Here's how to get a genuine designer bag for the price of a cup of coffee
Even though it's tempting, it is not easy for most people to buy a famous designer bag that's worth a few thousand dollars. But now there's a new consumption pattern emerging in Korea that allows people to have name-brand bags for as little as the price of a cup of coffee.
In a new concept called ‘luxury social platform,’ people are able to borrow other people’s designer bags for 20-30 dollars per week. After the owner leaves their bag in a company's cabinet, the company then rents out the bag on their social platform. Customers are also able to come and pick out which bag they would like to rent.
The company attaches a sticker to keep track of the bag. If the sticker is removed, then the pattern changes, which prevents people from switching bags. The price for members who don’t leave their bag is about 50 dollars. The bag’s owner gets 40% of the revenue for their bag, so if the owner lends their bag to another person for four weeks, they earn around 80 dollars.
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Members report that their satisfaction is quite high. They think that it is a nice, new way to experience having various designer bags for the price of a cup of coffee. The service is most in demand the time of year when guardians meet their child’s teacher in March and April. Demand for the bags increases so much that they become in short supply.
Mr. Lee, a representative of one of the companies that conducts the social platform said, “How many people can buy a bag that is worth two or three thousand dollars? People get to experience what they don’t have and share good products." A professor at Ehwa Women's University reported that the platform helps reduce inefficiency, expensive prices and high costs. As it has become a new consumption trend, more than 70 related companies have emerged in Korea.