LG Electronics’ revenue from its home appliance rental service jumped over the last two years, its business report showed on April 3, as more people opt for renting gadgets to save money on purchases, installations and maintenance.
The electronics maker posted 292.4 billion won ($257.20) million) in sales from its appliance rental service last year, according to its financial report.
Its rental revenue has steadily risen from 113.4 billion won in 2016 to 160.5 billion won in 2017 as the firm expanded its care service.
LG offers rental service for seven home appliances, including air purifiers, water purifiers, dryers, garment care systems, electric cooktops, massage chairs and fridges equipped with a water purifier.
The firm started its appliance rental operations for water purifiers in 2009 and has expanded the range of services to meet the growing demand for major appliances that require regular care services.
In November, LG launched a total care solution that includes regularly checking and changing essential parts and carrying out repairs.
By Ram Garikipati and newswires (firstname.lastname@example.org)