What are the Various Channels for the Rent-to-Own Market?
Multi-tiered distribution networks mark the characteristics of the rent-to-own industry's offering. From physical stores situated conveniently in densely populated locations, online portals for easy access and transactions, to mobile applications that simplify the rent-to-own operations - various platforms are employed to maximize reach to potential customers. It is also observable how some major players in the market exploit a hybrid model that combines brick-and-mortar stores with digital platforms, thereby ensuring ubiquity and convenience.
How is the Rent-to-Own Market Expected to Grow?
The rent-to-own sector is anticipated to display a growth trend over the foreseeable future. The growth drivers in its trajectory may include a realm of factors such as tight credit markets, increased interest in home ownership among millennials, along with an overall economic uptick. Nevertheless, market size predictions must also consider the regulatory landscape that may pose constraints on its expansion.
What Impact Has Covid-19 Had on the Rent-to-Own Market?
The fallout from the Covid-19 pandemic presented both challenges and opportunities to the rent-to-own market. General underlying economic uncertainties, on one hand, could refract to an increased demand for flexible ownership models provided by rent-to-own schemes. On the other hand, supply chain disruptions and economic slowdown could negatively affect the industry’s performance. How the market absorbs these contrasting influences will identify further developments in this sector.
Key Indicators
- Rent-to-Own Market Size
- Rent-to-Own Market Growth Rate
- Type of Goods Rented
- Geographical Distribution of Rent-to-Own Market
- Key Players in Rent-to-Own Market
- COVID-19 Impact on Rent-to-Own Market
- Consumer Demand Trends in Rent-to-Own Market
- Rent-to-Own Market Penetration Rate
- Regulatory Framework Impacting Rent-to-Own Market
- Rent-to-Own Market Segmentation by Distribution Channel
Key Trends
- Shift towards digital platforms
- Increasing popularity of lease purchase agreements
- Growing consumer inclination towards affordability
- Impact of Covid-19 on consumer spending and borrowing
- Newly emerging markets
- Regulatory changes and their impact on the sector
- Changing consumer buying behavior
- Demand for furniture and electronics in the rent-to-own market
- Introduction of flexible payment options by companies
- Increasing market competition