Saturday, July 20, 2024

Car Rental Promoting “Bleisure” Activities Among Gen Z, Millennial Groups

May it be for pleasure trips or business trips, car rentals are an affordable solution to save you from the troubles of the maintenance fees and depreciation loss. They save you the worry of traveling with your own car and being extra careful about maintaining it. Renting a car is pretty similar to owning a car as you can experience the real beauty of traveling.

It is safe to say that travel has experienced a boom in recent years. According to the EIU, global tourism is projected to increase by 30% in the year 2023 owing to transforming lifestyles and increasing the purchasing power of people. Especially the Gen-Z and Millennials, car rental has witnessed an all-time high in European countries.

Is travel projected to continue its rapid rise with better services in the tourism industry? Is 2023 going to produce an overwhelming response of travel for younger generations? Will car rentals serve a great way to cater to personalized travel? Let’s find out.

Increasing Pros of Car Rental Services in Tourism Industry

The demand for executive cars is rising due to its ability to offer comfort and convenience on a budget. Numerous firms are concentrating primarily on the corporate segment due to the enormous business opportunities and growth potential this sector offers. The demand for car rental services is projected to increase as ride-sharing services become popular.

Ranging from traveling to remote locations, looking at stunning waterfalls, exploring mountain restaurants or watching over the best hilltop views are all the outcomes of traveling. Tourism industry is also witnessing a surge especially among the younger generations, directly contributing to the massive growth of car rentals.

Car Rentals Speedily Aiding Large Number of Businesspersons

The increasing number of business travelers has increased by a significant amount and expanded not just intra-country travel but also inter-country. The rising demand for luxury or executive vehicles in the rental industry has witnessed a significant boom as the number of travelers has increased exponentially.

Corporate travel has also introduced the aspect of “bleisure” which is a combination of leisure and business travel trips. Taking the family along on business trips is becoming more acceptable with time since firms are embracing this practice to help retain important employees and reduce stress. Since younger workers are frequently traveling for business, this incentive is becoming more and more tempting to recruiters.

Lucrative Growth Opportunities Sprouting in the Car Rental Services

The online pick-up models are emerging at the forefront of applications for beacons. Newer players, like Zipcar and BlaBlaCar, are gaining an advantage by implementing cutting-edge technologies, like telematics, and novel business models, like car-sharing. Mobile technologies and devices are being used by Uber and Lyft to better serve customers’ individual transportation needs. The car rental industry is being disrupted in part by these initiatives.

The two major groups considering car rentals are Gen-Z and Millennials. These groups have limited funds and lack car ownership due to which they resort to car rental services present in the market. As more individuals start to get into the corporate sector, young generations tend to want a break while they put in the work. According to AutoRentals, nearly 62% of Millennials and 88% of Gen Zers wish to extend their business vacations for pleasure purposes as they indulge in work too.

Currently, online booking can also be used for a number of other things, including cashless transactions, e-signing contracts, checking the validity of the renter’s identification, and providing the renter with information about the vehicle. Another key driver of the market’s growth is smartphone purchases. Customer experiences renting cars have been considerably changed thanks to the growing reliance of users on smartphones for a variety of tasks formerly performed by personal computers.

Car Rentals: The Final Word

Car rentals have significantly increased in number in regions including North America. With the rising number of bleisure trips across the region, it is providing lucrative growth opportunities for the car rental industry owing to its increasing advantages. In April 2022, SIXT continued its expansion in the United States by offering customers multiple rental choices on the East Coast namely in Charlotte and Baltimore.

Various countries are also introducing newer schemes and packages for bleisure-related car rental programs to offer the best customer experience for travel lovers. With multiple car choices available at your disposal, you can see which car suits you the best considering your budget, number of travelers and other factors. Take control of your itinerary, explore the depths of the ocean and let loose with car rental services!

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