There are now a lot of rental companies springing up everywhere especially on Instagram. Companies like Rent the Runway and Adorn seem to be gaining a lot of steam. You may wonder why do consumers prefer to rent instead of buying? Why is this trend so popular? Who is making this a trend? What do people like to rent and why? Well, you can get answers to these questions thanks to market research firm Lab42. They recently conducted a study on this and we would be sharing the infographics and data from the study. On this post, we would be talking about what and why Millenials and Gen Zers rent instead of buy.
What and Why Millennials and Gen Zers Rent Instead of Buy
According to Lab42’s research, Millennials and Gen Zers make up most of the renters. They do these because they are looking to make practical choices. Here are some of the things the study discovered:
- 57% of people revealed that the most common reason for renting is testing items before deciding whether to purchase them.
- 55% revealed that they rent because they need a temporary solution.
- 52% revealed that they rent because they need the item for a short time.
- Other motivating factors for renting are spending less (43%), convenience (42%) and less maintenance and responsibility (41%).
Lab42 Speaks on the Study on What and Why Millennials and Gen Zers Rent Instead of Buy
Athos Maimarides, VP of research, Lab42 Research spoke about the study. He stated that the study reveals that the renting culture is most prevalent among younger urbanites. The study shows that the renting trend is a result of mostly wanting to make pragmatic choices. According to Maimarides, this trend may not grow as predicted unless more diverse offerings continue to enter the renting space, which could entice more people to try renting and thus accelerate the trend.
Infographic: What and Why Millennials and Gen Zers Rent Instead of Buy