Investigating consumer attitudes and perceptions towards fashion rentals, subscription models and fashion resale in Sri Lanka, A study based on Sri Lankan Millennials

Abstract

"As Fashion industry is witnessing a shift towards a more sustainable approach various brands adopting sustainable models to mitigate the harm and future proof the fashion industry as well as the brands themselves. Circular economy characterized as a closed loop economic system, stands out as a pivotal sustainable solution particularly within the fashion industry, amidst a range of other proposed remedies. At the forefront of attention, the circular fashion moment directs its focus towards reuse and recycling with Key business models including fashion rentals, resale, repair and remake, each branching into diverse applications. This paper examines consumer attitudes and perception towards focused business models of circular fashion economy comparing fashion rentals, subscription models and fashion resale. This study is based on Sri Lankan millennial consumers. A comprehensive literature review based on key words fashion rental, subscription models and fashion resale, millennial consumers, followed the application of the theoretical frameworks. Notably, Theory of planned behaviour model, Determinants of the consumer’s sustainable purchase behaviour model, Goal framing theory, Technology acceptance model are the key models scrutinizes in this context. Beyond theoretical exploration, independent variables such subjective norms, perceived behaviour control, normative goals along with the dependent variable as attitude towards the behaviour. A critical evaluation of literature findings from these theoretical models is employed to compare and emphasize key discoveries. Consequently, this investigation centres its attention on a specific demographic group, namely consumers aged between 25 and 40 years, who reside in Colombo. This targeted approach ensures a focused analysis of the attitudes and perceptions towards fashion rentals, subscription models and fashion resale. Factors influencing attitudes and perceptions towards the discussing models were analysed leading to recommendations from seller’s standpoint."