The millennial generation growing up in the “shared economy” environment is no stranger to the leasing industry, and leasing luxury goods is also a reasonable choice for consumers. This is also a hot topic at the Women’s Wear Daily retail 2030 forum in New York on April 3, with participating luxury rental companies Rebag and Rent the Runway discussing how they Voucher Codes should prepare for the future of luxury rentals. When asked if the two companies have plans to expand in China, they all said they still focus on gaining a bigger market share in the United States.
Charles Gorra, founder and CEO of Rebag, said that China is the largest luxury goods supplier and the second largest product market, but fakes are a constant concern for them. Maureen Sullivan, chief operating officer of Rent the Runway, which acquired Ma Yun Investment last year to develop the Asian market, said that the company has set up a number of focus groups and found that many Chinese millennials expressed their current brand type on the platform. Certainly, but she feels that the specific implementation of the product has yet to be resolved.
Have these two companies in the North American market experienced the huge potential market in China? Chinese consumers have bought nearly a third of global luxury goods, but their enthusiasm for consumption will translate into leasing Interest? If consumers rent luxury goods, will they still buy them?
Surprisingly, there are many players in China's local fashion rental industry. Since 2014, companies such as Yi Er San, Xing Dong and Ms Paris have emerged, and most of them have been strongly supported by venture capital. But they have not locked in the market, and many consumers complain about false advertising, delays in delivery, or dirty clothes. That being said, Chinese consumers are interested in leasing luxury goods, even those with the ability to pay. According to the data from the Star Cave, their rental population overlaps with luxury buyers. More than 40% of their 10,000 users are already serious luxury buyers, and their luxury consumption exceeds 200,000 RMB per year, 25% of which are white-collar workers with monthly salary between 10,000 and 20,000.
Whether you like it or not, luxury leasing has become a global sport. We conclude why luxury leasing will resonate with the millennial generation of China for four reasons:
Debt owner
Many reports show that even though many Chinese millennials are heavily in debt, they are still willing to spend money on luxury goods. According to a survey by HSBC, the debt-to-income ratio of China's post-90s generation (born in 1990 and 1995) reached an incredible 1,850%. Although as an only child, these people are financially supported by their parents, but spending their money at such a rate may soon be exhausted. Coupled with the slowdown in China's local economy, many luxury consumers may soon tighten their belts and learn to be more realistic. For buyers with limited budgets, luxury leasing will be a wise choice.
2. Experiential consumption
Many of the consumers we interviewed used the term “experience” to describe their rental experience. Lena Xu, 27, works at a creative agency in Beijing, highlighting her experience of browsing hundreds of rental options online. "I have a lot of choices at once," she said. “The ability to constantly change and enrich my wardrobe is a very powerful experience.” In fact, this massive selection is the most attractive for first-time luxury rental users. As chief operating officer of Rent the Runway, Maureen Sullivan described their service as "an extension of the customer's wardrobe", and they have access to the company's entire inventory in the cloud. Millennials like to be able to change their appearance multiple times without paying attention to price tags, which makes them feel free.
3. Self satisfaction
At a deeper level, the motives of China's millennial generation of luxury goods are different from their predecessors: they avoid showing off wealth, but luxury consumption is the way they achieve their goals. This attitude actually changes the “lease” to some extent. a sense of cheapness. Sarah Liu, who works for a marketing and public relations firm in Shanghai, says she often needs to dress up to meet her clients, and renting luxury bags is a cheaper option to meet these requirements. She added that she would not spend money directly on luxury bags and would prefer to consume high-end skin care products.
4. Green generation
Leasing is not only good for their financial situation - it is also about making ethical choices. Fashion is one of the most wasteful industries today, and Millennials have begun to question whether they should solve environmental problems by constantly buying new clothes. In the end, renting luxury goods is about reusing fashion, another way for millennials to feel good.
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