Data Points

Infographic: What and Why Millennials and Gen Zers Rent Instead of Buy

Breaking down how younger consumers participate in the sharing economy

New data from Lab42 shows younger consumers participation in the sharing economy. — According to Lab42, younger consumers in the sharing economy would rather rent. Carlos Monteiro

From Rent the Runway to Adorn, rental companies are all over 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%), needing a temporary solution (55%) and only needing an item for a short time (52%).