In this next Installment of Klinger’s Personal Finance, Rent the Runway (leasing clothing instead of buying it). (One of their suggestions which is really unbelievable).
The median income for a US household is $64,000 gross, about $54,000 or $4500/month. One budget guideline I have seen for clothes is 4%, so 2% per person or 1% each with 2 kids. Let’s assume no kids for now. That’s $91 to spend each month.
Rent the Runway costs $89/month for 4 outfits, accessories, etc. , so, it’s possible. Items must be returned and swapped for new things each month.
Here’s the kicker-the penalties were severe in 2018 (Dolores Umbridge anyone?) according to this blogger:
Another perkier review on a well-known financial site left me wondering about conflict of interest. Getting off the waitlist faster was just one of the upsides for the reporter.
People bungle things. We just do. I would be terrified of accidentaly taking a return package to USPS instead of UPS. $50/day penalty plus twice the retail price of a $2,500 dress?
The risk is just too high.
Express have made their own clothing rental offering for about the same price. Who in their right mind would do this for non-luxury style?
Here’s a review:
Next up is Trunk Club by Nordstrom. Now, this one looked promising and had good reviews. I do like the idea of some anonymity with an online stylist rather than a 19 year old size 0 trying to put me into dowdy outfits and mentioning Viking SIZE over and over (“piss off, you clueless gnat!”).
It asks you sizes, styles, brand and age & thankfully is not a subscription service. I may try this one.
Last, but not least is Urban Outfitters? Called Nuuly, people can rent $800 worth of merchandise (6 items/month) for $88/month. You may ask “what spaghetti strap tank on EARTH costs $125 and is made out of burlap & hemp?” Ah. They’ve partnered with expensive brands like Free People, & Anthropologie to name a few. Still, mid-high-end but not luxury brands.
The millenial managers have lost their minds trying to reach Gen Z. And Gen Z are savvy & not biting. They know they could get clothes for free and become a style influencer on Instagram.
At first glance, most of these these suggestions seem cutting edge, but upon closer inspection are pretty Fuddy Duddy.
Aside from Trunk Club for us Gen X’ers and Boomers, why rent when you can Influence?
Image modified from Trunkclub.com by Nordstrom.