Creating On-demand Experiences Through Luxury Jewellery Rental

The new generation of consumers prefers investing in experiences over possessions. Modern-day capsule wardrobes also call for something versatile and trend-agnostic. So when it comes to wearing trendy, chic or maximalist wedding jewellery, luxury jewellery rental can be an exciting alternative.

As the purchasing power of young consumers grows, there’s a significant shift towards on-demand experiences and sustainable and flexible purchases that allow you to take a solely utilitarian approach towards what you get. GenZ and Millennials increasingly want to invest in experiences over material possessions. This entails that the want for rental luxury is no longer restricted to renting high-end cars for weddings or special events, it has seeped into the high-end luxe jewellery market as well. Although lower-end rental jewellery has been a considerably sized market for a long time, high-end luxury rental is quite a recent phenomenon, especially in India. The question is, keeping logistics and growth potential in mind, is luxury rental a serious business?

On-demand Experience

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In today’s market, nobody wants to stay tied to an overly expensive purchase that would just stay locked in a wardrobe or jewellery box for the longest time and weigh down on one’s bank balance. Instead, people want to invest in distinct experiences in ways that don’t compromise on the luxe appeal or have major implications for the environment. They crave experiences that can be tailored to their needs. This has led to the rise of subscription models, but the question is, “Are all people who want variety, ready to bear the cost?”

At the same time, luxury jewellery rental faces concerns like insurance problems and higher logistic expenses than one-off purchases. Also, major luxury players don’t want to release the option to rent for fear of creating competition for their own first-hand products. Though this isn’t exactly a challenge but an opportunity for new businesses to come up and fill this market gap. Moreover, the risk of jewellery rental can be spread out by renting out items such as bags and clothes. Ranging from Hurr in London which provides jewellery for rent at 8-10 per cent of its retail price to Eves24 Indian jewellery rental brand that goes by the line, ‘Jewellery is not for lockers,’ brands across the world are rushing to cater to this new market that wants to pay for jewellery on per use basis.

The Sustainability Quotient

In a world of stunning Instagram feeds and Snapchat streaks where trends are always changing and every jewellery moment has a digital record, it’s a prerequisite to keep creating new and enchanting looks, and jewellery is central to accentuating any look. Now, although affordability is a chief factor in luxury rental, it is not just about that, but also about sustainability.

The tremors of keeping jewellery safely tucked in your locker while you buy new ones for the sake of variety are not only felt by your bank account but also by the resources utilised to create each glimmering piece of adornment. Today’s minimalist philosophy stands against the idea of hoarding even if you can afford it, at the same time one needs to go above and beyond for their fashion to stand out in a cluttered digital age. Jewellery rental is a bridge between these two scenarios, or we can say shared luxury jewellery is the perfect resolution for both ethics and aesthetics.

The India Chapter

There is no denying the fact that India is a powerhouse of both craft and consumption when it comes to extravagant jewellery, and with the importance given to bridal jewellery and wearing something different at the multitude of events that comprise a big fat Indian wedding, the modern day bride wants a practical solution that would allow her to wear something different without devoting space to something she will not wear again in her capsule wardrobe. With brands like Eves24, one can rent bridal jewellery for as little as 5-7% of the actual value of the jewellery for three to seven days. However one also has to leave a security deposit of 110% with the website until they get a no-objection certificate. This isn’t usually an issue for the website’s target audience as the deposit is returned and they get to wear five different sets for different occasions for less than half the price of what would be the real value of buying five such sets.

Bridal Jewellery And Its Emotional Value

In India, rental jewellery is especially popular in a bridal or wedding setup. But at the same time, bridal jewellery has a high emotional value attached to it, with people preserving their wedding jewels for generations to come. Wedding jewellery is also often heirlooms to be worn and to be preserved for generations to come. But as fashion and custom events apart from the actual wedding and engagement become more contemporary, the trend in jewellery is bound to change as well. Newfound traditions like cocktail parties also call for something more delicate than usual heirloom pieces, and with the trend to stack and style, jewellery demand is higher than ever before, making renting a more viable option.

A Sign Of Growing Practicality In Purchase Decisions

As everyday wear jewellery has changed drastically since the times of our grandmothers and has become much more restricted to rings and simple pendants, the jewellery market has evolved to move forward instead of shrinking. Now, the market is no longer restricted to everyday jewellery and wedding jewellery. It has evolved into a range of adornments designed for special firsts and office wear jewellery, reserved for big-ticket formal events. Various jewellery websites allow you to rent jewellery worth a certain amount with a fixed annual membership. Making it easier for a person to get access to a vast jewellery closet without having to commit to a certain piece of jewellery. This further strengthens that the modern-day customer strives to make practical purchase decisions each time, and a significant purchase like jewellery sure has to be a practical one.

The growing popularity of luxury jewellery rental solidifies the theory of growing demand for access over ownership, quick purchase over saving up, and the demand for fashion-forward jewellery over jewellery as investment.