Indian Furniture Rental Industry – Market Size, Growth & Scope
Mumbai (Maharashtra) [India], April 29: Do you remember the days when we used to rent a bicycle for a day with 10 RS? Or the time when we rent a room for studying in another city? Or when your mother decided to rent jewelry just because the one at home doesn’t match the dress?
India holds millions of stories, but we believe, thousands of them are somehow related to rentals in one way or another.
Like yesterday one of my relatives said she rented a bed just because her mother-in-law was visiting her. It just feels amazing to think of what sense of satisfaction she would have felt when nobody had to “adjust” for a guest and yet, giving them the utmost comfort.
Furniture Rentals are the next big thing. As India is transitioning from Agriculture based sector to a Service-based sector and many young Indians are moving to cities as a young workforce, there is ever ongoing demand for Furniture that can be rented.
The concept of renting furniture is not yet properly settled in the mind of the old generation as owing the basic thing like furniture is often thought as the best option. But millennials are practical, they know the hardships that come with owning furniture. It’s not just practical for them to own a 40-50k sofa set when they know they would be in another city in the next 2-3 years and transportation is not cheap!
The concept of using rental furniture is new to tier 2 and tier 3 cities but it’s not entirely an alien concept as we saw the success of OLA and Uber in these cities. As per the reports, investors are really confident in these cities for the future of furniture rentals as we saw a rise in startup funding in this sector. As we saw in a recent PWC study, that the sharing economy in India is valued at $1.5bn with future projections of $10bn by 2030
Today’s generation is more evolved and adapts to the modern lifestyle than its counterpart. With unique and individual preferences, this set of people are opting for modern furniture and flexible usage and hence makes for an important category to the retailers.
Indian furniture rental market can be divided into further categories as per the needs of the customers. For example, the “Bed” category is the most popular one and gets too many customers with respect to other categories like Sofa, chair, tables, etc.
This is quite obvious too, as any practical person would say that Bed is more of a necessity rather than luxury and the young working force would think of renting a Bed before anything else. Then there is kids’ furniture, which is said to be the next big thing in upcoming years.
Another category that can be added is the time period. It has been observed that an ideal time period for renting furniture often comes around 1-2 years. This is the most preferred duration by youngsters for renting any furniture.
For more information, visit https://cityfurnish.com