The sharing economy is bringing borrowing dresses from friends into the technological age

4 Reasons to embrace the fashion sharing economy

Sharing fashion is the new black, with women everywhere choosing to borrow the latest dress rather than buy it and wear it once. This shift from ownership to accessibility is taking place across every type industry, such as Uber for taxis and airbnb for hotels, and fashion is just the latest trend. Rather than fearing this trend, continue below to read the top four reasons why you should embrace it instead.

1. Help save the environment

We all love the ‘fast fashion’ trend, with Zara and H & M becoming our second homes, however this ‘fast fashion’ inevitably results in fast rubbish. According to Eileen Fisher, a clothing industry leader, the clothing industry is the ‘second biggest polluter…after oil’, thanks to women in Australia sending 85% of the clothes they buy to landfills every year. This is where fashion sharing to the rescue, as renting clothes rather than purchasing them increases the usefulness of each dress purchased plus saves you from buying another dress that you will inevitably throw into the rubbish bin a few months later.

2. Save heaps of money

Renting clothes instead of buying them could save you heaps of money each year. Young women spend on average $93 per month — $1120 per year — on clothes, a large amount of which we wear a couple of times and then hide in the back of our wardrobes. It doesn’t make sense to spend so much on clothes we wear very little, so by renting those one-off outfits rather than buying them, you will be able to spend way less but still be able to dress the way you want.

3. Turn your wardrobe into an investment

Even if you just love buying the latest Zimmerman jumpsuit, fashion sharing could still of great value to you. Instead of renting other women’s outfits, you are able to rent out your dresses while you’re not wearing them, which could help justify some of your more costly shopping habits ;). This feature is only available on peer-to-peer marketplaces such as Covet, on which lenders have been able to earn some serious money by renting out their spare outfits.

4. No more outfit repeating

Ever felt the embarrassment of being caught ‘outfit-repeating’? Buying clothes is expensive, so in order to justify it you have to wear them more than once. And while that was fine before the age of social media when you could just wear the dress with a different group of friends, nowadays once worn is once tagged for everyone to see. Fashion sharing marketplaces, such as Covet, solves this by offering dresses for a fraction of the purchase price, letting you expand your wardrobe tremendously without the tremendous cost.

Embracing the Future

The fashion sharing economy is coming, and is going to bring with it a lot of value to us fashionistas. Choosing the right fashion sharing platform can be difficult, with many new start-ups emerging with different business models and unique characteristics. Luckily I am writing an upcoming article about this exact subject at https://trycovet.com/