Made.com is experimenting with a furniture rental service in response to a “societal shift” in home ownership.
Made.com is considering the potential of renting furniture because of the increasing number of people who cannot afford their own home, The Times reported.
Made.com chief executive Philippe Chainieux maintained “a big societal shift” is under way and said: “People are now renting things, they don’t want to spend as much money if they are not somewhere permanent but they do aspire to own nice things, so we are working out how to respond to that demand in a sustainable way.”
Made would be the latest furniture specialist to move into rental. International giant Ikea revealed plans for a trial in February, and in March said the initiative would be rolled out internationally to its 30 main markets.
The chef executive of Ingka Group, which owns most of Ikea’s stores, Jesper Brodin, told Reuters at the time: “You should be able to have a lovely home, and a good conscience, and you should be able to afford it.”
The trend has extended beyond furniture. In the US, for instance, Rent the Runway has established an apparel hire model. It is understood to have about 11 million members.
According to GlobalData, the clothing rental market alone is worth about $1.3bn at present, and that is forecast to rise to $4.4bn (£3.5bn) by 2028.
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