Renting furniture offers cost-effective options for consumers to avoid high upfront purchasing expenses, states Fact.MR
Renting furniture offers cost-effective options for consumers to avoid high upfront purchasing expenses, states Fact.MR
According to Fact.MR, a market research and competitive intelligence provider, the global furniture on rent market is estimated to reach a valuation of US$ 6.5 billion in 2024 and is expected to grow at a CAGR of 7.0% during the forecast period of 2024 to 2034.
Amidst the growing rates of commodities, many buyers are now shifting their minds to alternative easy on pocket ways of acquiring furniture. One way this development is happening is through renting which allows one to escape from spending too much at once. In urbanized regions for example, where houses and everything else keeps on becoming more expensive others have decided flexibility and financial discipline come first. Thus, furniture renting substitutes are available where users can pay monthly installments instead of one lump sum payment for their new furniture.
Rental services make it easy to access their items for hire as they come with delivery, installation and return services. This is very appealing to people with busy lives like young jobholders and students who have to change residence frequently due to either work or learning commitments. It gives them a chance to appreciate quality furniture without necessarily being tied down by extended agreements making housing transitions and financial limitations easier.
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Key Takeaways from the Market Study:
“Growing urbanization and mobility demand flexible, affordable rental furniture solutions for transient populations”, says a Fact.MR analyst.
Development by Market Players in the Furniture on Rent Market:
Furniture on Rent Market News:
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global furniture on rent market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of material type (wood, plastic, metal, glass, other material types), rental cycle (short cycle, long cycle), application type (residential, commercial), distribution channel (offline sales, online sales) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, Middle East & Africa).
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Furniture rental is a service that allows consumers to lease furniture for a specified period, providing flexibility and cost savings compared to purchasing.
Monthly installments refer to the fixed payments made each month towards a loan or rental agreement, allowing consumers to spread out the cost over time.
Market valuation is the process of determining the current worth of an asset or company based on various factors, including market conditions and financial performance.
Urbanization is the process by which more people move from rural areas to urban areas, often leading to increased demand for housing and services.
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