time period, typically at a meaningful discount to the products’ retail price. Millennials appear to be driving the growth of the apparel rental segment, and three key millennial lifestyle trends are underpinning the segment’s development: The “Instagram effect”—or the desire to be perceived on social media as living a fun, interesting, experience-rich life—combined with celebrity culture and the selfie phenomenon necessitate that millennials have an ever-changing, on-trend wardrobe.Apparel rental services allow consumers to wear a changing selection of major brands without having to spend as much as they would if they bought the items outright. Millennials value experiences over acquiring products. Apparel rentals allow millennials to wear high-end brands at lower cost, and so funnel more of their spending toward services and leisure experiences. Meanwhile, the low priority that millennials attach to owning products makes renting apparel a more viable option for them. Millennials are considered budget conscious, so renting items makes sense for them, especially when it comes to high-worth and expensive items that are used only occasionally. Already a subscriber? Log in You are currently viewing a preview of this report. Please select an access option to view the full report. Hide Options - Show Options + Get unlimited access to all our research with one of our subscription plans. View Subscription Plans or Contact us to purchase this report. Contact us ✕ This document was generated for Other research you may be interested in: US CPG Sales Tracker: Lowest In-Store Sales Growth Rate in Two YearsFebruary 2024 Leading Indicators of US Retail Sales: Easing Inflation Signals Positivity for Retail Sales GrowthThree Things You Need To Know: US CPG—The Consumer Health CategoryTemu Growth and Challenges in the US Market: A Six-Month Follow-Up