What's Happening?
A study conducted by the University of Technology Sydney and published by The Volte, an Australian peer-to-peer fashion rental platform, reveals that renting garments significantly reduces their environmental impact. The research, titled 'How Australian women bought less but had more,' is the first major academic study in Australia to assess the environmental and social impacts of fashion rental. It found that renting garments can reduce climate change impact by 44% to 78%, depending on rental frequency. The study involved 908 renters from The Volte's community, which includes over 270 'Super Lenders' who earn substantial income from renting garments. The Volte, founded in 2017, claims to be the world's largest peer-to-peer fashion rental platform, specializing in occasion wear.
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Why It's Important?
The findings underscore the potential of fashion rental as a sustainable alternative to traditional garment ownership, which could significantly reduce production, waste, and emissions in the fashion industry. This shift towards rental models aligns with broader efforts to promote circular business practices and reduce the environmental footprint of fashion. As consumers increasingly prioritize sustainability, platforms like The Volte could play a crucial role in transforming the industry. The study's results may encourage more consumers and businesses to adopt rental models, potentially leading to a decrease in clothing production and landfill waste.
What's Next?
The Volte's expansion into the UK marks its first international foray, indicating potential growth in global markets. As awareness of the environmental benefits of fashion rental increases, more consumers may shift from ownership to access, driving demand for rental services. This could lead to further innovations in the fashion rental industry and increased collaboration between rental platforms and designers. Additionally, initiatives like Australia's Seamless program aim to divert significant amounts of clothing from landfills, further supporting the growth of circular business models.
