Furniture Rental Market Expected to Witness a Sustainable Growth over 2025
Posted by Swati Tamhankar on August 13th, 2019
The concept of furniture rental is primarily providing furniture to consumers on rent, instead of purchasing it. With the ongoing trends and evolution of design and styles, consumers no longer prefer permanent ownership of products, goods, and commodities. Owing to fewer maintenance expenses and lower price of the furniture, rental practice has proven to be beneficial for consumers.
Surge in housing population across the globe is the key factor that boost the growth of the global furniture rental market. In addition, rise in number of employers incorporating furniture on rental basis in their corporate policies is a primary factor accountable for growth of this market. With the e-commerce sector witnessing significant growth due to increase in number of internet subscribers and rise in smartphone penetration, the process of renting furniture has become more convenient and economical for people. Several online channels are available, which offer numerous choices and hassle-free door-step delivery. These factors in turn drive the growth of the furniture rental market, encouraging consumers to buy products with convenience.
Furthermore, rise in disposable income with reduced expenses of rented furniture is anticipated to accelerate the growth of furniture rental market. The soaring trend of rented apartments due to increase in number of working population expanding into urban regions with demands for aesthetically appealing furniture is expected to supplement the growth of the furniture rental market.
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Owing to globalization, large number of people relocate for shorter durations, thereby increasing the preference for rented furniture over permanent ownership. This trend has a positive effect on the rental furniture market globally. Renting furniture fundamentally saves consumers’ money, which acts as a crucial aspect in the growth of this market.
However, lack of awareness regarding this market among the masses and managing complex bookings constrain the growth. In addition, maintaining furniture and delivering customer service can be challenging to the furniture rental market.
Key Benefits For Stakeholders
Furniture rental key market segments:
By End Use
By Distribution channel
Key players include
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