Megatrends of Furniture Rentals in 2019
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Furniture rental is no more a new concept, but it is on its burgeoning phase. Looking at the ever increasing demand, it could be rightly predicted that it is going to rise even higher in the coming years.
In this article, we discuss the upcoming new trends in furniture rentals that could be seen in the year 2019
1. Digital Shoppers - The aforementioned digitization trends have seen a major disruption in the market. To have a physical experience of the product before purchasing it, has become passé. The new tech-savvy crowd generating trust among online shopping sites. In 2019 the digital shoppers will see a magnificent growth, which will control the buying behaviour in the market.
2. Young Working Professionals - Gone are the times when a job-seeker would choose employment only in his/her hometown. The ever-growing startup culture and industrialization has made young professionals to make relocation as a part of their life. However, they are also aware of the huge amount of investment this movement involves. which is why they prefer to change cities or houses with no extra baggage to avoid extra expenses. The rental startups have come to them as a saviour.
3. Practical Newly Married Couples - Both the partners today like to share their responsibilities, economically and personally. They have become more practical in their spending after marriage. Gone are the days when parents used to decide on the house and decor for the homes. The newly married couples are more independent and want to take their own decisions. The new culture is moving towards accessibility as opposed to ownership. They know that change is consistent, so they don’t want to settle down and own the things that will add an extra burden to them as they change home or sift to a different city.
4. Booming Tier 2 Cities - Talking about growth in startups and rise in industrialization, tier 2 cities have emerged as a big picture in the conventional strategic market. The kind of flourishing ecosystem that tier 2 cities offer has given e-commerce huge possibilities of growth. This is attracting the rich, upper middle class and even middle-class people to choose digitization of physical experience. New trends have been attracting their purchase behaviour, thereby, allowing the furniture rentals to b the part of their life.
5. Economically Smart Millennial - The younger generations are becoming smarter when it comes to living the life they want and spending on the same accordingly. While the millennial move away from their homes to study and choose to stay at a rented flat over hostel, they seek the comfort of home in their lifestyle. To support that they also like to furnish their rooms, and yet being economical. To them, rental startups come as a rescue, as they can just rent the piece of furniture they want to add and use it only as long as they need them. With the changing trend, they can also get that exchanged from the companies, that too without paying extra.