Magazine article ADWEEK

For Rent: WHY MILLENNIALS AND GEN ZERS EMBRACE THE SHARING ECONOMY

Magazine article ADWEEK

For Rent: WHY MILLENNIALS AND GEN ZERS EMBRACE THE SHARING ECONOMY

Article excerpt

From Rent the Runway to Adorn, rental companies are all over our Instagram feeds. But why are consumers renting instead of buying, and who is part of this trend? According to new data from market research firm Lab42, most renters are Gen Zers and millennials looking to make practical choices.

The most common reason for renting is testing items before deciding whether to purchase them (57%), followed by needing a temporary solution (55%) and only needing an item for a short time (52%). Other motivating factors are spending less

(43%), convenience (42%) and less maintenance and responsibility (41%).

"Our data shows that the renting trend is most prevalent among younger urbanites, mostly for pragmatic reasons.... However, this trend may not be able to grow as aggressively as some people have predicted unless more diverse offerings continue to enter the renting space, which could entice more people to try renting and thus accelerate the trend," said Athos Maimarides, vp of research, Lab42 Research.

BY SAMMY NICKALLS

Top categories in which consumers rent

A breakdown of consumers
who rent instead of buy

Age    
       
50+    16%
39-49  20%
18-38  64%

Married    35%
Unmarried  65%

Note: Table made from pie chart.

Why consumers rent
Test things before purchasing               57%
Temporary solution                          55%
Need for a short time                       52%
Less expensive                              43%
More convenient                             42%
Less maintenance/responsibility             41%
Higher quality than they can afford to buy  32%
Saves time                                  27%
Variety                                     26%
Makes them feel more lavish                 16%
Better for the environment                  11%
Don't like to own things                     6%

Note: Table made from bar graph. … 
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