Want to have that designer handbag, but just don't have enough money for it? This article mentions how you can get that perfect designer handbag without spending a fortune...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...Read more>>