But women have so much more alternatives these days. They no longer have to spend money to use things. The younger generation tends to want certain items for a short period of time; they don’t necessarily want to possess brand new things like the previous generations.
The behaviors of the younger generation that have changed from “shoppers” to “renters” are constantly increasing. While social media platforms such as Facebook and Instagram are becoming more influential, consumers are also continuously changing their mindset on material possessions.
These are all parts of the “sharing economy” concept, wherein people can share their belongings to maximize economic benefits. We no longer have to spend money on buying everything.
PricewaterhouseCoopers estimates that the value of the “sharing economy”, in which consumers are shifting to renting or loaning products instead of buying, will increase to more than $300 billion or $10 trillion by the year 2025. On the other hand, a research by Hammerson and Verdict indicates that the millennial or Generation M aged between 18 to 34 years old is increasingly pleased with this trend.
Garment rental business is a classic example. While there are many second-hand clothing stores that sell items at affordable prices, there are also ones that offer gown rental services, no matter how dazzling you’re aiming to look.
However, beyond that is bchurunway.com that had just launched in Thailand last year. With the concept of an online wardrobe, it meets the demands of all renters. Whether you are looking for an outfit for work, wedding, or party, all you have to do is click on the product, pay, and a messenger will deliver your order at your very doorstep. If you are not sure about the sizing, you could even book an appointment at the store to try on the outfit with a stylist’s assistance.
The website houses over 50,000 designer items from more than 100 leading labels across the globe. It also offers free delivery across Thailand for four and eight days of renting. Moreover, customers are granted numerous ways to return their products, including self-returns at the store, through the post office, or via a messenger. The only request from the brand is that you take great care of every rented product.
Another “Thailand only” rental service is dowry. It is certainly a survival hack for those who put great importance on self-image.
“Romantis” offers dowry rentals that include cash, gold bars and Mercedes Benz cars. Gold bars at 10 baht are priced at 10,000 baht per bar, while 50-baht worth of bars are priced at 40,000 baht per bar and 100-baht worth of bars are priced at 70,000 baht per bar. On the other hand, 300,000-500,000-baht cash are priced at 30,000 baht for rent, 1 million baht is priced at 50,000 baht, and 10 million baht of cash is priced at 250,000 baht. A Mercedes Benz completed with a lavish bow is available at 15,000 baht for rent. Furthermore, also on offer are special promotions when renting both cash and a Mercedes Benz.
If we understand the changing consumer behaviors such as those who have shifted from buyers to renters, we will see that there are increasing opportunities in the rental business as well as a larger market for renters. This sees great benefits from both sides.