Millennials prefer to live light and get the most out of every moment. In today’s sharing economy this translates to a significant shift in preference for renting over buying. RentSher is well positioned to capture and foster this behavioral shift.
Millennial Generation, born a decade before and after the turn of millennium is known to be tech savvy, socially connected and environmentally conscious. But one of the biggest differentiator of this generation over Gen X is their disregard for ownership.
“I am Gen X and have grown up thinking of owning house and car and other stuff. Possession of such items are seen as status symbol and mark of successful career for my generation. But I see significant different in behaviour when it comes to next generation. For them it is important to do meaningful work. They are not much bothered about ownership. They prefer Uber over BMW and AirBnB over houses.” quotes Abhijit who has devised RentSher business strategy and platform around millennials and their way of thinking.
www.RentSher.com a leading horizontal rentals product platform claims that the major growth across categories is coming from youth. Harsh, CEO of RentSher says, “We saw the parents category as our major customers in the school season 2015-16; but a big spurt came in summers from young college students and entrepreneurs looking for dresses, costumes and laptops and gadgets on rental basis rather than buying with EMIs”
“This generation is not caught up in unnecessary emotional attachment to inanimate objects. I bought my ‘sub-fusc’ – an Oxford graduation robe – because I got attached to it and thought it will be great souvenir. Honestly though, I have never even looked at it after my graduation.” recalls Abhijit. The millennials do not have time, money or space to indulge in such souvenirs. Their memories are digitally engraved in their social media accounts. So instead of buying for Rs 1500 they are renting their graduation robe just for Rs 150.
“This graduation season RentSher has delivered graduation robes to over 2000 students from more than a dozen colleges and universities.” quotes Pallavi, a millennial herself, who is heading RentSher costumes division. “And it is not limited to robes. Rather than asking their parents for pocket money, these students are finding way to earn for themselves and get the most out of money. So instead of spending thousands on buying, I can simply rent a gaming console or karaoke machine or barbecue grill for a few hundred bucks and yet have the time of my life.”
RentSher completely resonates with these sentiments and want to help students get the most out of their money. “We are running a contest for students to capture the best moment of their student life and share it on social media, tag rentsher and win some real cool prizes. The winners will be chosen based on photo, likes and comments and will win exciting prizes to celebrate great weekend send off party of their student life.” Harsh mentions.
RentSher Banking on Millennial’s Preference of Consumption Over Buying