The trend of usage over ownership amongst UK consumers is growing.
A recent national representative study of 2,000 consumers across Britain, undertaken by OnePoll, on behalf of ThinkSmart shows leasing to have wide appeal and meet a real customer need.
The survey asked consumers to consider leasing when next making a purchase in 14 different key retail sectors.
A combination of affordability and flexible options is providing a compelling draw for many, where they see little advantage in ownership.
The need for consumers to upgrade products is being driven by the shortening of innovation cycles
Leasing is particularly popular amongst Millennials, who transfer experience from other parts of their lives where they lease cars, homes, music and technology.
In addition, consumers concerns about the inconvenience of disposing of old products when owned is reinforcing this appeal.
Leasing smartphones and other technology, sofas, luxury goods and baby goods are of strongest interest.
Retailers in UK national distribution need to be aware of this continuing trend and the benefits of offering customers a leasing proposition, which builds long term high value customer relationships, improves margins and incremental sales.