Not long ago my friends at the Des Moines Register had a great article about "transuming". A transumer is a consumer driven by the desire to experience the best in entertainment, clothing, cars and housing. They don't actually own the rights to these things...they rent them.
It's said this is the Generation X and Y answer to having the best right now while staying ahead of the payment curve. And, with the economy in trouble more and more people are experiencing the "Rental Lifestyle" over actually owning that designer handbag, pair of sunglasses, combine or dress.
Here is how it works: Let's say a handbag sells for $800. Rather than buy the bag, women can rent them at $40 a day. Or designer dresses that sell for $2,500 can be rented by the hour or day for a fraction of the price plus a one-time cleaning charge.
In reality this is not new. Think car leases, town-home rentals, movie rentals...there are even companies that lease combines rather than have the farmer shell out $300,000 for a piece of machinery he might only use for three weeks. The difference today is this trend is moving into consumable luxury items.
So, why bring this to you? If you are selling and/or marketing high end items transuming might be a way to stay in the game and actually expand the experience to an audience who may shy away from your line because of the price.
Transuming a trend that is getting bigger and something to watch.
Thanks for reading. You can follow us on Twitter @MichaelLibbie and find out more about us by visiting our website, www.InsightCubed.com and join us on our daily advertising and marketing program, Insight on Business. Here is that link.