Korean Consumers Rent Luxury Bags by the Day

From Naver:

High End Luxury Bag Rentals Available for the Price of a Cup of Coffee

Spending a fortune on luxury bags can be burdensome and come across as greedy.

A new trend is spreading to allow consumers to carry such bags for only the price of a cup of coffee.

Reporter HyungJun Ahn has the story.

Reporter

There are dozens of luxury bags here, each costing well over $1,000 retail, but the owners are all different.

“So pretty.”

Called “Luxury Goods Social Platform”, the service allows patrons to deposit their own handbags and sport new ones for W20~30,000 per week.

Security stickers have designs that are altered when pulled off and re-applied, preventing bags from being switched out.

For members who don’t trade in a bag, there is a rental fee of about W50,000, 40% (W20,000) of which goes to the dealer. Rent a bag out for 4 weeks, and that’s W80,000 in the dealer’s pocket.

Member satisfaction tends to be high.

“I think it’s a great thing, to be able to change up your bag for the price of a cup of coffee. It’s fresh and new,” says Hyejin Im of Seoul’s Hongje-dong.

The demand for these bags spikes in March and April, as parents arrange meetings with their children’s head teachers [note: in order to impress].

“How many people can afford $2~3,000 handbags? Sharing and swapping offers this experience,” says Bongju Lee, spokesman for CoLux.

There are also places popping up where consumers can send in clothing they have outgrown in exchange for online credit, which can then be used to purchase larger sizes at a cheaper price.

After being carefully cleaned and mended, the majority of the clothes uploaded onto the site are priced at under W5,000. The site also has freebies to share as well.

“If you use online credit smartly, you can save upwards of 80~90% on the price of clothing, compared to buying only new clothes,” says Seong Hyung Lee of the clothing exchange website Kiple.

A portion of the clothing is sent to a non-profit organization assisting children in Africa.

“The rise of personal ownership leads to many inefficiencies, expensive price tags, and higher costs. We need to bring these things down,” says Ehwa University professor of management, Hee Dong Yang.

This “peer-to-peer rental system” began in the United States after the financial crisis of 2008.

As this new consumer trend took hold, about 70 of these companies have popped up domestically.

Comments From Naver:

anxnrk2

What’s with people buying these “luxury paper bags” for W50,000? Good God, I’d love to know what they are thinking.

song****

What a sad society we live in… Can’t part ways with our luxury bags and don’t have any money…

park****

Do you really want to carry around a bag this badly? So pathetic.

baby****

What a load of shit. Just how much does a cup of coffee cost? Really reeks of “bean paste girl” talk.

tokt****

Dutch-pay is the start of gender equality.

wjdw****

Our country is still really far out there. Who needs a luxury bag when they meet with their kids’ head teachers? Parents and teachers …they are all the same!

doas****

Should one’s teacher pay a home visit, they’d have to rent a new house! kekekekeke

dudd****

Guys do the same thing when they rent Ferraris. kekeke

love****

Looks more pathetic than buying it.

dudu****

What’s the psychology behind men who fork out W50~100,000 just to cuddle and kiss a girl for two or three hours? Get a room, pour a few drinks and spend a bit more on round two. And women doing the same thing by renting a bag for a few days for W50~60,000 is pretentious?

btoo****

It’s not your bag, so you pay to rent it but gotta be super careful not to ding it. Instead, just buy a moderately priced bag and use it comfortably.

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  • UserID01

    What’s the problem here? If you spend $1,000 on a luxury bag, you’re a pretentious money waster. If you instead opt to temporarily rent a luxury bag for a fraction of the price, you’re… still a pretentious money waster? It seems far more economically frugal to rent a bag that’s in style FOR NOW rather than blow a ton of money on it just for it to go out of fashion later.

    You just can’t please some people. Why do you even care that people are renting handbags? I mean, if you’re going to be called pretentious and a “bean paste girl” whether you rent a bag for cheap or buy it outright, might as well rent it. Because you’re going to be judged by it either way. Might as well be judged and have more money in your wallet at the end of the day.

    • akro

      The problem is that “luxury handbags” are just ordinary handbags with a huge mark-up, and hiring them basically amounts to either ludicrous gullibility or cynical conformity to a piece of nonsense that causes harm.

      • chucky3176

        Agreed with this. They’re all made in China anyway by the same companies who make legitimate bags for European brands during the day, who then make fake brands of their own during the night. It’s all brand name snobbery.

      • UserID01

        But what does it matter if:

        1) It isn’t YOUR money they’re using and
        2) You can’t even tell if it’s rented temporarily for far less or purchased permanently for a lot more?

        Basically, what business is it of anyone whether or not someone chooses to rent a luxury bag rather than buy one? Why the fuck does anyone care? You can’t tell what item is rented or purchased by looking at it. They’re going to be judged anyway. I think it’s ridiculous that someone can be judged for renting a cheaper bag for possibly the same exact price as full-on purchasing a mid-tier bag. If someone wants to spend their money to say, “I’m wearing Prada,” then let them. Doesn’t affect me in the least.

