Demographics
Generation Rent: How Millennials are Fueling the Rental Economy
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.
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.
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.

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:
Country | Head of State | Gender | Age | Generation |
---|---|---|---|---|
Cameroon | Paul Biya | Male | 90 | Silent Generation |
Palestine | Mahmoud Abbas | Male | 88 | Silent Generation |
Saudi Arabia | Salman | Male | 88 | Silent Generation |
Norway | Harald V | Male | 86 | Silent Generation |
Kuwait | Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah | Male | 86 | Silent Generation |
Iran | Ali Khamenei | Male | 84 | Silent Generation |
Denmark | Margrethe II | Female | 83 | Silent Generation |
Ireland | Michael D. Higgins | Male | 82 | Silent Generation |
Italy | Sergio Mattarella | Male | 82 | Silent Generation |
Namibia | Hage Geingob | Male | 82 | Silent Generation |
Cote d'Ivoire | Alassane Ouattara | Male | 81 | Silent Generation |
Malta | George Vella | Male | 81 | Silent Generation |
Equatorial Guinea | Teodoro Obiang Nguema Mbasogo | Male | 81 | Silent Generation |
Zimbabwe | Emmerson Mnangagwa | Male | 81 | Silent Generation |
United States | Joe Biden | Male | 81 | Silent Generation |
Nigeria | Muhammadu Buhari | Male | 81 | Silent Generation |
Dominica | Charles Savarin | Male | 80 | Silent Generation |
Congo, Republic of the | Denis Sassou Nguesso | Male | 80 | Silent Generation |
Bangladesh | Abdul Hamid | Male | 79 | Silent Generation |
Austria | Alexander Van der Bellen | Male | 79 | Silent Generation |
Ghana | Nana Akufo-Addo | Male | 79 | Silent Generation |
Iraq | Abdul Latif Rashid | Male | 79 | Silent Generation |
Uganda | Yoweri Museveni | Male | 79 | Silent Generation |
Nepal | Ram Chandra Paudel | Male | 79 | Silent Generation |
Liechtenstein | Hans-Adam II | Male | 78 | Silent Generation |
Brazil | Luiz Inácio Lula da Silva | Male | 78 | Silent Generation |
Laos | Thongloun Sisoulith | Male | 78 | Silent Generation |
Nicaragua | Daniel Ortega | Male | 78 | Silent Generation |
Algeria | Abdelmadjid Tebboune | Male | 78 | Silent Generation |
Eritrea | Isaias Afwerki | Male | 77 | Baby Boomers |
Sweden | Carl XVI Gustaf | Male | 77 | Baby Boomers |
Brunei | Hassanal Bolkiah | Male | 77 | Baby Boomers |
Samoa | Afioga Tuimaleali'ifano Va'aleto'a Sualauvi II | Male | 76 | Baby Boomers |
Djibouti | Ismaïl Omar Guelleh | Male | 76 | Baby Boomers |
Finland | Sauli Niinistö | Male | 75 | Baby Boomers |
Antigua and Barbuda | Charles III | Male | 75 | Baby Boomers |
Australia | Charles III | Male | 75 | Baby Boomers |
Bahamas | Charles III | Male | 75 | Baby Boomers |
Belize | Charles III | Male | 75 | Baby Boomers |
Canada | Charles III | Male | 75 | Baby Boomers |
Grenada | Charles III | Male | 75 | Baby Boomers |
Jamaica | Charles III | Male | 75 | Baby Boomers |
New Zealand | Charles III | Male | 75 | Baby Boomers |
Papua New Guinea | Charles III | Male | 75 | Baby Boomers |
Saint Kitts and Nevis | Charles III | Male | 75 | Baby Boomers |
Saint Lucia | Charles III | Male | 75 | Baby Boomers |
Saint Vincent and the Grenadines | Charles III | Male | 75 | Baby Boomers |
Solomon Islands | Charles III | Male | 75 | Baby Boomers |
Tuvalu | Charles III | Male | 75 | Baby Boomers |
United Kingdom | Charles III | Male | 75 | Baby Boomers |
Portugal | Marcelo Rebelo de Sousa | Male | 75 | Baby Boomers |
Barbados | Dame Sandra Mason | Female | 74 | Baby Boomers |
Sri Lanka | Ranil Wickremesinghe | Male | 74 | Baby Boomers |
Pakistan | Arif Alvi | Male | 74 | Baby Boomers |
Haiti | Ariel Henry | Male | 74 | Baby Boomers |
East Timor | José Ramos-Horta | Male | 74 | Baby Boomers |
Bahrain | Sheikh Hamad bin Isa Al Khalifa | Male | 73 | Baby Boomers |
Ethiopia | Sahle-Work Zewde | Female | 73 | Baby Boomers |
