Fast fashion is fast becoming a major environmental problem, and clothing-obsessed Australians are apparently among the worst offenders.
Australians are now the second biggest consumers of fashion and textiles in the world, purchasing an average of 27 kilos of clothing a year, with most of that ending up in the bin.
Now a new kind of retail business model where customers can rent rather than buy their outfits has been dubbed one of the solutions to the problem.
The business of renting designer outfits has quickly grown in Australia in the last few years, with more millennials seeking out top brands with an affordable price tag.
“The average Australian woman really only wears around one-third of her wardrobe,” Dean Jones, co-founder of fashion rental GlamCorner told Your Money Live.
“The other two-thirds is just kind of stockpiled items that she’d purchased for a single event and then never wore it again.”
According to Jones, the millennial generation is better suited to rental fashion than previous generations because of their willingness to embrace the ‘share economy’ that comes with the rise of apps such as Airbnb and Uber.
“The millennial consumer definitely is looking for instant gratification, loves labels, her social media is very important to her but also is not as attached to ownership as perhaps other generations have been,” said Jones.
The Sydney start-up launched in 2012 but are preparing to move to the next stage of business after receiving $4.2 million in funding in 2017.
Jones says the next stage will be much like the ‘Netflix’ of fashion, where customers will be able to hire unlimited outfits each month.
Watch the full interview in the video above.