As people have been forced to stay indoors with the resurgence of Covid-19 and a heat wave, the home appliance rentals market continues to rise in Korea.
According to Gmarket, in the first half of this year when compared to the same period a year earlier, home appliance rentals increased 48 per cent. Although the rate is slower than the 299 per cent year-on-year increase in the first half of 2020, when the pandemic first emerged, rental demand remained strong.
Among the products, washing machine rentals jumped 550 per cent, followed by microwaves, at 278 per cent.
Rental demand for TVs, refrigerators and air conditioners was also solid. TV rentals were up 18 per cent, while last year in the first half, they jumped 1,185 per cent. Refrigerator rentals in the first half of 2021 rose 87 per cent, whereas last year in the first half, they jumped 2,347 per cent. Air conditioner rentals this year were up 19 per cent, slower than 953 per cent year-on-year increase in the first half 2020.
“Demand for appliances and furniture have increased as more people are spending time at home due to Covid-19,” said Lee Young-eun, Gmarket Manager. “Subscription consumption, which is an extension of rental, is gaining huge popularity as people can own and use the products without having to purchase by paying large amounts and only need to pay monthly subscription fees,” continued Lee Young-eun.
