Research from circular economy pioneer, musicMagpie, has revealed consumers can save an average of £1,094 and be more sustainable, by renting instead of buying outright this Christmas.
The analysis, which compares the average cost of renting 60 of the most popular festive products, to the average cost of buying them outright, reveals that households can save approximately £172 per item, by making the switch.
When it comes to the categories offering the highest savings through renting, fashion items came out on top with an average saving of £249 per item, closely followed by tech with an average saving of £253. As well as fashion and tech, the study looks at festive decor and hosting products.
The research was conducted following new survey findings which shows nearly one in three Brits (29%) are more likely to gift rented items this year compared to previous years, and over a quarter (27%) are more likely to rent items such as outfits, accessories and decor, for the festive period.
These numbers increased for the younger generations as well as differentiating between genders, with Gen Z, Millennials, and men more likely to be renting this Christmas.
With more than half (59%) of people reporting to have less to spend during the Christmas period this year, renting is one option to save money while not compromising on the festivities.
Here is a breakdown of potential savings across nine Christmas items from the research:
Discussing the findings, Steve Oliver, Chief Executive Officer and Co-Founder at musicMagpie, said: “With many of us looking at ways we can cut down on costs this festive period, it’s clear from our research that renting is one way to do so. Renting an item instead of buying it outright can allow people to still wear that special Christmas party dress, buy the tech their kids are hoping for, and decorate the house for family gatherings, for much less.”
On the environmental benefits of renting this Christmas, Sam Vesey, Chief Sustainability Officer at musicMagpie, added: “As well as the financial benefits people can expect from renting, there can be significant environmental benefits too. Whether that’s reducing our fashion consumption, ensuring Christmas trees are replanted, or tech doesn’t end up in the back of drawers collecting dust, the move towards a circular economy is essential for protecting our planet.
“It’s great to see that people are starting to recognise these benefits and are becoming more open to the idea of access to products and services over ownership – the rental revolution is truly underway!”
Here’s how households can save money and be more sustainable across the key purchasing category of tech.
Tech gifting
musicMagpie’s previous research showed that 70% of children expect technology from their parents at Christmas, costing them a huge £1k in total – yet many parents admitted not being able to afford this.
To help reduce the cost and make Christmas wishes come true this year, renting tech instead can be a more affordable option. You can expect to save an average of £253 on the latest tech products – from refurbished phones to pre-owned consoles and tablets.
The biggest cost saving revealed in this category is £500 saved by renting a refurbished iPhone 13 Pro Max for 12 months instead of buying at full price. This is closely followed by a new iPhone 14 with a rental saving of £441over 12 months, compared to buying it new.
Other examples of tech savings are renting a Nintendo Switch V2 to save £100, an iPhone 11 to save £164 or an iPad Pro 11 (2021) to save £433.
And when it comes to the end of the 12-month term, you can upgrade, keep the same device for less, or return it to musicMagpie to be rented again.