Myanmar | Myint Swe | Male | 72 | Baby Boomers |
Marshall Islands | David Kabua | Male | 72 | Baby Boomers |
South Sudan | Salva Kiir Mayardit | Male | 72 | Baby Boomers |
Georgia | Salome Zourabichvili | Female | 71 | Baby Boomers |
Thailand | Maha Vajiralongkorn | Male | 71 | Baby Boomers |
Tajikistan | Emomali Rahmon | Male | 71 | Baby Boomers |
Russia | Vladimir Putin | Male | 71 | Baby Boomers |
South Africa | Cyril Ramaphhosa | Male | 71 | Baby Boomers |
Panama | Laurentino Cortizo | Male | 70 | Baby Boomers |
Cambodia | Norodom Sihamoni | Male | 70 | Baby Boomers |
Kazakhstan | Kassym-Jomart Tokayev | Male | 70 | Baby Boomers |
China | Xi Jinping | Male | 70 | Baby Boomers |
Mexico | Andrés Manuel López Obrador | Male | 70 | Baby Boomers |
Yemen | Rashad al-Alimi | Male | 69 | Baby Boomers |
Turkey | Recep Tayyip Erdoğan | Male | 69 | Baby Boomers |
Angola | João Lourenço | Male | 69 | Baby Boomers |
Singapore | Halimah Yacob | Female | 69 | Baby Boomers |
Belarus | Alexander Lukashenko | Male | 69 | Baby Boomers |
Oman | Haitham bin Tariq | Male | 69 | Baby Boomers |
Egypt | Abdel Fattah el-Sisi | Male | 69 | Baby Boomers |
Malawi | Lazarus Chakwera | Male | 68 | Baby Boomers |
Luxembourg | Henri | Male | 68 | Baby Boomers |
Latvia | Egils Levits | Male | 68 | Baby Boomers |
Ecuador | Guillermo Lasso | Male | 68 | Baby Boomers |
Lebanon | Najib Mikati | Male | 68 | Baby Boomers |
Somalia | Hassan Sheikh Mohamud | Male | 68 | Baby Boomers |
Germany | Frank-Walter Steinmeier | Male | 67 | Baby Boomers |
Guatemala | Alejandro Giammattei | Male | 67 | Baby Boomers |
Greece | Katerina Sakellaropoulou | Female | 67 | Baby Boomers |
Mauritania | Mohamed Ould Ghazouani | Male | 67 | Baby Boomers |
Central African Republic | Faustin-Archange Touadéra | Male | 66 | Baby Boomers |
Uzbekistan | Shavkat Mirziyoyev | Male | 66 | Baby Boomers |
Philippines | Bongbong Marcos | Male | 66 | Baby Boomers |
Rwanda | Paul Kagame | Male | 66 | Baby Boomers |
Tunisia | Kaïs Saïed | Male | 65 | Baby Boomers |
Monaco | Albert II | Male | 65 | Baby Boomers |
Estonia | Alar Karis | Male | 65 | Baby Boomers |
Benin | Patrice Talon | Male | 65 | Baby Boomers |
India | Droupadi Murmu | Female | 65 | Baby Boomers |
Trinidad and Tobago | Paula-Mae Weekes | Female | 65 | Baby Boomers |
Comoros | Azali Assoumani | Male | 64 | Baby Boomers |
Suriname | Chan Santokhi | Male | 64 | Baby Boomers |
Gabon | Ali Bongo Ondimba | Male | 64 | Baby Boomers |
Mozambique | Filipe Nyusi | Male | 64 | Baby Boomers |
Seychelles | Wavel Ramkalawan | Male | 64 | Baby Boomers |
Argentina | Alberto Fernández | Male | 64 | Baby Boomers |
Armenia | Vahagn Khachaturyan | Male | 64 | Baby Boomers |
Mauritius | Prithvirajsing Roopun | Male | 64 | Baby Boomers |
Romania | Klaus Iohannis | Male | 64 | Baby Boomers |
Tonga | Tupou VI | Male | 64 | Baby Boomers |
São Tomé and Príncipe | Carlos Vila Nova | Male | 64 | Baby Boomers |
Malaysia | Abdullah Sultan Ahmad Shah | Male | 64 | Baby Boomers |
Honduras | Xiomara Castro | Female | 64 | Baby Boomers |
Niger | Mohamed Bazoum | Male | 63 | Baby Boomers |
Tanzania | Samia Suluhu Hassan | Female | 63 | Baby Boomers |
Japan | Naruhito | Male | 63 | Baby Boomers |
Cabo Verde | José Maria Neves | Male | 63 | Baby Boomers |
Belgium | Philippe | Male | 63 | Baby Boomers |
Colombia | Gustavo Petro | Male | 63 | Baby Boomers |
Cuba | Miguel Díaz-Canel | Male | 63 | Baby Boomers |
Sudan | Abdel Fattah al-Burhan | Male | 63 | Baby Boomers |
Kiribati | Taneti Maamau | Male | 63 | Baby Boomers |
Israel | Isaac Herzog | Male | 63 | Baby Boomers |
South Korea | Yoon Suk-yeol | Male | 63 | Baby Boomers |
United Arab Emirates | Sheikh Mohamed bin Zayed Al Nahyan | Male | 62 | Baby Boomers |
Afghanistan | Hibatullah Akhundzada | Male | 62 | Baby Boomers |
Costa Rica | Rodrigo Chaves Robles | Male | 62 | Baby Boomers |
