How the Sharing Economy Makes a Sustainable Society- And Its Impact on the Clothing Industry!

Perhaps in recent times, you must have heard about the trending buzzy word "sharing economy". And it has gained momentum in the various sectors of society such as sharing of cabs, homes, and other consumer durables for example. That said, fashion is no exception for the same! The upswing in sharing economy models with the trend of owning a durable is shifted towards less-committed rental options. 

Furthermore, consumers, particularly millennial's, have become more conscious about the environment and sustainability which demands the fashion industry to meet their requirements. To add, high-end fashion brands are exploring a new alternative to fast fashion. 

Seems Interesting?

So, let peep into some details about what the sharing economy is all about and how it's redefining consumerism, challenging the fast-fashion world, and most importantly saving the world!

First, What Is the Sharing Economy?

If we talk about the modern, market-based economies, the goods are produced by manufacturers, utilized by consumers and after fulfilling their shelf life find their way to the bins. This concept has been implemented for several years and decades.

However, in the era of incessant fluctuations and replacements, many things last for a while before they are superseded by other latest trends. Consequently, the traditional alternative of redistributing products and services amongst the community has seen a persistent rise in this present era. To put it simply, people have commenced relying on the modality of the sharing economy, rather than preferring to be the sole owners.

Delving deeper; when you stuff in the word "sharing economy" on Google-for instance, the popular search engine would take the search page to some of the acclaimed corporate in the shape of Airbnb (where people put their properties that are up for sharing/renting) and Uber (the website through which the user is privileged to book cabs that are accessible on sharing basis). The intriguing part here is that individuals exchange and share products without any intervention of "third parties". Such a system is popularly known as a peer-to-peer approach that primarily ditches the instigation of any person other than the main parties.

 How is the role of sharing economy applicable in the fashion industry?

The theory of sharing economy holds true even in the fashion industry as users are empowered to swap, rent, exchange, and resale clothing products. Instead of procuring newer items from the market, the stress is paid to employing things that already exist. Therefore, the original purpose of the outfits to be worn again and again, repeatedly by multiple users is also fulfilled. 

The notion of sharing economy is even propelled by most aficionados and they continue to sensitize congregating individuals to adopting this approach. One of the conspicuous benefits includes lesser environmental pollution as garments are circulated amongst the community without the need to recycle them. You also get the opportunities to make new friends through clothes-sharing communities. Plus, as a user, setting the seal on the second-hand fashion garment won't cost you arm and leg and would be handy for your pocket.

The Impact Of Sharing Economy On The Textile Industry!

As mentioned earlier, the sharing economy is booming swiftly, and according to the global market research, by 2028 rental fashion or secondhand clothing will surpass fast-fashion sales and it’s estimated to reach $52 Billion by 2023. 

Moreover, rentable fashion is surging with each passing day as more and more people want to access luxury clothing at a fractional rate. In addition, the younger generation adores temporary ownership instead of individual ownership; simply put access is more pertinent than owning the asset. Not to mention, another crucial aspect of the sharing economy is subscription services- for the short-term, users can own the outfit according to the occasion for weeks or months. 

Hence, rental and subscription options mean your wardrobe is no more a graveyard of clothes worn only once in a lifetime. 

Also worth noting, fashion rental has made it possible for a middle-man to wear high-end designer couture without delaying the pleasure of wearing plush clothing. With online and offline rental markets they can rent any product, indulge themselves.

Pioneering platform "Rent The Runway” –one of the most successful rental companies with over 6 million active members, started as an e-commerce apparel venture and shifted to a full-fledged luxury clothing rental organization. It has paved the way for fashion rental companies around the globe.

Does This Mean Clothing Retail Future Is Sustainable Fashion?

New age customers are the backbone of the economy, they are more interested in paying the usage costs rather than enduring the ownership barrier. What’s more- global warming issues have made millennials and Gen Z to develop substitute methods of fast fashion encapsulated in a sharing economy. 

Besides this, plethora of fashion retailers and brick & mortar clothing stores are moving towards the "pre-owned" clothing market to avoid the retail apocalypse. Hence, an upsurge in demand for clothing rental and subscription; sharing economy is the future of the fashion industry. 

Also worth noting, people will still invest in stable items such as pairs of jeans, T-shirts, and socks. But for expensive attires that will be worn only once – the user may opt for renting instead of investing a hefty amount. 

Sustainable Fashion – "Consume Less; Share Better” Herve Kemp

Here we have some terrible facts and figures to unveil about today's fast fashion which is detrimental to the health of our planet. And how fashion sustainability is key to success for myriads of the brand. 

• Average American throws away 80-82 pounds of garments every year, which affirms that 11 million tons of fabric waste end up being used as landfills. In addition to this, the rapid processing of clothes is also damaging aquatic life as well as polluting the air. 

• According to the Huffington Post, "it takes 2,700 liters of water to make one T-shirt”- this is the same amount of water an average person drinks in a year. 

• Dana Thomas's book 'Fashionopolis' asserts that - with the industrial revolution, the textile industry has evolved to great extent but it always has been in the darkest corner of the world – immigrants being the victim of exploitation, wage theft, and bad working conditions. Aside from this, child labor is still ubiquitous in the textile sector. 

To wrap up

In the era of digitalization, the next generation is opting for sustainable fashion – "sharing economy” is the best-fitted resolution. To add, rentable fashion is the current big thing to look for as its proffering comfort, ease, quick access to designer clothing at a minimal price. 

Think about all the times we buy stuff we only end up using once. All that waste (of money and resources) just disappears when we rent instead of buying stuff.

A caveat-turning a blind eye to an innovative and expeditiously growing sharing economy can be inimical!

Checkout PoshRobe.com, this is a sustainable clothing rental service that will save you tons of money and A LOT of space in your closet. While you help save the world, that is.