Renting a Luxury Life is way Smarter than buying it all
Indian millennials are through a transition over the choice of ownership and renting. The reasons are several, being more than only the cost of the product. An aspect here is to save money and invest rather than disposing it buying an expensive item having a little use. A classy example is that of a golden necklace that is needing in the family marriage ceremony. So, you will need a golden necklace worth more than a lakh just to wear on a marriage. While, there is no certainty if you are going to need it in next five years. After wearing for a night, barely less than 12 hours, the piece will be back to lockers, which is an additional expense of thousands of rupees per month.
What’s the way out of this enigma? How about an option to rent a necklace that worth lakhs in just a fraction of that money? How about buying a gold bar instead of a necklace and invest it for an income of thousands per month? There in comes the idea of renting rather than buying a highly expensive product. It is perhaps the most logical option and clearly, the smartest.
Renting luxury products is a new trend in Indian market as, exported from Western culture. While this industry has matured in West, in India, it is just starting to bloom. There are several start-ups coming up in India that offers luxury-brand products on rent. Now it is possible in India to get those expensive products in a cost as low as 5% of the actual price of the product. At present, India’s rental ecosystem is headed by top three product categories including Furniture, Electronic Appliances and Motorbikes. Now the market is growing gradually with more products like apparels, jewelry, designer products and many more. Product list burgeoned to even art, camping and trekking gear.
Renting a product also an amicable option in a market where price rise is an integrated character. While price of a product might go higher every year, the renting helps to do away with this additional expense. Mobility is another advantage of renting rather than buying bulky products, especially furniture. Per industry leaders, rent of any product is always kept competitive to EMI for the same.
Renting Fashion accessories or dress has the massive advantage of following the latest trend. Now, fashion trends are mostly defined by latest trending modes and models in popular social media. Because such trends are short lived, it is not an economical or a logical way to buy each and every type of fashion accessories or wearable. Renting, thus, emerges as the best way to catch latest fashion trends.
Luxury renting has made it possible to rent a dream and live life to the fullest. While, saving a load of money, it can create a way to earn more by investing on productivity rather than disposing the wealth on an item, that need even a lifetime occasion to use.