In recent years, the furniture rental industry has become well-established in developed countries like the United States. According to statistics, the U.S. home rental market is now valued at $44 billion. Meanwhile, China's home furnishings market reaches approximately 740 billion yuan, yet the furniture rental sector remains largely untapped. In 2013, Wanshengyu Mahogany, a company based in Guangdong Province, took the first step into this emerging market by launching a furniture rental service in Shenzhen.
The concept was simple but innovative: customers could take home mahogany furniture for just one yuan. To make it even more accessible, Wanshengyu partnered with designated banks to offer credit cards that allowed renters to enjoy "zero down payment, zero interest, and zero handling fee." The minimum monthly payment was only 2.5% of the total rental value, and the minimum lease term was two years. After one year, the rent could be reduced by 20% annually, making it a more affordable long-term option.
Looking ahead, Wanshengyu aimed to bring mahogany furniture into everyday homes across China. After a five-year rental period, the company planned to offer the furniture to tenants for a symbolic fee of just one yuan. This bold initiative not only made luxury furniture more accessible but also aligned with the company’s vision of promoting Chinese redwood furniture culture.
Wanshengyu Mahogany’s rental project offered a wide range of products, including all existing items from the brand, as well as custom options tailored to individual preferences. Additionally, all pre-sales and after-sales services were available to rental customers, ensuring they received the same level of support as traditional buyers. This approach gave renters the benefits of ownership without the financial burden.
With over 20 years of experience in manufacturing and selling mahogany furniture, Wanshengyu Mahogany has been a key player in the industry. By introducing a rental model in Shenzhen, the company became a pioneer in transforming the traditional business model. This move not only marked a significant milestone for the brand but also contributed to the broader promotion of Chinese redwood furniture culture, allowing more people to experience the elegance and craftsmanship of Chinese furniture. (Editor: Peter)
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