From
armchairs to iPhones, India's millennials rent it all
Sharing economy is a global phenomenon & is expected to generate
annual revenues of $335 bn by 2025. Dec 01, 2019
MUMBAI: At
29, Spandan Sharma doesn't own
a flat, a car, or
even a chair -- one of a growing number of Indian millennials bucking
traditional norms and instead opting to rent everything from furniture to iPhones.
"Millennials in my age bracket want freedom and earlier what was seen as stability is now seen as a sign of being tied down," Sharma told AFP.
"My parents don't understand the concept of renting furniture at all. They have never been completely on-board with the idea," he said.
"They said it would be much better to buy rather than rent furniture in the long term."
For 4,247 rupees ($60) a month, the Mumbai-based executive furnished his entire home, sourcing furniture for his bedroom, living room and dining area as well as a refrigerator and microwave.
"Millennials in my age bracket want freedom and earlier what was seen as stability is now seen as a sign of being tied down," Sharma told AFP.
"My parents don't understand the concept of renting furniture at all. They have never been completely on-board with the idea," he said.
"They said it would be much better to buy rather than rent furniture in the long term."
For 4,247 rupees ($60) a month, the Mumbai-based executive furnished his entire home, sourcing furniture for his bedroom, living room and dining area as well as a refrigerator and microwave.
Sharma isn't
alone. Tens of thousands of young Indians are switching from buying to renting so they can live life with few strings
attached. (note: expression = no strings
attached : sans contrepartie)
Even businesses are renting their office furnishings, said budding entrepreneur Vandita Morarka.
When Morarka set up her feminist non-profit One Future Collective in 207, she rented nearly everything she needed and funnelled the savings into paying salaries to her staff of 25.
"From study tables and chairs to even a laptop, I have rented them all as the prices are reasonable," the 25-year-old told AFP.
"This system allows me to take more risks... And in case things go south, we can wrap up without losing a large tranche of investments and begin elsewhere."
From ride-hailing apps to communal office spaces, the sharing economy is a global phenomenon that is expected to generate annual revenues of $335 billion by 2025, according to PricewaterhouseCoopers.
In the US, websites such as Rent the Runway and Nuuly offer fashion-conscious customers the option to try rather than buy clothing, while in China, consumers can rent BMWs via a tap on their smartphone.
//economictimes.indiatimes.com/
Even businesses are renting their office furnishings, said budding entrepreneur Vandita Morarka.
When Morarka set up her feminist non-profit One Future Collective in 207, she rented nearly everything she needed and funnelled the savings into paying salaries to her staff of 25.
"From study tables and chairs to even a laptop, I have rented them all as the prices are reasonable," the 25-year-old told AFP.
"This system allows me to take more risks... And in case things go south, we can wrap up without losing a large tranche of investments and begin elsewhere."
From ride-hailing apps to communal office spaces, the sharing economy is a global phenomenon that is expected to generate annual revenues of $335 billion by 2025, according to PricewaterhouseCoopers.
In the US, websites such as Rent the Runway and Nuuly offer fashion-conscious customers the option to try rather than buy clothing, while in China, consumers can rent BMWs via a tap on their smartphone.
//economictimes.indiatimes.com/
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