Just because people stopped renting movies at Blockbuster doesn’t mean they won’t rent other retail products. These days, renting is not so much about the product itself, but the model through which you rent.
A new report called the 2014 Future of Retail, by Walker Sands Communications, a B2B PR agency, looks at current trends in retail and predictions around how shoppers will continue to evolve around those trends and force those trends to evolve too.
One of the growing practices the study identified is the consumer’s willingness to move toward a “sharing economy,” where renting products instead of buying them is acceptable.
According to the report, renting retail is expected to grow 46 percent across categories in the next year. The most popular items that consumer prefer to rent are books (16 percent), consumer electronics (eight percent) and tools (seven percent). The report states that the renting of luxury goods is expected to grow by 113 percent in 2014.
In addition, 37 percent of consumers in the 18-28 years age group reported having rented a product instead of buying in the past year.
The study surveyed 1,046 consumers across the US on their spending behaviors in the past year and preferences for future spending. Responses were broken down by demographics including income and gender, among others.
Companies like Netflix, ZipCar and Rent the Runway have been sweeping the scene for some time now, and given their achieved success, it’s no surprise that trends point to them soon achieving more.