by Abigail Zhu

Created on: November 17, 2008

With its fast moving fashion cycles, the fashion industry is a highly competitive, and global industry that is worth millions. According to Fenton (2008), due to the notion that fashion is associated with affluence, glamour and status, many consumers (in particular women) are "willing to spend their savings on designer fashions".

There is a growing market for rental luxury goods, as there is an increasing trend among consumers to believe that they are entitled to have the best things in life. However, not many of these consumers have the ability to obtain a lifestyle that is beyond their purchasing power. (Evers 2006) Being a fairly recent concept in the fashion industry, designer item rental is a concept that responds to the needs and wants of modern consumers (mostly women); empowering them with choices within their purchasing power.

"Now, instead of consumers having to trade down expectations to mainstream versions of luxury products, or forgoing essentials to afford one premium brand" (Evers 2006, p8), they can rent the luxury goods they want, whenever they want. An increased awareness on the part of designers, coupled with the fashion industry's fast moving cycles, has also contributed to the rising popularity of designer item rental; as more companies, (e.g. BAG BORROW OR STEAL). (Liu 2007)

Consumers who own or desire luxury goods are fashion-conscious, trendy fashionistas who not only want the associated prestige and status which accompany the brand(s) they carry, but also the perceived aesthetic appearance and feasibility of the item. They have the need to be in sync with the latest fashion trends, and do not want to be the last in line in "owning" the latest designer fashion item.

However, due to limited or restricted spending power, they may not have the means to own such goods. There are also consumers who are unwilling to purchase designer fashion items, only to become pass the next fashion season. Thus, these consumers (ranging from students, working women to housewives) look toward the designer fashion rental market as an answer to their needs and wants - a sense (satisfaction) of exclusivity, status and privilege, as not many can afford such luxury goods; wanting to look good at the same time. (Han 2008)

As the fashion cycles are relatively fast-moving, consumers expect companies providing designer item rental services to be up-to-date with the latest designer fashion, and have a wide selection of items to select from. The cost effectiveness of renting

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