Snacks Tonight #29

October 25, 2019

 

A cherry and almond clafoutie made after I joyfully re-discovered some frozen cherries in the freezer.

 

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The Growth In Consumer Rentals

October 25, 2019

My wife and I are not part of the consumer rental economy. We have always rented our accommodation and since we gave up our car in 1991, we have rented cars and we recently joined Evo. But those don’t count as consumer rentals.  About fifty years ago in London, when I was first married, we rented our TV set, and I once rented a tuxedo for a weekend, but I can’t think of any other consumer goods that I have ever rented.

Not so the millennials, as a recent and highly informative infographic from Visual Capitalist shows.

 

“Although the current market for rentals is still in its early stages, the sheer momentum that the industry has gained in the last year is enough to threaten even the largest retailers—forcing them to reconsider their own business models … According to the research, very few millennials choose to rent consumer goods because it is better for the environment. However, Nielsen claim that 73% of millennials are willing to pay more money for sustainable offerings—impacting both retail and rental industries. As evidence of this, Ikea will test a range of subscription-based leasing offers in all 30 of its markets by 2020 in a bid to appeal to environmentally conscious consumers and boost its sustainability credentials.”

Other than tuxedos and, perhaps, wedding dresses, it never would have occurred to me to rent clothing. However:

“In the clothing rental space, brands like Rent the Runway pave the way, but there has also been an explosion of startups entering the market in the last year. One example is the monthly subscription service Nuuly. The company offers consumers access to over 100 third-party brands and vintage items. Consumers can borrow up to six items a month for $88. Similarly, American Eagle’s Style Drop program rents out the latest collections for a flat monthly fee of $49.95.”

It’s a brave new world out there.


Image: Motion #1

October 25, 2019

Motion #1


Shubh Diwali 2019

October 25, 2019

Diwali2013