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Generation Rent: How Millennials are Fueling the Rental Economy

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It’s long been said that millennials have the power to disrupt and reshape entire industries.

Most recently, this effect has been seen in the retail landscape, where millennial spending habits are setting the tone for the market’s future.

Not only does the millennial generation demand the convenience of making instant purchases—but they can now rent almost anything they want, anytime, and anywhere.

Visualizing the Growth of the Rental Economy

Today’s infographic from Adweek takes a deeper look at the consumer goods rental economy, and the potential long-term impact of this shift in buyer behavior.

Although the current market for rentals is still in its early stages, the sheer momentum that the industry has gained in the last year is enough to threaten even the largest retailers—forcing them to reconsider their own business models.

millennial generation renting

The data for the visualization above comes from market research company Lab 42. In a survey of 500 people, they found that 94% of the U.S. population has participated in the sharing economy in one way or another.

While the sharing economy spotlight typically shines on global behemoths like Airbnb and Uber, the research used to populate this infographic focuses on renting consumer goods for a short period of time, as a sub-segment of the sharing economy.

The Renting Revolution

Offerings within the rental sector have exploded over the last decade, with furniture being the number one category that consumers rent.

According to the infographic, reasons for renting furniture include:

  • Temporary housing: 45%
  • Expensive upfront costs: 43%
  • Testing products before committing: 41%
  • Hosting events at home: 35%
  • Moving into a new home: 29%
  • Redesigning a house: 27%

Other products that consumers rent include gaming systems, clothes, tools, and technology. Female renters are more likely to rent furniture, clothes, and jewelry, while male renters are more likely to rent tools and gaming systems.

Renting goods is predominantly done on an as-needed basis. The Lab 42 report states that for clothing, 77% of respondents indicate that they either rent, or would rent for a formal event.

The End of Ownership?

Despite the common misconception that millennials are driven by emotional needs, the reasons behind why they rent consumer goods are much more pragmatic.

  • Test things before purchasing: 57%
  • Need a temporary solution: 55%
  • Need an item or a service for a short time-frame : 52%
  • Less expensive than buying: 43%
  • More convenient than buying: 42%

Further, only 6% said that they rent because they do not like owning things. This tells us that the rental economy does not indicate the end of ownership, but rather, provides a strategy for consumers to try before they buy.

Attitudes Towards Sustainability

According to the research, very few millennials choose to rent consumer goods because it is better for the environment. However, Nielsen claim that 73% of millennials are willing to pay more money for sustainable offerings—impacting both retail and rental industries.

As evidence of this, Ikea will test a range of subscription-based leasing offers in all 30 of its markets by 2020 in a bid to appeal to environmentally conscious consumers and boost its sustainability credentials. If Ikea’s evolving business model is a success, it could open the floodgates for others to follow suit.

A Promising Market

In the clothing rental space, brands like Rent the Runway pave the way, but there has also been an explosion of startups entering the market in the last year.

One example is the monthly subscription service Nuuly. The company offers consumers access to over 100 third-party brands and vintage items. Consumers can borrow up to six items a month for $88. Similarly, American Eagle’s Style Drop program rents out the latest collections for a flat monthly fee of $49.95.

As more companies incorporate short-term rental services into their offerings, more millennials will shift their behavior from buying to renting—disrupting the traditional retail business model as we know it. With that being said, the impact of millennials having it all, and owning none of it, is yet to be determined.

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Millennials

Visualized: The Head of State of Each Country, by Age and Generation

This graphic visualizes the ages of every country’s head of state, and compares them with the median population of their respective states.

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This graphic shows each nation's head of state, their age and generation, and how they relate to their country's population

The Head of State of Each Country By Age and Generation

How many world leaders are in each generation?

This visualization by Edit Gyenge visualizes the ages of every nation’s head of state as of March 22, 2023, comparing them with the median population of the respective country. It uses data from the CIA World Factbook and Wikipedia.

Editor’s note: This visualization looks specifically at heads of state. It should be mentioned that depending on the system of government in a country, heads of state shown here may or may not have actual political power. In some countries, the head of state may be a ceremonial position that does not impact day-to-day governance.

