Nuuly is driving a new consumer adoption of clothing rentals. Instead of existing just for big events, which hit the business model hard during COVID, brands like Rent The Runway and Nuuly are now focusing on everyday wear. Young consumers’ budget-consciousness, paired with their desire to follow a trend cycle that moves faster than ever, is making renting appealing again. Plus, they’ve added increased pricing transparency, improvements to add-on purchases, and easy cancellation to make it less intimidating—all of which aligns with young shoppers’ desire for seamless, easy online retail experiences. But Nuuly notes their subscribers aren’t customers they’ve pulled away from other services; their research shows 70% of Nuuly subs have never rented before. They now report over 400K subscribers, making up nearly two-thirds of the national resale market. (Glossy)
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