Hi everyone! I'm writing an article about the trend of renting designer handbags for a monthly fee from sites like bagborroworsteal.com
Since you are all designer-purse enthusiasts, I'd love to hear some opinions on the trend...do you love it? Hate it? Do you think it's "stealing" from the designer since the customer never actually pays the full price on the bag to the designer?
Any opinions you have, I would love to hear. Just send me a message here, or better yet, email me at DV436@NYU.EDU
I think it's a cool idea if you want to save money and you like to change handbags a lot. But it's not good for me. I treasure my handbags, and I love the authority of actually owning the bag. I don't plan on selling my handbags for a very long, long time, and my attachment to the bags defeats the whole purpose for renting a handbag. Plus, if you keep the handbag for a really long time, you might end up paying more for the bag than its retail price!
If you're into trends, then yes, this service is for you! But if you want the bag, you might as well save up to get one on your own.
Personally I am not a fan of sites such as “Bag Borrow or Steal” and I do not encourage anyone to join. This is why. . . .
bagborroworsteal.com
Example A: You purchase a brand new Louis Vuitton Baggy GM Denim Bag via eluxury for $1300 on your credit card. You use it for let’s say 5 months then get sick of it. You are making the monthly payments on your credit card ( = building credit) of about $100. So what to do with this designer bag once you don’t want it anymore? I know, throw it up on eBay. Currently this bag is selling for an average of $820. You sell your bag and you turn around and pay off your credit card. In the end, if you planned everything out correctly, you should be back where you started with a zero balance. (I used Louis Vuitton as an example because they usually have high sell back rates.)
Example B: You sign up for Bag Borrow or Steal for a monthly fee of $5. You choose the Louis Vuitton Baggy GM Denim Bag from the “Couture” collection, which means you will have to pay $80.00 per week or $235.00 per month. (Returning to example A) You want this bag for 5 month, that’s going to cost you $1175. (Ouch! That bag could have almost been yours by now, and just think of how good that would look on your credit report.) You give the bag back. No money returned, that’s it. You lost $1175.
I do not buy the 'renting' idea. I somewhat agree with Jennifer. If you decided to keep the bag for a few months, the renting costs you have to pay is almost the same of owning it. And I don't really want to tell people I 'rented' the bag....I rather tell people I like a bag which I cannot afford.
I wonder how profitable they are. also what is the average age of consumer I guess (i guess) it makes sense if the person is really young (without any credit cards) or if they need it for one event (that thought seems silly to me).
"renting" designer handbags
bagborroworsteal.com
I guess (i guess) it makes sense if the person is really young (without any credit cards) or if they need it for one event (that thought seems silly to me).
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