Luxury brands are tapping into the rental model to stay relevant

By 2026, luxury market consumers will be made up of 60% Millennials and Gen Z, according to research from Highsnobiety and Boston Consulting Group. Not only do these generations have different priorities than their older cohorts, but their lifestyles have also fundamentally changed over the last year. Their focus on sustainability and ethical consumption hasn’t wavered with the pandemic and they now have the added worry of a deep recession impacting their lives for years to come. So, in an effort to remain appealing and become more accessible, luxury brands are looking to offer their goods on a rental basis.