Rental Furniture: It’s Benefits & Latest Trends!
Since the start of 2020 the impact of the pandemic has been felt universally.
On one front, the traditional and offline industry was adversely impacted, while the demand for online furniture rentals in India, on the other hand, spiked exponentially, thereby presenting an opportunity for companies & startups in this domain. In this article we’ll know the benefits of rental furniture along with the latest trends that are raising the demand!
Benefits of renting furniture!
- Flexibility & Adaptability – Most people, especially millennials are against the idea of investing in items that they believe will become a burden eventually. To buy furniture, a level of commitment is required, as a great portion of India’s population internally migrates all the time.
- Renting Furniture is Cost Effective – One of the most notable characteristics of the middle class is that they have a set & limited budget. It’s because the majority of students are living away from home for school or are professionals who migrate from city to city due to their jobs.
- Easier to move & Relocate – Renting furniture comes with affordability as well as peace of mind. This is why people now prefer to rent furniture rather than owning it. They have the option to easily cancel their deal and move with rentals. There are no troubles when they’ve to move away for any reason whatsoever.
Latest Trends In Rental Furniture Industry!
Here are some of the key trends we believe will dominate Indian furniture rental industry in the times to come:
Millennial driven rental economy!
People, especially millennials have become more aware & experimental. Once a piece of furniture is bought, you’re stuck with it for many years as it’s a huge investment after all. Humans tend to get bored & saturated with their surroundings & get the urge to change it constantly. It’s unlikely to change your furniture frequently unless you’re super rich. With this in mind, people nowadays take furniture on rent because they can change/upgrade after a short period.
Rising Home-office furniture demand!
As we witness the ‘remote working’ culture brought about by the pandemic, the demand for home-office furniture shot up exponentially in 2020. Even though vaccines to overcome the virus have now arrived, many companies including giant IT and MNCs are expected to continue to partly or fully stick to WFH for a large part of 2022. Especially after the detection of the new Omicron variant of Covid-19.Therefore the demand for home-office furniture does not seem to be going away anytime soon, which is going to create a new product demand in the industry which will drive innovation.
Availability of ‘Rent to Buy’ option!
Rent-to-buy option wherein customers can eventually buy the furniture. This helps customers to try out various items before finally investing in them. Many people are open to the option of renting, but the thought of ownership bothers them. So, the rent-to-buy option is a befitting solution for such consumers. Minimum renting period is generally three months and maximum varies as per the requirements of the customer.
Rising demand for multi-functional furniture!
The furniture industry in recent years has seen an increased preference among consumers looking for using multi-functional furniture, desk-turned-cabinet, wall beds, transforming tables, etc. Even in 2022, convertible multipurpose and portable furniture will increasingly continue to drive the furniture rental market of India.
Lastly!
Recognizing the impact of digitisation and changing lifestyles of today’s demography, furniture rental companies will look forward to innovating consistently. Rising demand will be an impetus to introducing new offerings as well as other incentives such as free delivery and installation under stipulated time to win the trust of the customer in the long run.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
