Westfield, an operator of three major malls in Connecticut, is out with its first major study of consumer retail habits that shows an increased interest by shoppers to rent rather than buy products, among other trends.
The mall operator, with locations in Meriden, Trumbull, and Milford, said 15 percent of Americans are interested in renting from their favorite stores. The rental retail trend is particularly strong among Millennials — over a third (35 percent) of 25-34 year olds are interested in renting. Exercise equipment topped the list of what people wanted to rent (17 percent), followed by consumer electronics (15 percent), furniture (11 percent) and cars (10 percent).
The report predicts that virtual reality will become ubiquitous as shoppers increasingly want this technology to understand how products will work for them; specifically 42 percent of people in the U.S. would like to use virtual reality headsets to experience how products will look in their home (as well as for clothes shopping).
The report also said there is a new consumer demand for loyalty programs that reward good lifestyle choices, as well as lifestyle classes held at stores, and loyalty programs that recognize what the report calls “good choices.” That includes including recycling (23 percent), exercising (23 percent), spending time with family (20 percent), eating healthier (16 percent), and even charity volunteering (11 percent).
