Here comes the bride, wearing a designer wedding dress rental. The wedding dress market exploded in the modern era. There are now T.V. shows, books and movies that all have the same theme in common-finding that perfect wedding dress. The perfect dress may be less expensive than once thought. Many brides are finding their perfect wedding dress as an online rental because of rising wedding costs and the convenience of online shopping.
The Wedding Industry
The wedding industry is very profitable. Around 2.5 million weddings are held in the United States every year. Weddings held in the United States have an average budget of $32,000 each. The entire U.S. wedding industry is estimated to be a $53.4 billion dollar industry. Couples often set a budget for their wedding and spend well past that. According to Brides Magazine, 89% of couples getting married have a budget. 59% of couples spent more than their budget to get the wedding they want.
Currently, North Americans buy the most wedding dresses in the world. The Asia-Pacific region also sees a large amount of wedding dress sales. The U.S. and Canadian wedding dress markets are expected to grow by 8% in the coming months.
Women are easily ripped off when it comes to buying a wedding dress. Business Insider reported when dresses are labeled as “wedding,” they are generally marked higher by at least 3.9% than if they were not labeled. Online wedding dress rental businesses offer brides the chance to wear a designer gowns at a discounted price.
Online Clothing Rental
The online clothing rental market is divided into three segments: men, women and kids. It is further categorized into three styles: ethnic, western and others. Online clothing has a surge in popularity because it is convenient and cost effective. This type of shopping is ideal for a person who wants to wear quickly changing fashion trends. Millennials and anyone who fluctuates sizes in a short period are target market groups for online rental clothing.
The women who choose to rent a wedding dress are typically in the 20-40 year-old age range. They are looking for a comfortable shopping experience. Many use a dress rental service to cut costs in their dress budget so they can spend it in other wedding items. The average wedding dress rental costs about $400. CostHelper reports that rentals can run as low as $75. Clothing rental businesses also appeal to anyone looking for an unique look he/she will only wear once. There are some popular online businesses that specialize in renting formal gowns for one-time only events.
Online Dress Rental Companies
Rent the Runway is an online subscription dress rental business. For a monthly fee, a customer is able to rent four dresses that are worth ten times the amount of the subscription fee. Customers find outfits to wear to one-time events that are cost efficient. Rent the Runway targets women ages 25-50 years-of-age who have a professional job and live in large coastal cities. This demographic tends to spend a large amount of their disposable income on clothes.
The business features designer gowns that have reviews from customers who have previously rented a particular gown. Rent the Runway even has last minute shipping. It features wedding dress styles like floor length gowns, strapless, and ivory-colored dresses.
Lending Luxury has a section of dresses devoted to “as seen on celebrities.” Non-celebrities can dress like their favorite stars. The business allows a wedding dress to be rented for up to five days. The customer must pay the return shipping on a dress rental.
Poshare has classic, high-class styles for rent. The business has different rental length times available for customers.
Starting a Wedding Dress Rental Business
The wedding dress rental business is relatively simple to start. There needs to be a market for the business. The business owner needs a space to store the dresses in and maintain them. After a time, the business can be expanded to include formal wear and tuxedos for events like the prom. Accessory rentals can also boost sales.
Many customers realize the wedding dress rental business makes the after care of a dress easy. Some online rentals don’t even require the borrower to dry-clean the dress. The dress doesn’t hang in a closet for years and take up space.
Pay attention to the traditionally called, “wedding season.” Wedding season is from late spring until early fall. This is a time you can offer discounts or reduced shipping rates.
A couple getting married rents decorations, reception space, tuxedos and more. A wedding dress is another part of the wedding that can be rented. Renting a wedding dress saves money, something that couples want during wedding planning.