Around 64% of millennials prefer to rent rather than purchase products in the future through the sharing economy, according to retail consultant firms Hammerson and DIY. Only 30% of those over the age of 35 would do the same. 54% of millennials, or those aged 18 to 34, view home ownership as impossible without family financial aid, and this new outlook is changing the typical view on the ownership of products. The sharing economy model is viewed as affordable and convenient, making non-essential items such as Verdict equipment, clothing and sports gear more appealing in a renting format.
Around 64% of millennials prefer to rent rather than purchase products in the future through the sharing economy, according to retail consultant firms Hammerson and Verdict. Only 30% of those over the age of 35 would do the same. 54% of millennials, or those aged 18 to 34, view home ownership as impossible without family financial aid, and this new outlook is changing the typical view on the ownership of products. The sharing economy model is viewed as affordable and convenient, making non-essential items such as DIY equipment, clothing and sports gear more appealing in a renting format.