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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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Quick takeaways
- The significant 80% increase in domestic car rental orders among young people during Spring Festival demonstrates a major shift in travel preferences towards rental options.
- Younger travelers are increasingly favoring rentals over ownership due to the convenience of online booking and the desire for flexibility in their travel experiences.
Deep dives
Growth of Car Rentals Among Young People
Car rentals have surged in popularity among young individuals in China, especially during the Spring Festival travel rush. Recent data reveals an 80% increase in domestic car rental orders in 2024 compared to the previous year, highlighting a shift in travel preferences. By 2023, the car rental market in China was valued at 137 billion yuan, reflecting a growing acceptance of rentals as a viable travel option. Notably, individuals born in the 90s and 2000s account for nearly 60% of these rentals, indicating that younger travelers are embracing the flexibility and convenience of renting cars for their journeys.
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