Rental marketplace Hirestreet is ramping up its use of artificial intelligence (AI) to forecast demand for summer fashion this year.

Hirestreet said AI-generated insights and predictive analytics are being used to “accurately forecast” demand for specific occasions.

It added that this allows the business to select the right brand partners for its demographic and to “capture the rental market” as it grows in popularity.

Hirestreet told Retail Week it has used AI algorithms for a few years to analyse eventwear data, including booking timings and durations, in order to help with predictions for the following season.

This is now being combined with real-time search volume data and product tagging to ensure the right products and prices are available at the right time for rental customers.

Hirestreet said this combination helps to boost both accuracy and responsiveness for providing the brands and styles customers are after for the spring/summer season.

The news comes as Hirestreet adds four new names to its brand portfolio ahead of peak season: True Decadence, Ro&Zo, Collective The Label and AmyLynn.

Hirestreet founder and chief executive Isabella West said: “Innovation has always been central to our growth strategy and harnessing the opportunity AI presents is an exciting step towards unlocking the next stage of our rental mission.

“Interpreting rising search volumes and historical rental patterns alongside emerging fashion trends and social media influences has enabled us to confidently anticipate demand for key customer moments and search out brands that fit the key criteria.

“Styles backed by these insights are on average outperforming by a factor of five, contributing to us delivering a record season so far.

“We are excited to see a continued shift towards customers choosing rental as a more affordable and conscious way of consuming fashion.

“And, while there’s ever-increasing demand for rental as part of a regular wardrobe rotation, we know hiring a dream dress for a special occasion remains high on customers’ list of reasons to rent, so we’re delighted to add such strong UK brand partners to our rental offer.”