Consumers and merchants do not buy furniture leasing business

Shenzhen's furniture rental service is a new concept introduced by Furniture City. With a credit card from a designated bank, consumers can enjoy "zero down payment, zero interest, and zero handling fees" to bring their favorite furniture home. Renters pay 2.5% of the total furniture value as monthly rent. After two years, they can renew at a 10% discount. The longer the rental period, the more discounts they receive. After five years, the furniture can be owned for just one yuan. For example, a bed priced at 2,000 yuan would cost 50 yuan per month in rent. Over two years, that totals 1,200 yuan. To own it after five years, the total rent will exceed 2,000 yuan. “This service allows people who don’t have enough money right now to enjoy high-end furniture,” said a staff member from the store. However, this model isn't available in Nanjing. Stores like Red Star, Yuexing, Yonglong, and Gaoli Furniture Port do not offer furniture rentals. Brands such as Gujia and Chivas also lack this service. According to Mr. Li, a manager at a solid wood furniture store, the main issue is pricing. High rental costs make it unattractive for customers, while low prices reduce profit margins due to wear and tear. Managing returned furniture after lease expiration is another challenge. Logistics also pose a problem. High distribution costs make it hard to lower rental prices, making it difficult to sustain the business. A representative from Yonglong Home added that furniture leasing extends the company’s cash flow cycle, which requires careful consideration. Consumer reactions are mixed. Mr. Wu from Zijin Nanyuan finds the model unappealing, noting that long-term rental costs can surpass the furniture’s original price. Xiao Zhu, a recent graduate living in a rented apartment, prefers second-hand furniture because it’s cheaper and more suitable for renters. While the U.S. furniture rental market is worth $44 billion, China’s is still in its infancy, with almost no rental market. Despite challenges, some stores have started offering installment plans. For instance, Red Star Macalline partnered with ICBC to offer "zero down payment and zero interest" options for home building materials. Although not a dedicated rental service, it resembles the concept of renting furniture through installments.

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