Have buyer’s remorse? Rent the runway instead

New York Fashion Week 2018 just wrapped up with fashionistas from all over the world accessing top collections for this year’s upcoming seasons. If you didn’t get a chance to fly to the Big Apple, schmooze with celebrity fashion icons, and go gaga over the next big trend, you’re not alone.

Canucks across the country have an appetite for apparel. In 2016, Canadian households spent upwards of $3,000 on clothing and accessories – that’s more than money spent on public transportation, utilities, and health care.

With the recent buzz around Fashion Week’s newly released designer styles, it got us thinking about how you can afford chic clothes without the debt-inducing price tags.

Generation Rent

There’s a new budget-friendly trend in fashion and it doesn’t involve jet-setting to NYC to be the first to get in on it. It’s being led by a new way of thinking from, yes, you guessed it, millennials.

They’re extending their “no-ownership” mantras beyond housing and ride-sharing services to the fashion industry. How, you might ask? As their preference for the sharing economy grows (think Uber, Airbnb, and Zipcars), we’re finding it in the psychology of how we purchase clothes.

Experienced in issues with housing affordability, student loan pile ups, increased costs of living, and rising interest rates, millennials are looking to own less and rent more. As the old saying goes, if you can’t beat them, join them. Or, if you can’t own it, share it.

So, what does all this mean for buyer’s remorse and justifying retail therapy? In an effort to save money, more people are choosing to rent their clothes over owning them.

Consume without commitment

Welcome to the benefits of renting a revolving wardrobe. The advantages are plenty, and for good reasons. For starters, it’s easier on the wallet. When you borrow your outfits, rental services provide discounted prices so you can wear items at a fraction of the retail price. You also get affordable access to higher-end brands so you can wear above your budget while lowering your environmental impact.

Toronto’s Rent frock Repeat and Boro have a similar set up. All you need to do is register and the rest is taken care of. You get a free consultation with a stylist. Once you’ve chosen from thousands of options, your outfit is delivered straight to your doorstep. Then, after you’ve danced the night away, simply return it. From prom night to black tie galas to bridal party duties, you never have to get invested.

Frank and Oak offer both men’s and women’s clothing with a monthly subscription option. Their stylists pick out your wardrobe based on questionnaire answers and mail out a box. The best part? No monthly fee and free returns.

Here’s why these services can keep you staying dapper without having your savings go drab:

1. Saves time and money
2. Delivery to your doorstep
3. Free dry cleaning and returns
4. Personal stylists
5. Avoid being seen in the same outfit twice

Contrary to popular belief, you can remain trendy without overspending. It’s time to stop having FOMO (fear of missing out) on what’s à la mode and start going for borrowed budget finds.

Need a side hustle? Become a style lender

Got more clothes than you do hangers? Look out for companies like Boro that have lender programs offering a way to make some extra cash. Start by raiding your closet for solid pieces that are in good condition. By offering up your garments, you add to the company’s inventory while getting a cut in sales.

Stay thrifty and strike a pose

In addition to renting the runway, affording next season’s looks can be found by spending time at thrift shops and consignment stores.

You can also be prepared for a 90’s comeback by checking deep into the back of your wardrobe for pieces that just might resurface. Because you never know when you’ll need to stop, pull out your catwalk signature move, and strike a pose.

So don’t be late to the party because you turned your closet inside out. Instead, arrive in style by donning borrowed pieces. If you do, it could be the last time you say “I have nothing to wear”. Swap, trade, resell, reuse, and share those pieces of fabric as a way to stay financially conscious. You’ll help the planet while you’re at it, too.