Indonesia | Joko Widodo | Male | 62 | Baby Boomers |
Botswana | Mokgweetsi Masisi | Male | 62 | Baby Boomers |
Czechia | Petr Pavel | Male | 62 | Baby Boomers |
Senegal | Macky Sall | Male | 62 | Baby Boomers |
Azerbaijan | Ilham Aliyev | Male | 62 | Baby Boomers |
Jordan | Abdullah II | Male | 61 | Baby Boomers |
Montenegro | Milo Ðukanovic | Male | 61 | Baby Boomers |
Maldives | Ibrahim Mohamed Solih | Male | 61 | Baby Boomers |
Peru | Dina Boluarte | Female | 61 | Baby Boomers |
Zambia | Hakainde Hichilema | Male | 61 | Baby Boomers |
Venezuela | Nicolás Maduro | Male | 61 | Baby Boomers |
North Macedonia | Stevo Pendarovski | Male | 60 | Baby Boomers |
Congo, Democratic Republic of the | Félix Tshisekedi | Male | 60 | Baby Boomers |
Bulgaria | Rumen Radev | Male | 60 | Baby Boomers |
Lesotho | Letsie III | Male | 60 | Baby Boomers |
Morocco | Mohammed VI | Male | 60 | Baby Boomers |
Bolivia | Luis Arce | Male | 60 | Baby Boomers |
Micronesia | David W. Panuelo | Male | 59 | Baby Boomers |
Fiji | Ratu Wiliame Katonivere | Male | 59 | Baby Boomers |
Sierra Leone | Julius Maada Bio | Male | 59 | Baby Boomers |
Vanuatu | Nikenike Vurobaravu | Male | 59 | Baby Boomers |
Lithuania | Gitanas Nauseda | Male | 59 | Baby Boomers |
The Gambia | Adama Barrow | Male | 58 | Generation X |
Syria | Bashar al-Assad | Male | 58 | Generation X |
Togo | Faure Gnassingbé | Male | 57 | Generation X |
Liberia | George Weah | Male | 57 | Generation X |
Croatia | Zoran Milanovic | Male | 57 | Generation X |
Kenya | William Ruto | Male | 57 | Generation X |
Bosnia and Herzegovina | Željka Cvijanovic | Female | 56 | Generation X |
Albania | Bajram Begaj | Male | 56 | Generation X |
Netherlands | Willem-Alexander | Male | 56 | Generation X |
Dominican Republic | Luis Abinader | Male | 56 | Generation X |
Spain | Felipe VI | Male | 55 | Generation X |
Eswatini | Mswati III | Male | 55 | Generation X |
Slovenia | Nataša Pirc Musar | Female | 55 | Generation X |
Mongolia | Ukhnaagiin Khürelsükh | Male | 55 | Generation X |
Burundi | Évariste Ndayishimiye | Male | 55 | Generation X |
Iceland | Guðni Th. Jóhannesson | Male | 55 | Generation X |
Palau | Surangel Whipps Jr. | Male | 55 | Generation X |
Kyrgyzstan | Sadyr Japarov | Male | 55 | Generation X |
Serbia | Aleksandar Vucic | Male | 53 | Generation X |
Vietnam | Võ Văn Thưởng | Male | 53 | Generation X |
Paraguay | Mario Abdo Benítez | Male | 52 | Generation X |
Switzerland | Alain Berset | Male | 51 | Generation X |
Poland | Andrzej Duda | Male | 51 | Generation X |
Moldova | Maia Sandu | Female | 51 | Generation X |
Guinea-Bissau | Umaro Sissoco Embaló | Male | 51 | Generation X |
Slovakia | Zuzana Caputová | Female | 50 | Generation X |
Uruguay | Luis Lacalle Pou | Male | 50 | Generation X |
Cyprus | Nikos Christodoulides | Male | 50 | Generation X |
Madagascar | Andry Rajoelina | Male | 49 | Generation X |
Nauru | Russ Kun | Male | 48 | Generation X |
Libya | Mohamed al-Menfi | Male | 47 | Generation X |
Hungary | Katalin Novák | Female | 46 | Generation X |
France | Emmanuel Macron | Male | 46 | Generation X |
Ukraine | Volodymyr Zelenskyy | Male | 45 | Generation X |
Bhutan | Jigme Khesar Namgyel Wangchuck | Male | 43 | Generation X |
Guinea | Mamady Doumbouya | Male | 43 | Generation X |
Guyana | Irfaan Ali | Male | 43 | Generation X |
Qatar | Sheikh Tamim bin Hamad Al Thani | Male | 43 | Generation X |
El Salvador | Nayib Bukele | Male | 42 | Millennials |
Turkmenistan | Serdar Berdimuhamedow | Male | 42 | Millennials |
North Korea | Kim Jong-un | Male | 41 | Millennials |
Mali | Assimi Goïta | Male | 40 | Millennials |
Chad | Mahamat Déby | Male | 39 | Millennials |
Chile | Gabriel Boric | Male | 37 | Millennials |
Burkina Faso | Ibrahim Traoré | Male | 35 | Millennials |
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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