, cost £45 a day from the rental site My Wardrobe HQ.
With this in mind, 2022 is proving to have been a pivotal time for the fashion rental industry. According to the data analytics company, the UK rental apparel market is forecast to be worth £142m by the end of the year, with growth of 62% in 2023 and 164% predicted in the following years to 2026. No wonder the high street is keen to get in on the action, too.Cara, a 30-year-old finance worker from London, says she prefers to rent high street brands as it’s more cost effective.
“We are not the people to come to when you have £100 to rent a £1,000 dress,” says West. “Our most popular offering at the moment is any two dresses for £30. The reason we are doing that offer is that our customers told us that is the amount they would typically spend in a store such as H&M, to get something like a Christmas party look.”
While most platforms focus on clothes for events such as parties and weddings, for its latest Hirestreet offering, M&S has zoned in on casualwear with the launch of Alongside renting occasionwear, Cara says she has more recently started renting staple items, such as T-shirts, too. “At the moment, I’m having to think more shrewdly about every purchase I make. Even buying basics adds up and, given the quality and the amount I’d wear them, they wouldn’t last me past winter. Renting is more sustainable but I still get the instant gratification of having something new to wear every weekend.