Bag Borrow Or Steal (BBS) – Making fashion affordable – Market analysis

BBS is primarily caters to consumers who own or would like to own luxury goods, are fashion conscious and trendy (particularly women). However, have limited spending power or would like to try a fashion accessory before paying a huge price. BBS caters to budget conscious customer who would like to get a taste of owning a high-end fashion bag, jewelry or other fashion accessories, BBS allows them to rent designer accessories and return it after they have used it for a predefined duration. Customers have the option of rent per week or per month. Customers also have the option of purchasing the item after usage. Their catalog of items include anything from designer bags, clothes, accessories and jewelry can be rented.

The designer fashion rental is a niche yet a growing market. Consumers (particularly women) like owing expensive designer fashionable goods as symbol of status and prestige. The US handbag market alone will reach over $9 billion by 2015. Worldwide spending on luxury products rose by 10% in 2011 and 12% in 2012. The highest growth rate is expected to be in Asia (over 12% in 2012). The overall global luxury market related to personal luxury items accounts for over $50 billion.

BBS target market can be segmented according to fashion designer, consumer lifestyle choices and demographics statistics. BBS is attempting to reach consumer ranging from students, housewives to working women who have disposable income to rent luxury fashion good but cannot afford to own it. They also target consumer who are price-sensitive and are comfortable buying used items at a reasonable price rather than paying full price. BBS encourages users to rent different items, accrue loyalty points in the process and trade the points towards purchasing or renting items in the future.

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