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China: Rental consumption gaining traction in China

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Storyline: Rental consumption gaining traction in China [Voice_over] China is experiencing a lifestyle shift as a growing number of young consumers embrace renting over buying in everything from consumer electronics to wedding attire. In Shanghai, a tech gear rental shop is bustling with shoppers on this day, with DJI's Pocket 3 camera amongst the most sought-after items. [Sound_bite] Consumer: "I'm here to rent a Pocket 3 for a trip. I want a small, handy device for filming. I'll rent it for just one day. It'll cost me just seven dollars. I'm unlikely to buy one because renting lets me try the latest gadgets at a very low price." [Voice_over] Another rental platform is also reporting hot demand for the camera. [Sound_bite] Li Changwei, General Manager, rental platform: "The fastest-growing product is this one, the DJI Pocket 3, with a growth of more than 1000 percent this year." [Voice_over] The rent-don't-buy trend is also extending to weddings, with cost-conscious young brides noting that dress prices have gotten outrageous. According to e-commerce platform Meituan, since the beginning of the year, searches for "suit rentals" and "engagement dress rentals" have increased by more than 140 percent and 170 percent respectively. [Sound_bite] Jiang Rurong, Consumer: "I found out that the purchase price for a wedding dress is quite high - it can cost over 1,000 U.S. dollars. That's why I came to the store to have a look. There are many styles available for rent and it's very cost-effective." [Voice_over] Meituan says Beijing, Chengdu, Xi'an, Shanghai, and Hangzhou rank as the top five Chinese cities for rental-related searches in these industries. [Restrictions: No access Chinese mainland]

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