Is Product Renting The New Buying For Young Generation?

Is Product Renting The New Buying For Young Generation?

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).

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 reportthe 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

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