Round Table China Car rentals rising among Chinese youth
Jan 15, 2025
Young people in China are ditching car ownership for the freedom of rental cars, especially during the Spring Festival. This trend reflects a cultural shift towards practicality and convenience, with Gen Z gravitating towards short getaways. Impressive growth in the car rental market showcases their preference for luxury and new energy vehicles. Established rental companies are favored, highlighting the importance of customer satisfaction. Plus, the rise of online platforms and peer-to-peer rentals marks a significant change in travel habits.
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Car Rentals on the Rise
- Alongside public transport and private cars, young people in China are increasingly renting cars.
- This trend is notable during high-traffic periods like Spring Festival travel.
Car Rental Market Growth
- Data shows a significant increase in car rental content on social media, doubling from 2023 to 2024.
- China's car rental market has grown from $6B in Q1 2024 to nearly $19B in 2023.
Millennials and Gen Z Driving Rentals
- Domestic car rental orders increased by 80% in 2024 compared to the previous year, with per capita consumption up 30%.
- People born in the 1990s and 2000s account for nearly 60% of car rentals.