Friday , March 5 2021

An increase in trends in clothing and electronics rental in China – the Middle East – International



Hire a high quality phone for a year or pay a monthly flat rate for the release of clothing every day, some of the latest trends among Chinese young people are the revolutionary consumer habits of the Asian country.

In recent years, hundreds of start-ups managed to seduce millions of users in China through mobile applications offering all kinds of services – for a limited time and at a very low price – and now extending to sectors such as fashion or consumer electronics.

Among them is YCloset, which for its monthly fees of 499 yuan (72 dollars, 63 euros) allows its customers to use unlimited clothing for 30 days that are supplied and collected to be carried by the laundry once used by the company.

"I like the idea of ​​renting more because I think the recycling system is not so developed in China. Users of these applications at least use their rentals, "says Efe Wei Wei, a young Pekingese enthusiast with the rise of this trend.

According to him, the role not only allows "every time clothes are changed", but is "sustainable" both with the environment and with pockets of the initial middle class of the country.

"Before that, many people used these programs to try luxury brands that they could not afford, but now it covers all types of clothing, and people are looking for varieties with low costs", emphasizes the young woman, who adds that "it does not make sense to buy clothes that would eventually be worn only once or twice a year".

YCloset, founded in 2015 and with more than 15 million users – in an industry that could exceed 100,000 million yuan ($ 14,413 million, 12,622 million euros) – has also enabled many designers to know their outfits, explained Efe CEO and founder company, Stella Liu.

"In more than one category, we have more than a million items in" stocks ", with the assurance that they will receive their professionally cleaned items"He explained to Liu, finding that their subscribers – mostly women between 22 and 35 years of middle and high income – have access to the "digital network" in which they share publications that serve as inspiration for other users.

Liu also revealed that the company will increase its spending on artificial intelligence and large databases "for better business" and "offer users a wide range of personalized services" according to their wishes.

The success of the launch attracted the attention of the giants Alibaba, Softbank and Sequoia, who invested $ 50 million (43.8 million euros) in the company last year.

Now, YCloset works with major distributors in the country, such as Taobao and Tmall, managed by Alibaba.

In addition to fashion, this type of company offers through its applications all types of products, including real estate services, transportation such as popular bicycle and car rentals, or consumer electronics, such as top-quality photo cameras and mobile phones.

"For about 4,000 yuan (577 dollars, 505 euros) a year, Zhima Credit – a company affiliated with Alibaba, which gives users the privilege of buying and interacting on social networks – gives you the opportunity to rent last year Apple model iPhoneX , "says Wei Wei, who did not miss the offer.

The report, published by the National Information Center, shows that the common economy has spread across the country, with a volume of transactions reaching 4.92 billion yuan ($ 709,120 million, 621,002 million euros) in 2017, up 47 percent from a year earlier, China Daily reported.

That is why large corporations and the Chinese government put a strong emphasis on this economic modality seen as a force that promotes economic growth, as, according to government forecasts, the combined economy will contribute to 10% of China's economic output for 2020, compared with almost 3 % in 2015.

EFE


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