Desperate to appear wealthy, or to disguise that they've fallen on hard times, our nation's fabulous are now renting bling:
The economic downturn “will focus the minds of people on what the
alternatives are to full ownership and help accelerate the growth of
the industry,” says Milton Pedraza, chief executive of the Luxury
Institute, a New York-based research firm. “I think long-term, people will realize that instead of owning an asset you can just buy the experience.”
Um, OK. I remember when those "rent-to-own" shops started turning up in working class neighborhoods they were frequently charged with gouging the locals, since a long-term rental of a big-ticket appliance ultimately wound up costing more than just buying the thing outright. Nice to see that this practice is no longer limited to "the hood":
And they may be overpaying. A Rolex watch
renting for $900 a month on Bling Yourself could be bought new within
about five months at the same price. If sold used, the watch would
probably fetch about 85 percent of the original price, according to
published figures. Bag Borrow or Steal carries several popular bags
that can be purchased for the same amount customers would pay to rent
them for five or six months.
Nom nom nom.
