HOW GEN Z & MILLENNIALS ARE TURNING WARDROBES INTO PROFITABLE VENTURES THROUGH CLOTHING RENTALS
By: Aseem Tuteja
In an era where sustainability meets entrepreneurship, a growing number of Gen Z and Millennials are reshaping the fashion landscape by adopting a more conscious and lucrative approach to their closets. The rise of clothing rental services has provided a unique opportunity for these young individuals to not only contribute to environmental conservation but also to make money in the process. Let's delve into how this trend is transforming the way the younger generation views and manages their wardrobes and how you can learn from the experts and do it yourself!
Credit: Becca McHaffie / @beccamchaffie
Clothing rental services have gained traction, providing individuals with the opportunity to monetize their wardrobe while promoting a circular fashion economy. Platforms like Rent the Runway, Tulerie, Poshmark, Nuuly, and Depop have become instrumental in connecting sellers with fashion enthusiasts, creating a sustainable marketplace for pre-loved items.
Numerous individuals have turned their passion for sustainable fashion into profitable ventures. With a passion for shopping and a penchant for designer brands, Denver-based Lindsay Frankel started her Poshmark journey to declutter her wardrobe and has since listed over 250 items, accumulating more than $5,700 in earnings. Having gained a substantial following of over 480,000 on the platform since 2013, Lindsay's strategic approach to reselling emphasizes maximizing attention and profit for each listed item (Source: Finance Buzz). Then there are influencers like April Jordan and ReadWriteThrift who have successfully monetized their commitment to eco-friendly living. Both April and Kate regularly engage with their followers, curating appealing closets, and promoting sustainability. They have not only made money using Depop and Poshmark but also inspired others to adopt conscious fashion practices.
We looked at what these successful fashion entrepreneurs are doing right and came up with some helpful tips to use these platforms. These tips are not just for decluttering out your closet but also for turning it into a money-making side gig, especially for those who want to make some cash from their pre-loved items.
Craft a collection that mirrors your unique style, forging a consistent and visually captivating wardrobe that draws in followers.
Actively address inquiries and immerse yourself in the community. Interact with fellow users' listings to amplify visibility and amass followers.
Set item prices slightly above your intended selling price to allow room for negotiations.
Furnish thorough information in your listings, including measurements, materials, and any imperfections.
Extend bundle discounts, dispatch items promptly, and enclose a thank-you note. Entertain the idea of including additional items as a special surprise for buyers.
Then there are savvy fashion enthusiasts who understand the value of a rotating wardrobe without the commitment of ownership. Megan Sauer, a reporter at CNBC shared her tendency to overspend on clothing, especially after a move to Brooklyn led to increased expenses. To curb her shopping habits and manage finances better, she turned to clothing rental service Nuuly, paying $88 per month to rent six pieces. While the service didn't completely curtail her shopping tendencies, it did save her $53 per month on average. Despite the imperfections, she sees renting as a step toward a more minimalistic and sustainable wardrobe, emphasizing a shift towards durable, long-lasting clothing items.
The intersection of sustainability, entrepreneurship, and fashion is creating a new paradigm for Gen Z and Millennials. Through clothing rentals, these young individuals are not only making money but also actively participating in shaping a more sustainable future for the fashion industry. The sustainable closet is not just a trend; it's a movement driven by a generation that understands the power of style, entrepreneurship, and environmental responsibility.
Cover photo credit: Brooke Cagle / @brookecagle