DEFINITION of 'Transumer'
A consumer who values experience over ownership. Transumers are driven by the experience associated with using a product rather than owning it, and thus may be more likely to rent things when possible. Transumers typically have short attention spans, and are younger than traditional consumers. Examples of transumerism include renting movies, or even sharing a piece of expensive clothing among friends.
BREAKING DOWN 'Transumer'
The growth of business travel is considered to one of the catalysts that has sparked the growth of transumers. Since business travelers are unlikely to be in a specific location for an extended period of time, they typically rent or lease products so that they will not have to take them along after their business is completed.
Marketers suggest that regular consumers may shift to being transumers if they want to "experience" more products, and that outright ownership can be cost prohibitive to a "here and now" feeling. A depressed economy and space considerations may also result in similar shifts.
For businesses, transumers present both a hurdle and an opportunity. Businesses may see fewer traditional purchases of luxury items, but may be able to reap more revenue over the long run by renting the goods out.