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Why will 2024 be the year of renting?

2024 will be a year when the rental industry will stand out and take its popularity to the highest levels. This year, the advantages of renting, economic flexibility, user-friendly options and developing technology will be decisive in the preferences of the young generation. In the coming days when we will see the rise of the vehicle and equipment rental industry, let's examine together why rental is likely to be a popular option in the new year.


 

1.Economic Flexibility

 Global economic impacts have deeply affected the rental industry and have greatly changed consumer purchasing behavior. Due to the decrease in purchasing power around the world, consumers' changing purchasing tendencies have given way to evaluating rental options. The rental option, which provides economic flexibility to consumers, also eliminates additional costs that may arise for the consumer after purchase. The rental alternative has become more preferred due to the financial flexibility it provides to consumers and has become an important factor in consumers' evaluation of this option.

 

2. Sustainability and Environmental Awareness 

Renting stands out as an alternative that offers significant advantages in terms of sustainability and the environment. This model reduces the amount of waste by ensuring more efficient use of resources while extending the life of the products. At the same time, it becomes easier to renew and update products. Thus, access to more innovative products is provided by consuming less energy. Renting is considered a part of the sharing economy and encourages more efficient use of resources. With these aspects, renting reduces the environmental impact and offers users an economically and environmentally sustainable option.


3. The Role of Technological Developments

In recent years, the rental industry has adapted to technological developments at great speed. Moreover, the rental sector, which has rapidly adapted to the latest technologies, has also provided its users with the advantage of using the most up-to-date and newest products. The desire to use the most up-to-date technologies has directly affected people's consumption habits. On the other hand, the difficulty of keeping up with the latest technology has distracted people from considering purchasing. Now, instead of purchasing an item that they can use several times, people have started to prefer to rent it daily or weekly and use the most up-to-date one. The rental option, which is a response to changing needs, is likely to become a more preferred option as of 2024 and meet the demands of users.

 

4. Changing Preferences

Our past purchasing habits have changed with the rising pragmatic perspective of the younger generation. Rental industry analysis showed that individuals aged 18-35 are more positive about renting rather than buying. (1) The most important reason for this is that young people want to get away from property responsibilities and social media affects our changing preferences. In addition, the rapidly increasing popularity of social media and influencer marketing has increased young people's interest in new products and technologies. Due to sudden increases in product prices, people started to want to try every product they saw, even if they could not buy it. This situation made changing consumer needs more evident and distracted people from considering purchasing. Thus, it brought to the fore the rental option, which is the most suitable solution for changing consumer needs.

 

In 2024, the rental industry will rapidly expand its target audience with the advantages it offers. Moreover, the rental sector; It will continue to become popular day by day thanks to its economic advantages, sustainability-oriented preferences and changing purchasing habits of the young generation. This shows us that every new year can be a significant year of rise for the rental industry.

 

 

1. GÜMÜŞ, B., & GEGEZ, E. E. (2017). Değişen Tüketici Kültüründe Yeni Trend: Ortak Tüketim. Pazarlama Ve Pazarlama Araştırmaları Dergisi, 10(20), 155-178. 

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