The mobile rental market grew 12% in Q3.

The cell phone rental market, or 'renting', in Spain grew by 12% in the third quarter of this year, while cell phone sales, in contrast, declined, according to Rentik.

The CEO of Rentik, Pablo Blanco, told EFE news agency that renting these devices was increasingly appealing to consumers thanks to what combined with what he called a "perfect storm" between what the user demanded from the market and rising prices. Users are less and less interested in the notion of ownership, especially when it comes to increasingly expensive products that are simultaneously losing value rapidly, he noted. He mentioned that a cell phone is worth 20% or 30%' immediately after coming out of the original box'choose it, is its contribution to the environment, as it reduces the amount of e-waste.

On the other hand, Rentik said that this alternative is very much appreciated by consumers to continue to enjoy constant innovation in the cell phone market because of the high prices in the industry and the flexibility that customers demand. "We are currently seeing steady growth and our forecasts indicate that this will continue to be the case in the future, with an acceleration in the next few years, as has already happened in other sectors such as car rental," Rentik's CEO said.

A survey conducted by IO Investigación in 2022 showed that 38% of those surveyed are already ready to switch to cell phone rentals. The same report indicates that 50% of those surveyed''have had breakdowns on their phones, and 62% don't fix these devices when they fail due to the additional repair costs, while only 13% sell their old equipment.

Rentik, a company owned by Waski-based Global Dominion Group, offers its customers insurance in case of breakdown or theft of any device they decide to purchase.

Grover also noted that one of the company's main goals is to 'maximize its impact' on the cyclical economy by reducing the number of devices purchased. To do this, all cell phones undergo a "thorough" refurbishment process after rental, which includes hardware and software upgrades, packaging and hygiene.