Over the past few years, more and more brands have been adopting rental models that allow customers to momentarily own their desired item, without taking a giant hit to their bank balance in one go.
Fashion brands have fully backed this renting movement, with many offering designer clothes on a short-term lease at a fraction of the price.
Now, homeware brands are jumping on the bandwagon, with retailers such as John Lewis, Ikea and Muji introducing their own furniture rental schemes.
The demand is there, too.
Data from SEMrush found there were 48,250 searches relating to furniture rentals in July 2020 – triple the number in April. This is also a 46% increase of searches compared to three years ago, in July 2017.
And while you might think that young people want to get as far away from renting as possible – what with reports suggesting they will be renting properties well into their 30s, or perhaps 40s – it seems younger consumers are the key demographic.
But why is renting furniture becoming more mainstream? And why is it happening now, of all times?
The pandemic
Andrew Busby, founder and CEO of Retail Reflections, explains it’s likely brands have brought forward the launch of these furniture rental schemes because of the pandemic, due to the economic difficulties many people are facing.
He tells Metro.co.uk: ‘Over the next few months we are going to see the furlough scheme unwind (unless we get another announcement) and the sad thing is that many people who think they will have a job to go back to won’t. They will be redundant.
‘So, in other words, disposable income for many families is going to change quite rapidly.
‘It’s a very uncertain next six months that we are entering into.’
It makes perfect sense then that furniture companies are introducing these schemes as an option to help people facing economic hardship.
They are, after all, incredibly appealing for those who are in need of new furniture (particular now they are at home more), but can’t afford to part with a large sum of money in the current climate.
Andrew adds: ‘Renting something as opposed to buying a big ticket item, such as furniture (which of course can cost thousands), is a far safer option and is far less risk-averse and I think people feel far more comfortable with that.’
Practicality in the short term
Generation Rent know a thing or two about moving from place to place – but this becomes incredibly impractical when there’s lots of furniture to transport.
Unlike homeowners (who can invest in furniture because they know it will remain in their homes), renters who move around can find it difficult to justify carting around the bits and bobs they’ve purchased over the years, or spending a load of money on them in the first place.
Ben Hall, managing director of Loft, tells Metro.co.uk: ‘The expense and hassle of moving existing furniture, to then find out it doesn’t fit properly into their new place, or spending weekends waiting for multiple furniture deliveries, makes moving home an unpleasant experience.
‘Modern life requires a more flexible solution to the current furniture model, it simply doesn’t work for the way that people live today.’
It can also be hard for renters to justify splashing out on a piece of furniture if they know they will be moving in the near future.
Andrews adds: ‘Furniture is a big ticket item and so rather than having the big capital outlay, even with credit, it’s become more popular to simply rent it and then you move on again.’
A generational shift
Another important thing to consider is the generational shift that’s taking place.
We are moving away from a society where Baby Boomers call the shots to one where Millennials and Generation Zers are slowly taking the reigns, as they get older.
This is fundamental, as during the 60s, 70s and 80s renting wasn’t considered ‘fashionable.’ Instead, people were defined by the things they owned.
Andrew explains: ‘The Baby Boomers generation – and I’m very much one of those – we were very much defined by the stuff that we had. You defined your life by the stuff that you had, so it was all the stuff in your house and the pictures on the wall.
‘But, of course, now people don’t necessarily define their lives by the stuff that they collect over the years and stick up in the loft. They define it by perhaps a more spiritual or perhaps a more experiential way. They define it in terms of the friends that they have, in terms of the travel that they do and by their work in many ways.’
No longer a stigma
There’s also no longer a stigma around renting, like there once was.
Andrew explains: ‘We went through a period where we felt that renting – whether it be leasing your car or renting your house or whatever it was – was kind of a “bad thing.” It had a bit of a negative connotation to it.
‘Now there is a very different attitude to it and it’s kind of like “why wouldn’t you rent? Why would you use up all your capital and cash on something when it can work for you in other ways?”
‘Renting, I think, is a bit like shopping at discount stores like Aldi and Lidl. If you go back 10/12 years there was a bit of a stigma around that and that you never saw a Mercedes outside one. But now that’s all changed and it’s almost smarter because you don’t need to buy your toilet cleaner from Waitrose, you can get that from the pound store – it’s just the same.
‘I think it’s the same thing here. Now it’s seen to be somehow smarter to be renting, because you don’t need to own those things.’
Environmental benefit
We’re more conscious than ever about the environment and the impact we are having on it and buying new items simply isn’t good for the planet.
This is another key reason why renting is more popular with younger generations – who who are arguably more passionate about the planet than their seniors.
Andrew says that this environmental factor does come into play – although it’s more of footnote, compared to the economic factors which are driving this renting revolution.
He says: ‘I think to a much lesser extent there’s a degree of awareness of the planet, but I think that is at work and will be very interesting to see.’
Furniture doesn’t tend to be sentimental
From Marie Kondo telling us to get rid of things which don’t ‘spark joy’ to seeing people live in tiny houses, we are becoming increasingly obsessed with stripping back and living off only what we really need.
As we clear out our belongings, it’s rare that furniture holds sentimental value. This means we can more easily (and happily) part with it, once it’s served its function.
Andrew adds: ‘There are other things which are more personal which you might want to own.
‘I don’t think we’d ever see a time where you’d rent a picture, but you’d consider buying it because it’s more personal. You don’t get an attachment with the furniture as you would with other possessions around the home.’
As humans, we don’t feel the need to hold onto furniture forever -unlike other more personal items – and rental schemes play into this.
MORE: Take a look inside this dreamy 18th century commuter house on sale for £1.85 million
MORE: Man raffles off £3.2million mansion for just £10 per ticket
MORE: Shildon tops the list of the cheapest places to rent a home in the UK
source https://metro.co.uk/2020/08/26/rise-renting-furniture-why-homeware-rentals-are-becoming-mainstream-13177037/
0 Comments