DEFINITION of ‘Transumerism’
A consumer trend toward renting or leasing items rather than purchasing goods. Transumerism is based on consumers’ desire for new experiences rather than ownership, and associates the outright purchase of a good with a lack of freedom. Consumers who follow this ideology are more likely to rent or lease a product, allowing them to follow new product trends more closely.
BREAKING DOWN ‘Transumerism’
Transumerism is closely associated with pleasure-seeking by consumers. Transumers may lease a car or rent a movie rather than buy it. This way, transumers can gain the positive image associated with a particular product without the expense of purchasing it outright. For businesses, transumerism means that consumers are less willing to pay for a product in full, especially for luxury goods or electronics that typically carry bigger price tags, but would still like to experience the product for a shorter time period.