Fashion rental services are luring young consumers towards renting instead of buying amid inflation concerns. YPulse data shows young consumers are cutting back on their spending in several ways lately and that includes frivolous shopping for clothes. While this has been putting pressure on major retailers, rental services like Rent the Runway and The Black Tux have been reporting significant growth and URBN-owned Nuuly is projecting to increase its subscriber counts by 200K by the end of the year. However, the brands are having to keep up with inflation themselves and Nuuly just announced a $10 increase on their monthly subscription plan. Nevertheless, these rental services know young consumers are looking to get more bang for their buck by renting a nice outfit for a party or formal event, so they’re also implementing additions like Rent the Runway’s “Era of Extra” perk, where they’re giving subscribers one extra free item per order. (Modern Retail)
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