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Between the years of 2021 and 2026, the revenue of the rental apparel market worldwide was forecasted to steadily increase. The revenue of the rental apparel market worldwide was expected to increase to approximately **** U.S. dollars by 2026.

The sharing economy

The sharing economy is an non-traditional economy in which assets are owned and shared amongst a network, unlike traditional businesses which have one owner. Companies such as Uber and Airbnb are arguably the most well known within the sharing economy, however, many industries are slowly embracing this new, non-traditional form of business. The apparel industry is no different. Rented apparel is one such example, and represents a sharing economy business model in the apparel industry. While consumers become more environmentally and financially conscious, the fashion and apparel industry will continue to adapt to this change.