Is Product Renting The New Buying For Young Generation?

Must Read

Superstitions across different countries – An Overview

Some believe that a superstition is anything that people believe that is based on myth, magic, or irrational thoughts. They are beliefs that are steeped in lore or tradition, and it is usually difficult to pinpoint the exact origin. Here is a brief compilation of Superstitions which are prevalent across different countries.

1.5 Million Engineers Pass Out In India Every Year, Fewer Getting Hired [Trends]

Engineering colleges have been springing up like wild mushrooms in India in the last few years. Their number has...

World’s Most Popular Ad Slogans: A Brief List To Inspire With !

Advertisement plays an important role for companies as well as consumers world wide. It gives a seller an opportunity...
Aarzu Khan
A full-time data scientists and a part-time industry analyst; still learning power of effective presentation and firm believer of the thought "Numbers are always magical". Love to be in the network of people who 'know' how to respect their time and keep others engaged in meaningful activities.

We live in an era where nothing is permanent, and our fast-paced lives can evolve daily. So, when everything can be changed and replaced in one go, why buy when you can rent?  

Well, the asset-acquiring habit among Indians is now taking new parameters, and we commonly call it Renting.

Yes!! You read it right. From houses to furniture, smartphones to vehicles, everything is readily available on rent. Talking of rental economy, the most common age group that is more likely to avail the rental services is of millennials (i.e., those falling between 22 to 37 years of age). 

Advertisements

There is no denying the fact that the rental economy is experiencing a great boom, and the primary reason behind the increasing demand for rental startups is the ease of setting up an entire place on a low budget and living the best possible life. With so many millennials moving to a new city every day, it becomes difficult to invest a considerable amount of money in buying new furniture and appliances. What is even more painful is transporting the same furniture in a loaded truck, if one needs to move to someplace else. 

To make things easy, the rental startups are providing the service of free transportation, easy switching of products (in case you get bored of the one you have rented), and easy return of the same. Besides offering financial ease, these are some of the factors luring millennials into renting more than buying. So, it does not matter if people want to rent a TV or furniture and appliances for the entire house; they get everything at just the click of a mouse. 

According to a report, the total of India’s electronic appliances, furniture, and two-wheeler rentals is around $ 1.5 billion. Well, the boom in the rental industry can also be estimated from the fact that in recent years (approximately three years), almost 100 rental service provider companies have come up to cater to different needs of people. 

The idea of sharing economy is simple and a good one too. But the main question that arises is:

  • Why anyone would spend a specific amount of money on renting which could have otherwise been used on buying?

Well, the answer is simple and has already been talked about in the article earlier. The frictionless services offered and the products that are more economical and practical to own makes renting an easy-to-go option for most people. 

Advertisements

With so many rental services offering companies including Rentomojo, Furlenco, and many more, it is not only the affordability and secure services that make the millennials want to rent. As already mentioned earlier, the constant on-the-move lifestyle of the millennials leans them more towards renting. 

According to the consulting & audit firm PricewaterhouseCoopers, the sharing economy may be able to generate potential revenue of $335 million by the end of 2025. 

With the younger generations abandoning the idea of traditional buying and settling as they are moving towards a fast-paced lifestyle, the rental startup ventures are cropping up to fulfil the rising demand of rental items, and as a result, the rental market is continuously growing in numbers

How Is Rental Industry Affecting Lives? 

With its hype among the millennials, the rental industry is taking the nation by storm. Well, over time, people of all age groups understand the benefits of getting furniture, appliances, and other stuff on rent. 

So, how is the rental industry affecting lives for the better? 

Let’s take a sneak peek at some of the benefits of renting stuff rather than buying. 

  • Ease of Moving 

In a transferable job, relocating to new places with old and bulky stuff could be a headache. This also calls for a lot of time, effort, and money to arrange for packers and movers. However, under such circumstances, renting could provide an easy solution. 

  • Easy Maintenance and Return

Furniture and appliance maintenance is a tough chore. Thus, to ease the process, many rental companies provide complimentary maintenance service to their customers. 

  • Trial Before Buying 

There are times when people regret their decision to buy a piece of furniture or fancy appliances. Well, this problem has been solved by the rental companies. They not only allow their customers to use the rented products for months but also give them the freedom to try the product before renting. 

  • Hassle-free Change Policy 

People usually get bore of their furniture and home decor items quickly. This is where renting comes effective. Many of the rental companies provide their customers the freedom to change the product any time with the one they like whenever required. 

With all the benefits, renting becomes an easy option in comparison to buying. 

What is the future of the rental landscape? 

Although buying is always a good option of investment, the rental startups are booming as they ensure that everybody has convenient and economical living options. Well, no one can tell what items are up for the rental market next, but it is considered a wise decision on the part of anyone who decides to invest in the potential rental industry. 

As the generation of the millennials comes into power and with the rising demand of products available on rent, the rental industry grows to equip its customers with everything they need, and investing in such a vast industry is a decision which no one will regret.

To Make the Story Short…

With everything changing significantly, the trend of renting over buying is making life easy. Enabling people to live life the way they want while being pocket-friendly, the rental industry is going to experience tremendous growth in the coming years. 

Not only will renting help in making life easy by settling down at a new place without having to worry about moving with a truckload of furniture and appliances, but the availability of designer clothes and accessories without the need to break the bank will fulfil the desires of customers to live a classy life. 

So, there is no doubt in saying that with the rental startups noticing a gradual rise at a fast pace while offering their impeccable services to the customers, renting is taking the place of huge investments otherwise made in purchasing, and is the modern-day buying. 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

India the 3rd Worst Economically Affected Nation by Internet Shutdowns in 2019: Report

2019 saw an increasing awareness about internet shutdowns in the Indian population due to unprecedented first-hand experience...

Amazon and Flipkart Under The Lens Of Indian Authorities For Competition Squashing Activities!

The ongoing tug of war between Offline and Online retailers in India seems to be far from over. On Monday, the Competition...

Constant Internet Suspensions In India Affecting Online Transactions and Economy Adversely

In the wake of the highly controversial and prejudiced Citizenship Amendment Act and other related legal developments such as the NRC, IT...

The Current Generation Require Technology In Class To Make The Most Of Future Opportunities

Technology is the current drive for everything. It has influenced all aspects of life, including cultures. It affects the way we live,...

Reliance Jio Offers Free Calls Over WiFi: Activate It Now

Following Airtel’s launch of VoWiFi calling in December 2019, Jio has now started rolling out VoWiFi calling, as well.

UPI Scam: A Man Loses Rs. 1.01 Lakhs While Using Paytm and Google Pay

Facebook finds it itself in the middle of its first scam of the new decade and the catalyst seems to be its...

In-Depth: Dprime

YouTube Should Have Bid Adieu To Dislike Button Much Earlier?

Online video sharing platform YouTube can be a ruthless place for content creators targeted by 'dislike mobs'. And the site owners totally understand that...

Facebook Has Pulled Off A Masterstroke By Integrating Its ‘Family Of Apps’?

It’s indeed hard to believe that ONE man sitting at Menlo Park, oversees how nearly a third of the world’s population interacts with each...

Facebook’s Crunch Conquest: By Relying Largely On The US Market, Is Facebook Running a Risk?

Two billion! That's Facebook, Inc. (NASDAQ: FB) for you - Right when you thought that this social-media giant has already connected the entire world, it's...

More Articles Like This