The Oldest and Youngest Heads of State

Here is the full list of heads of state, from oldest to youngest:

CountryHead of StateGenderAgeGeneration
CameroonPaul BiyaMale90Silent Generation
PalestineMahmoud AbbasMale88Silent Generation
Saudi ArabiaSalmanMale88Silent Generation
NorwayHarald VMale86Silent Generation
KuwaitSheikh Nawaf Al-Ahmad Al-Jaber Al-SabahMale86Silent Generation
IranAli KhameneiMale84Silent Generation
DenmarkMargrethe IIFemale83Silent Generation
IrelandMichael D. HigginsMale82Silent Generation
ItalySergio MattarellaMale82Silent Generation
NamibiaHage GeingobMale82Silent Generation
Cote d'IvoireAlassane OuattaraMale81Silent Generation
MaltaGeorge VellaMale81Silent Generation
Equatorial GuineaTeodoro Obiang Nguema MbasogoMale81Silent Generation
ZimbabweEmmerson MnangagwaMale81Silent Generation
United StatesJoe BidenMale81Silent Generation
NigeriaMuhammadu BuhariMale81Silent Generation
DominicaCharles SavarinMale80Silent Generation
Congo, Republic of theDenis Sassou NguessoMale80Silent Generation
BangladeshAbdul HamidMale79Silent Generation
AustriaAlexander Van der BellenMale79Silent Generation
GhanaNana Akufo-AddoMale79Silent Generation
IraqAbdul Latif RashidMale79Silent Generation
UgandaYoweri MuseveniMale79Silent Generation
NepalRam Chandra PaudelMale79Silent Generation
LiechtensteinHans-Adam IIMale78Silent Generation
BrazilLuiz Inácio Lula da SilvaMale78Silent Generation
LaosThongloun SisoulithMale78Silent Generation
NicaraguaDaniel OrtegaMale78Silent Generation
AlgeriaAbdelmadjid TebbouneMale78Silent Generation
EritreaIsaias AfwerkiMale77Baby Boomers
SwedenCarl XVI GustafMale77Baby Boomers
BruneiHassanal BolkiahMale77Baby Boomers
SamoaAfioga Tuimaleali'ifano Va'aleto'a Sualauvi IIMale76Baby Boomers
DjiboutiIsmaïl Omar GuellehMale76Baby Boomers
FinlandSauli NiinistöMale75Baby Boomers
Antigua and BarbudaCharles IIIMale75Baby Boomers
AustraliaCharles IIIMale75Baby Boomers
BahamasCharles IIIMale75Baby Boomers
BelizeCharles IIIMale75Baby Boomers
CanadaCharles IIIMale75Baby Boomers
GrenadaCharles IIIMale75Baby Boomers
JamaicaCharles IIIMale75Baby Boomers
New ZealandCharles IIIMale75Baby Boomers
Papua New GuineaCharles IIIMale75Baby Boomers
Saint Kitts and NevisCharles IIIMale75Baby Boomers
Saint LuciaCharles IIIMale75Baby Boomers
Saint Vincent and the GrenadinesCharles IIIMale75Baby Boomers
Solomon IslandsCharles IIIMale75Baby Boomers
TuvaluCharles IIIMale75Baby Boomers
United KingdomCharles IIIMale75Baby Boomers
PortugalMarcelo Rebelo de SousaMale75Baby Boomers
BarbadosDame Sandra MasonFemale74Baby Boomers
Sri LankaRanil WickremesingheMale74Baby Boomers
PakistanArif AlviMale74Baby Boomers
HaitiAriel HenryMale74Baby Boomers
East TimorJosé Ramos-HortaMale74Baby Boomers
BahrainSheikh Hamad bin Isa Al KhalifaMale73Baby Boomers
EthiopiaSahle-Work ZewdeFemale73Baby Boomers
MyanmarMyint SweMale72Baby Boomers
Marshall IslandsDavid KabuaMale72Baby Boomers
South SudanSalva Kiir MayarditMale72Baby Boomers
GeorgiaSalome ZourabichviliFemale71Baby Boomers
ThailandMaha VajiralongkornMale71Baby Boomers
TajikistanEmomali RahmonMale71Baby Boomers
RussiaVladimir PutinMale71Baby Boomers
South AfricaCyril RamaphhosaMale71Baby Boomers
PanamaLaurentino CortizoMale70Baby Boomers
CambodiaNorodom SihamoniMale70Baby Boomers
KazakhstanKassym-Jomart TokayevMale70Baby Boomers
ChinaXi JinpingMale70Baby Boomers
MexicoAndrés Manuel López ObradorMale70Baby Boomers
YemenRashad al-AlimiMale69Baby Boomers
TurkeyRecep Tayyip ErdoğanMale69Baby Boomers
AngolaJoão LourençoMale69Baby Boomers
SingaporeHalimah YacobFemale69Baby Boomers
BelarusAlexander LukashenkoMale69Baby Boomers
OmanHaitham bin TariqMale69Baby Boomers
EgyptAbdel Fattah el-SisiMale69Baby Boomers
MalawiLazarus ChakweraMale68Baby Boomers
LuxembourgHenriMale68Baby Boomers
LatviaEgils LevitsMale68Baby Boomers
EcuadorGuillermo LassoMale68Baby Boomers
LebanonNajib MikatiMale68Baby Boomers
SomaliaHassan Sheikh MohamudMale68Baby Boomers
GermanyFrank-Walter SteinmeierMale67Baby Boomers
GuatemalaAlejandro GiammatteiMale67Baby Boomers
GreeceKaterina SakellaropoulouFemale67Baby Boomers
MauritaniaMohamed Ould GhazouaniMale67Baby Boomers
Central African RepublicFaustin-Archange TouadéraMale66Baby Boomers
UzbekistanShavkat MirziyoyevMale66Baby Boomers
PhilippinesBongbong MarcosMale66Baby Boomers
