Perceived Benefits and Risks in Adoption Intention of Fast Fashion Rental Services: An Empirical Study in the Context of Digital Peer-to-Peer Platforms

Abstract: Thesis Purpose: The present research investigates the relationship between five perceived benefits: environmental, hedonic, financial, functional, and social, as well as two perceived risks: hygiene and loss of ownership, with consumers’ intention to adopt peer-to-peer fashion rental services in the fast fashion segment. Theoretical Perspective: The Extended Unified Theory of Acceptance and Use of Technology (UTAUT2) from Venkatesh, Thong and Xu (2012) was employed. Additionally, studies from research areas of collaborative fashion consumption, rental services, peer-to-peer platforms and the fashion literature, served as a background for hypotheses formulation guiding the data analysis. The hypotheses translate perceived benefits and risks addressed in the literature into the corresponding constructs in the adapted UTAUT2 model. Methodology: The relationships between benefits, risks and behavioural intention were assessed by employing a quantitative research design. Following a deductive approach, a multiple linear regression analysis was conducted to test the constructed conceptual framework. Empirical Data: Non-probability sampling was applied, and respondents were recruited via a self-completion web-based questionnaire (n=362). Findings: The analysis confirmed that the perceived benefits of environmental sustainability, hedonic motivation, performance expectancy and social influence have a positive relationship with a consumer’s intention to adopt peer-to-peer fashion rental services in the fast fashion segment, whereas price value and effort expectancy were found to be insignificant. Furthermore, the risks related to hygiene and loss of ownership displayed a negative relationship with the examined adoption intention, confirming the results of previously conducted studies. Implications (Theoretical/Managerial): This research indicates, contrary to literature, that not all perceived benefits are significant in predicting adoption intention of peer-to-peer rental platforms in the fast fashion segment. The insights generated by this study can assist marketers in determining potential adopters. What is more, this study provides platforms and fast fashion companies with strategies to showcase the relevant consumer benefits and mitigate the risks, thereby targeting their consumers effectively. By doing so, industry actors can utilise their resources efficiently and encourage consumption practices that are ecologically sustainable.