The KT Economic Research Institute made a statement on September 3, 2016 in regards to the expected growth of South Korea for the rental market that includes cars, electronics, household items and industrial machinery and equipment. It is believed that by the year 2020, the market would have increased in size to 40.1 trillion Korean won. The number of users worldwide is expected to increase from 6.4 billion to 20.8 billion or beyond by year 2020. Demands in rentals versus buying is the main catalyst for the expected increases. Consumers are finding that it is more affordable to rent products versus outright buying. Why? As products continue to evolve and thus are presented to the market, it is becoming harder to keep up with the costs associated of purchasing upgraded products. Therefore, households are turning to rental options. It makes sense.
Let’s look at the example of purchasing the latest Samsung smartphone. Aren’t they ever increasing the smartphone capabilities via research of consumer wants versus needs? There is at least a newer version of smartphone brands presented to the market every year. One could be expected to shell out at least 6 to 800 U.S. dollars every year for the latest and greatest of smartphones. Why not instead of purchasing a new phone each year, you can just rent your phone and then when the latest phone of choice comes out, you can trade in instead of waiting for a new contract? Money saved and brands are gaining more exposure through this latest measure in consumer spending power.
Since I last wrote about various aspects of the Internet of Things, there have been many new discoveries and/or creations in the continuous implementation of IoTs. Let’s continue on the journey as I’m sure there will be more to talk about and explore in the near future.
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