"'Home-staying' Boosted Subscription Consumption"… Gmarket's Rental Sales Surge 6 Times in 2 Years

Over 30 Rental Items Including Pet Dry Rooms and Plant Cultivators
Popular Among MZ Generation Due to Diversified Items... 3.9 Billion KRW Sold in One-Day 'Super Friday' Event

[Asia Economy Reporter Yuri Kim] As the time spent at home has increased due to COVID-19, interest in home appliances has grown. In particular, with the diversification of items and the popularity of high-priced premium products, the rental market, which has a lower initial cost burden, is also rapidly expanding.

Gmarket announced that the sales volume of rental products in the first half of this year increased nearly sixfold (492%) compared to the same period in 2019 before the outbreak of COVID-19. This is a 48% increase compared to the same period last year, showing steady growth since the outbreak of COVID-19.

The variety of rental items is also increasing. As of the first half of this year, about 30 types of rental products were sold, an increase of about 20% compared to two years ago. New items such as pet-related devices like pet dry rooms, tires, and plant cultivators have newly appeared in the rental market.

The most popular items in the rental market are white goods. Compared to two years ago, refrigerators increased 45 times (4479%), washing machines 29 times (2845%), air conditioners 12 times (1152%), and dishwashers 20 times (1963%). As the stay-at-home lifestyle lengthened, rentals of TVs (1413%), bidets (1190%), food waste disposers (649%), and water purifiers (395%) also grew significantly.

The age group using rentals has also become younger. In 2019, 72% of rental customers were in their 40s and 50s, and 28% were in their 20s and 30s, showing a high proportion of middle-aged customers, but this year, the 20s and 30s age group accounts for 48%, indicating a younger customer base. This is interpreted as the diversification of rental items and the active influx of the MZ generation, who are more accustomed to sharing than owning, into the rental market.

Recently, an unprecedented sales record was set. On the 9th, during the 'Super Friday' event held every Friday on Gmarket, rental products were sold at special prices, recording sales of 3.9 billion KRW in one day. The total number of orders reached 2,200. Popular items included the 'Cuckoo Direct Water Purifier,' 'Coway Icon Water Purifier,' 'Carrier Air Conditioner,' and 'SK Magic Ice Water Purifier.'

Lee Young-eun, manager of Gmarket's Business Development Team, said, "As the time spent at home has increased due to COVID-19, demand for various appliances and furniture is rising," adding, "In particular, rental is gaining great popularity as an extension of 'subscription consumption,' where instead of paying a large sum to purchase products, customers pay a fixed monthly fee to use products or services for a desired period."

Meanwhile, Gmarket plans to hold the 'LG Electronics Rental Brand Week' from the 19th to the 25th. The 'PuriCare Up-Down-Left-Right Water Purifier' offers a 3-month rental fee waiver and a 350,000 KRW gift certificate, while the 'Ice Water Purifier Refrigerator' provides a 200,000 KRW gift certificate benefit.