        • akro

          Of course it affects you. You are part of a culture, and if that culture starts to obsess about expensive brands, then your failure to conform by purchasing the same brands may cause you to lose social status. People will judge you negatively for your indifference, and this will cause you to lose opportunities. That’s why consumerism is not harmless.

  • Guest

    this is common for girls all over the world, not just in south korea o.o i know of lots of purse/clothing/shoe swap groups. they’re nice because you have a wide selection of clothes/shoes to wear without having to pay full price for something that will be out of style the next year.

    • Bil Oreilly

      why is it now when i go out on a date with a hot korean girl i pay for muthafucka everything?
      It doesn’t happen to other nationalities.

      • aasdfadadsdfasdf

        Because she wouldn’t go out with you if you didn’t. Why not try plastic surgery.

  • FYIADragoon

    Actually this is a really good idea for females. Since you’re constantly swapping out clothes this is far cheaper than the alternative of buying a new bag for every outfit.

    • christina

      Lol! Reasonably priced luxury bag is oxy moronic :P
      And yes, neck sweat is a very concerning factor haha

      • Thor

        “oxy moronic”
        THIS.
        lol

  • Peter Pottinger

    Thank god I keep away from people like this.

  • mei mei

    wow

  • What would Confucius say?

    An old Traditional Chinese man once told my mother to never let fellow Chinese know that you are poor – always flash as if you have money and I never understood that. Why? Because most Asians bully based on hating the rich but resenting the poor and it is safer to be rich looking so they don’t bully you? That is probably true because everyone wants to stay on the good side of the rich and powerful even if they are evil and flash a bankroll of cash at their victims.

    It’s realistic and it has to be accepted I guess – to not do so and wish for people to have better characters would be quixotic, right?

    • Sheila M.

      so sad.. just sad and tacky!

    • David

      What is an old traditional Chinese man? You mean he was a member of the red guard?

  • vonskippy

    Korea – land of the perpetual junior high school girl.

  • commander

    At first glance, the sharing of exorbitant designer bags appear to be more opportunities of show off at an inexpensive price.

    But the truth is that those using the sharing program are potential bag buyers. Do you think those women think this way: “Now brand name bags available through bag sharing. No need to save money to buy those bags.”

    No, they are likely to become fervent bag buffs after feeling what sporting premium bags is like. It’s quite similar to a sale promotion strategy that allows potential consumers to use a product for free for a certain period and decide on whether to purchase it or not.

    The more experiences one has with high-end bags, the bigger one’s desire to purchase grow.

    In addition, the scope of designer bags is limited and it may make frequent users think that those bags might be borrowed when they see certain brand name bags carried by others.

    This thinking may prod them to buy a luxury bag that is not available online.

  • Sheila M.

    louis vuitton bags are ugly. handbags carry so much bacteria from being out and about, putting purse or tote on the floor, who knows where else. not sanitary.

  • Zappa Frank

    complaining about how such bags are useless… true, but on the other side luxury cars aren’t useless as well? expensive clothes? almost everything expensive is useless and priceless things can do the job as well… but we live in a society were status symbols are important and bags are.. Not anyone can afford a Prada’s bag and rent it is a better option than buy it. The problem may be that people want to live above their level, but that’s the standard in modern societies ..

  • Mighty曹

    Actually, not a bad idea. My girl’s got LV, Prada, Ferragamo, Balenciaga, etc. that were used a short time and are now out of style. Too much money is wasted.

    • YourSupremeCommander

      I hope they were not bought using your money.

      • Mighty曹

        Only two. I’m too smart for that.

        • YourSupremeCommander

          If you are smart, you wouldn’t have to pay for any. Oh wait, you do, otherwise how else would you get into her pants, right?

          • Mighty曹

            Really? I didn’t think of that.

        • m0tbaillie

          Buying her brand name shit and then crying about “money wasted” in the same sentence? You’re not nearly as smart as you think you are.

          Imagine if you’d invested those thousands of dollars instead in say, oh I dunno, the stock market.

          • Mighty曹

            You actually believing what you’re reading is not smart. At all.

          • m0tbaillie

            What’s that sound? Oh, it’s the sound of you backpeddling for all you’re worth.

            Go read your original comment. You were dead serious about that shit homeboy….you only flipped the script when people started letting you know what an utter retard you were for indulging that shit.

          • Mighty曹

            That sound you hear is balls smacking your cheeks. I know what I wrote. Read between the lines. Asshat.

  • Yaminah Jamison

    Well it is no different than leasing or renting cars & phones I guess… but eh cars get upgraded as well as phones. What new thing do bags get?

  • clairbeau

    I think this is a good idea. For women that are luxury handbag enthusiasts, this offers them a way to enjoy that hobby for only a fraction of the typical cost. Luxury handbags are an expensive interest, but there are plenty of other interests that can also be expensive. I don’t see why these women need to be judged for that if they can afford it.

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