RwandaPaul KagameMale66Baby Boomers
TunisiaKaïs SaïedMale65Baby Boomers
MonacoAlbert IIMale65Baby Boomers
EstoniaAlar KarisMale65Baby Boomers
BeninPatrice TalonMale65Baby Boomers
IndiaDroupadi MurmuFemale65Baby Boomers
Trinidad and TobagoPaula-Mae WeekesFemale65Baby Boomers
ComorosAzali AssoumaniMale64Baby Boomers
SurinameChan SantokhiMale64Baby Boomers
GabonAli Bongo OndimbaMale64Baby Boomers
MozambiqueFilipe NyusiMale64Baby Boomers
SeychellesWavel RamkalawanMale64Baby Boomers
ArgentinaAlberto FernándezMale64Baby Boomers
ArmeniaVahagn KhachaturyanMale64Baby Boomers
MauritiusPrithvirajsing RoopunMale64Baby Boomers
RomaniaKlaus IohannisMale64Baby Boomers
TongaTupou VIMale64Baby Boomers
São Tomé and PríncipeCarlos Vila NovaMale64Baby Boomers
MalaysiaAbdullah Sultan Ahmad ShahMale64Baby Boomers
HondurasXiomara CastroFemale64Baby Boomers
NigerMohamed BazoumMale63Baby Boomers
TanzaniaSamia Suluhu HassanFemale63Baby Boomers
JapanNaruhitoMale63Baby Boomers
Cabo VerdeJosé Maria NevesMale63Baby Boomers
BelgiumPhilippeMale63Baby Boomers
ColombiaGustavo PetroMale63Baby Boomers
CubaMiguel Díaz-CanelMale63Baby Boomers
SudanAbdel Fattah al-BurhanMale63Baby Boomers
KiribatiTaneti MaamauMale63Baby Boomers
IsraelIsaac HerzogMale63Baby Boomers
South KoreaYoon Suk-yeolMale63Baby Boomers
United Arab EmiratesSheikh Mohamed bin Zayed Al NahyanMale62Baby Boomers
AfghanistanHibatullah AkhundzadaMale62Baby Boomers
Costa RicaRodrigo Chaves RoblesMale62Baby Boomers
IndonesiaJoko WidodoMale62Baby Boomers
BotswanaMokgweetsi MasisiMale62Baby Boomers
CzechiaPetr PavelMale62Baby Boomers
SenegalMacky SallMale62Baby Boomers
AzerbaijanIlham AliyevMale62Baby Boomers
JordanAbdullah IIMale61Baby Boomers
MontenegroMilo ÐukanovicMale61Baby Boomers
MaldivesIbrahim Mohamed SolihMale61Baby Boomers
PeruDina BoluarteFemale61Baby Boomers
ZambiaHakainde HichilemaMale61Baby Boomers
VenezuelaNicolás MaduroMale61Baby Boomers
North MacedoniaStevo PendarovskiMale60Baby Boomers
Congo, Democratic Republic of theFélix TshisekediMale60Baby Boomers
BulgariaRumen RadevMale60Baby Boomers
LesothoLetsie IIIMale60Baby Boomers
MoroccoMohammed VIMale60Baby Boomers
BoliviaLuis ArceMale60Baby Boomers
MicronesiaDavid W. PanueloMale59Baby Boomers
FijiRatu Wiliame KatonivereMale59Baby Boomers
Sierra LeoneJulius Maada BioMale59Baby Boomers
VanuatuNikenike VurobaravuMale59Baby Boomers
LithuaniaGitanas NausedaMale59Baby Boomers
The GambiaAdama BarrowMale58Generation X
SyriaBashar al-AssadMale58Generation X
TogoFaure GnassingbéMale57Generation X
LiberiaGeorge WeahMale57Generation X
CroatiaZoran MilanovicMale57Generation X
KenyaWilliam RutoMale57Generation X
Bosnia and HerzegovinaŽeljka CvijanovicFemale56Generation X
AlbaniaBajram BegajMale56Generation X
NetherlandsWillem-AlexanderMale56Generation X
Dominican RepublicLuis AbinaderMale56Generation X
SpainFelipe VIMale55Generation X
EswatiniMswati IIIMale55Generation X
SloveniaNataša Pirc MusarFemale55Generation X
MongoliaUkhnaagiin KhürelsükhMale55Generation X
BurundiÉvariste NdayishimiyeMale55Generation X
IcelandGuðni Th. JóhannessonMale55Generation X
PalauSurangel Whipps Jr.Male55Generation X
KyrgyzstanSadyr JaparovMale55Generation X
SerbiaAleksandar VucicMale53Generation X
VietnamVõ Văn ThưởngMale53Generation X
ParaguayMario Abdo BenítezMale52Generation X
SwitzerlandAlain BersetMale51Generation X
PolandAndrzej DudaMale51Generation X
MoldovaMaia SanduFemale51Generation X
Guinea-BissauUmaro Sissoco EmbalóMale51Generation X
SlovakiaZuzana CaputováFemale50Generation X
UruguayLuis Lacalle PouMale50Generation X
CyprusNikos ChristodoulidesMale50Generation X
MadagascarAndry RajoelinaMale49Generation X
NauruRuss KunMale48Generation X
LibyaMohamed al-MenfiMale47Generation X
HungaryKatalin NovákFemale46Generation X
FranceEmmanuel MacronMale46Generation X
UkraineVolodymyr ZelenskyyMale45Generation X
BhutanJigme Khesar Namgyel WangchuckMale43Generation X
GuineaMamady DoumbouyaMale43Generation X
GuyanaIrfaan AliMale43Generation X
QatarSheikh Tamim bin Hamad Al ThaniMale43Generation X
El SalvadorNayib BukeleMale42Millennials
TurkmenistanSerdar BerdimuhamedowMale42Millennials
North KoreaKim Jong-unMale41Millennials
MaliAssimi GoïtaMale40Millennials
ChadMahamat DébyMale39Millennials
ChileGabriel BoricMale37Millennials
Burkina FasoIbrahim TraoréMale35Millennials

