Rent Your Luxuries, Don’t Buy

credit: absolutwade

Pennies are pinched and budgets have been streamlined, and many Americans are cutting down on the luxuries. For this reason, upscale retailers’ business has been a bit shaky lately, causing prudent business owners to think outside the box. One such woman, Michele Krause, has taken her failing luxury jewelry market and created a unique idea: jewelry rental.

The country’s economic downturn has people thinking differently, and not everyone thinks that’s a bad thing. Milton Pedraza, chief executive of the Luxury Institute, says that hard times might help people “realize that instead of owning an asset, you can just buy the experience.”

Michele Krause is the founder of Bling Yourself, and says that her company has grown 20-40% every month since last July, when she launched the business. And as opposed to many of her jewelry counterparts, she reports that the impending recession has had no negative effect on her business.

Rental businesses usually appeal to two different kinds of customers: those who aspire to, but cannot yet afford the lifestyle, and those who can afford it, but prefer to keep their options open. Whatever category you find yourself in, consider renting your next luxury good instead of purchasing - after all, a test run never hurt anyone.

Tags: Bling Yourself | Budgets | Jewelery Rental | lifehacks | Saving Money