Young people s car rental return home may become a new growth point in the luxury car market

Mondo Cars Updated on 2024-02-07

With the Spring Festival holiday approaching, the car rental market has ushered in a wave of enthusiasm. Unlike previous years, young people are becoming more and more prominent in this year's car rental army.

Compared with the same period last year, the number of car rental bookings has surged during this year's Spring Festival, with a growth rate of more than 200%. Among them, the number of bookings for new energy vehicles has soared five-fold year-on-year. In the car rental army, the post-95 generation dominates, accounting for more than 40% of orders, and an increase of 80% year-on-year. In Shanghai in particular, car rental bookings are growing particularly strongly, with an increase of nearly 300%. In addition, the growth of luxury brand models, including Rolls-Royce, Ferrari and other top models. This change not only reflects the attitude of young people to pursue personalized and quality life, but also brings new growth points to the luxury car market.

It is understood that there are four main reasons for young people to rent a car for the New Year.

Convenience. Some people choose to rent a car because public transportation is inconvenient or train tickets are difficult to buy, and renting a car offers more flexibility and convenience. For example, if you are a large family with three children, then renting a large seven-seater SUV can make it more convenient to bring the whole family home for the Chinese New Year.

Experience and enjoy.

Some young people choose to rent a car to experience the joy of driving different car models, especially luxury cars. They may not be able to afford these cars but are willing to enjoy a high-quality driving experience by renting a car. For example, someone rides an electric car to rent a Rolls-Royce Phantom for 8,000 yuan a day, just to experience a different life.

Socialize and save face.

Some people may rent a car for social needs or for a matter of face. For example, some people rent luxury cars to go home during the Spring Festival, perhaps to show their strength and status in front of relatives and friends. For example, some people rent sports cars and go back to their hometown for blind dates to show their charm and economic strength.

Special needs. There are also people who have special needs, such as restricting high-spending people, who may not be able to fly in first class, but want to enjoy a high-quality travel experience, so they choose to rent a car with a driver. In addition, in addition to personal car rentals, some businesses also see the potential of the luxury car rental market. They have launched high-end car rental services to meet the individual needs of their customers. These services include not only the provision of luxury vehicles, but also the provision of professional chauffeurs and attentive services, so that customers can enjoy the pleasure of driving while also feeling honored.

It is worth mentioning that with the continuous upgrading of automobile consumption, the car rental industry has also begun to extend to the upstream of the industrial chain. Some car rental houses are starting to get involved in the wholesale car business, especially luxury models. By partnering with automakers and dealers, they are able to obtain a higher supply of high-quality vehicles at a lower rate, thus providing customers with a wider selection of models and more affordable car rentals**.

This trend indicates that with the continuous expansion of the automobile consumer market and the continuous upgrading of consumer demand, the car rental industry will usher in a broader space for development. As an important part of it, the luxury car market will also usher in more opportunities and challenges.

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