Though ages vary across countries and regions, Africa has both the oldest and youngest heads of state in the world today.

Last month, Cameroon’s president Paul Biya celebrated his 90th birthday, making him the oldest head of state in the world in a country that has a median population age of just 18.5 years. The African continent is home to about one-third of the world’s silent generation heads of states.

At the other age extreme, 35-year-old Ibrahim Traoré became the youngest head of state in Burkina Faso after a coup d’etat in September 2022.

Traoré is not the only millennial head of state out there. He is joined by others including Chile’s Gabriel Boric, and North Korea’s well-known Kim Jong-un.

Baby Boomers Lead the Way

Born between 1946 and 1964, the baby boomer generation dominates the world’s state leadership roles today.

Over 58% of the world’s heads of state are in this generation, including the UK’s King Charles III who is the head of state of 15 total nations.

Boomers also make up the largest share of women leaders in the top state positions today. While only around 10% of the world’s nations have women head of states, 65% of them are in this generation.

Included in this subset are heads of state such as Peru’s president Dina Boluarte, Honduras’ president Xiomara Castro, and India’s president Droupadi Murmu.

Where Gen X Takes the Lead

According to historical trends, one might expect to see an American president from Generation X in office sometime soon, but that has not yet materialized for various reasons.

However, this generation has made their mark in other parts of the world as heads of state, especially in Europe.

The presidents of Ukraine (Volodymyr Zelenskyy), France (Emmanuel Macron), and Hungary (Katalin Novák) are in Gen X, and are also Europe’s youngest heads of state.

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