PARIS/ZURICH (Reuters) – Online platforms offering rentals or shares in everything from glitzy watches to sports cars are making inroads in the luxury goods market, as a shift in consumer habits begins to head up market.
Playing off the sharing economy model popularized by the likes of Airbnb, such companies invite people to enjoy luxury brands without spending a fortune. For example, a fixed monthly fee gives a consumer use of a Rolex watch for a few weeks which they then send back to exchange for another luxury brand.
Businesses - Market - Everything - Jewelery - Art
Businesses say the market for renting or co-investing in everything from jewelery to fine art is taking off with moderately well-off clients aspiring to a taste of the high life, and potentially the seriously wealthy.
“The modern generation leads a very different life, people want to keep their options open,” said Marco Abele, who formerly worked in digital banking at Credit Suisse and is now developing sharing platform TEND, set to launch in Switzerland in March.
Platform - People - Ways - Stakes - Porsche
The platform offers people ways of buying tradable stakes in a Porsche or a vineyard, for a return on their investment and a chance to go for occasional spins in the car or get customized bottles.
While aiming to “democratize” luxury, its target customers are not quite every man or woman: their net worth would be around 100,000 to 1 million Swiss francs ($1 million), Abele said.
Economy - PricewaterhouseCoopers - Luxury - Part
While still small, the sharing economy is predicted to grow from around $15 billion in 2016 to $335 billion by 2025, according to PricewaterhouseCoopers. Luxury is only a small part of that but has potential.
“It’s not a significant market, but it’s getting under way, it will become more...
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