You've probably heard some variation of the following: "She/he paid what for a dress/tux she's/he's only going to wear once?"
Many looking to dress to impress these days are faced with a fairly sizable obstacle: to look like a million, you're likely going to have to spend thousands on clothing and accessories. But, what happens if you've only got to look like a million for a night or two? What happens when you need $4,000 to help pay for your kid's college or braces and really can't afford to spend it on a designer jacket or a watch?
For many, The Wall Street Journal reports, the answer is to rent luxury designer items.
Companies such as Bag Borrow or Steal, wardrobe-nyc.com, borrowedbling.com and others specialize in matching high-end goods with consumers that may aspire to purchase luxury designer garments but don't have the financial wherewithal at the moment.
Not surprisingly, some designers believe the rental business opens up the possibility of future purchases for their goods while others see sales being lost for those choosing to take the least expensive way out.
Rentals also pose limitations on consumers. For example, the WSJ report said size availability is often limited. Women's garments at wardrobe-nyc.com typically come in sizes between zero and six.
Discussion Questions: Are market conditions right for the rentals of luxury designer clothing and accessories to continue growing? Do you see the rental business opening up new opportunities for luxury goods or is it more likely to eat into future sales?