The global furniture rental service market is worth US$ 80.1 Billion as of now and expected to reach US$ 190 Billion by the year 2033 at a CAGR of 9% between 2023 and 2033. This report unveils the industry’s secret weapon: customization and agility.
The Power of Personalization:
Today’s consumers crave unique spaces that reflect their individual style. The furniture rental market caters to this desire by offering a distinct advantage over traditional furniture ownership – customizability.
- Unlock New Revenue Streams: By providing options to personalize furniture (fabric, color, size, style etc.), you can attract a broader customer base and generate additional revenue streams.
- Enhanced Customer Satisfaction: Customization empowers customers to create their dream spaces, fostering brand loyalty and repeat business.
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Staying Ahead of the Curve:
Furniture trends are ever-evolving. Here’s how to stay agile and capitalize on shifting preferences:
- Embrace Seasonality: Anticipate seasonal trends and curate your rental inventory accordingly. Offer light, beachy pieces in summer and cozy selections for winter.
- Localize Your Offerings: Understanding local cultural nuances is key. Incorporate design elements that resonate with specific regions – color schemes, motifs, etc.
These strategies will position you as a leader in the furniture rental revolution.
Competitive Advantage:
- Become the Go-To for Customization: Differentiate yourself by offering unparalleled customization options, attracting design-conscious customers seeking a unique touch.
- Future-Proof Your Business: Embrace agility and adapt your offerings to meet evolving trends, ensuring long-term market relevance.
- Maximize Profits: By catering to a broader customer base and offering value-added customization options, you unlock significant growth potential.
Households basically prefer rented furnishing items for fulfilling requirements of indoor spaces. Plus, there are students preferring rented, cost-effective chairs as well as tables for meeting the study requirements of their co-living spaces.
CityFinish, in November 2021, did introduce ‘CityMax’ – a subscription-based furniture relocation service for Indian audience.
The other reason behind households preferring purchasing subscription-based furniture renting services is that of being able to use diverse furnishing items on regular basis. The National Association of Realtors (NAR) has published a statistical data stating that housing sales in the US rose by close to 5.7% between January 2019 and January 2020.
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The ongoing trend is that of conducting promotional events for triggering customers’ interest in having subscribed to the services. For example – RentoMojo, in January 2019, did launch video campaign for targeting Indian youth preferring relocation for career prospects. It did showcase life scenarios concerned with households’ relocation hassles.
At the same time, the fact that there is a dearth of awareness with regards to furniture rental service amongst the geriatric population can’t be ignored. This factor is expected to restrain the furniture rental services market in the forecast period.
Future Market Insights has entailed these facts with future perspectives in its latest market study entitled ‘Furniture Rental Services Market’. It has its team of analysts and consultants to look through a bottom-up approach in its primary, secondary, and tertiary modes of research.
“With advantages offered by affordability, value, and variety offered by furniture rental services, the global furniture rental services market is likely to grow on an impertinent note going forward”, says an analyst from Future Market Insights.
Key Companies Profiled
- Feather, Aaron’s LLC
- Rent-A-Center
- Brook Furniture Rental Inc.
- The Everset
Competitive Furniture Rental Services
- Furlenco, in July 2021, did launch a yearly subscription-based furniture service called ‘UNLMTD by Furlenco’ offering hassle-free relocation and appliances swapping to the Indian customers for free.
- John Lewis Inc., in June 2021, did announce expanding its furniture rental business by doubling offerings of products. The company claims to offer 200 kinds of furniture; right from beds to bar stools and dining tables to sofas.
- com, in March 2021, did launch an online retail platform facilitating US customers to buy as well as rent out household products like wall art, home décor, and luxury furniture.
- Rent-A-Center, in February 2021, did agree upon acquisition of Acima Holdings LLC that makes provisions for lease-to-own solutions. Through this acquisition, the company would increase the scope of digital transactions with an effective integration of POS and advanced e-Commerce Platform.
- Fernished Inc., in September 2022, did develop in-house delivery service for expanding home furnishings as well as rental business.
What does the Report state?
- The research study is based on material (wood, metal, plastic, glass, and likewise), and application (residential and commercial).
- With online furniture rental platforms like INHABITER, CORT coming up, the global furniture rental services market is expected to grow on a good note in the forecast period.
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Furniture Rental Service Market Outlook by Category
By Material:
- Wood
- Metal
- Plastic
- Glass
- Others
By Application:
- Commercial
- Residential
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and the Pacific
- Middle East and Africa
About the Consumer Products Division at Future Market Insights
The consumer product team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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