Britain’s rental market is booming, as experts say hired and second-hand items are now seen as a ‘badge of honour’.
Renting goods has been revolutionised over the past decade, as you can now hire nearly anything, from high-end bikes and flash cars to designer dresses without breaking the bank.
The latest to join the ranks of the renters is Peloton, who announced that customers can now hire their equipment for just £99 a month, a noticeably cheaper alternative to the hefty £1,995 price tag for a new one.
As the New York based exercise company marked its fall from grace this week when its share price hit 97 per cent below its 2020 peak, when the indoor bikes were the Covid ‘must have’.
The latest to join the ranks of the renters is Peloton , who announced that customers can now rent their equipment for just £99 a month, a noticeably cheaper alternative to the hefty £1,995 price tag for a new one
John Lewis and M&S jumped into the fashion renting market two years ago, which is expected to be worth £2billion by 2025, by offering their ‘dress for hire’ services allowing customers to pay a fee to rent an item for up to 20 days
Carrie Symonds, aka the third Mrs Boris Johnson, pioneered a new thrifty, eco-conscious but and stylish approach, by hiring her dress (pictured) for just £45
John Lewis and M&S jumped into the fashion renting market two years ago, which is expected to be worth £2billion by 2025, by offering their ‘dress for hire’ services allowing customers to pay a fee to rent an item for up to 20 days.
John Lewis’ mission was to create ‘a more sustainable way of shopping’, which through its partnership with Hurr meant users could rent a Chanel minidress for £51 or a Balenciaga bag for just £130.
Sarah Montano, a professor of retail marketing at Birmingham University said: ‘There is now longer a stigma around the renting of goods or second-hand shopping, in fact with sustainability and environmental factors key in customer’s decision making – the option to rent or buy is preferable.
‘Saying that your clothes are rented or second-hand is now a badge of honour, that shows how shopping savvy you are.’
She added: ‘Renting offers people a way to get the feeling of fast-fashion and the dopamine hit of pleasure but with the added sense of smart bargain hunting.’
A survey by Accenture of 6,000 people in 11 countries across North America, Asia and Europe showed that 72 per cent are buying more environmentally-friendly products than they were five years ago, and 81 per cent said they expect to continue becoming more environmentally-conscious in their purchasing habits.
Renting clothes has smashed the fashion market wide open, whether it is for a big meeting or a special occasions, as Carrie Symonds demonstrated when she rented a white Christos Costarellos gown for £45 when she married Boris Johnson.
Personal contract hire allows customers to buy a more expensive car than they might be able to afford because of the lower monthly payments
Brompton bicycles also offers a rental service that allows customers to hire one of its folding bikes for £5 a day from one of more than 70 lockers nationwide, meaning its users don’t have to fork out over £950 for a brand new one
In 2020, John Lewis launched a similar partnership allowing customers to rent furniture including bed frames, bar stools and statement sofas, with prices starting at £17 a month for a desk or chair rented for a year and rising for larger goods.
Almost its entire collection was hired within 48 hours.
Brompton bicycles also offers a rental service that allows customers to hire one of its folding bikes for £5 a day from one of more than 70 lockers nationwide, meaning its users don’t have to fork out over £950 for a brand new one.
Launched 14 years ago from a luggage desk at Waterloo station, Brompton Bike Hire now also lets riders hire a fully-insured bike on-the-go, for anything from 24 hours to long-term if you want to take it on holidays with you.
It is even popular now to lease your car for two to four years, then trade it in for a newer model, rather than buy it outright.
Personal contract hire allows customers to buy a more expensive car than they might be able to afford because of the lower monthly payments.
Professor Jim Saker from Loughborough University said: ‘In the car industry there is a strong move especially among city based young people that they want to use but not necessarily own cars.
‘Subscription schemes are being launched so that you can choose a specific type of car eg SUV for the weekend or holiday then a small car for journeys around town.
‘This mind set opens the possibility of using as opposed to owning an up-market vehicle for a special occasion. Historically it has always been done for weddings – a very posh Uber!’
