Consumer goods rental sector, 2021
In 2021, firms in the consumer goods rental and general rental centres industry groups generated $3.1 billion in operating revenue, up 5.4% from 2020. Operating expenses rose 3.9% to $2.4 billion, leading to a 21.4% operating profit margin.
The four provinces with the largest shares of operating revenue in 2021 were Ontario (61.0%), Quebec (18.5%), British Columbia (7.8%) and Alberta (6.1%).
The majority of sales in the consumer goods rental and general rental centres industry groups were to individuals and households, which accounted for 70.6% of all sales in 2021. The business sector represented 25.5% of sales, with the remaining 3.9% attributable to sales to governments, not-for-profit organizations, public institutions and clients outside Canada.
The largest operating expense for these industry groups was salaries, wages, commissions and benefits (26.7%), followed by amortization and depreciation (22.6%) and cost of goods sold (17.3%).
Consumer goods rental and general rental centre sales are up
The sector is made up of the consumer goods rental industry group and the general rental centres industry group. Consumer goods rental firms are primarily engaged in renting or leasing personal and household goods (e.g., consumer electronics, appliances, exercise equipment, furniture and boats). General rental centres are primarily engaged in renting a range of consumer, commercial and industrial equipment (e.g., contractors' and builders' tools and equipment, home repair tools, lawn and garden equipment, moving equipment and supplies, and party and banquet equipment and supplies).
Consumer goods rental saw a 4.3% increase in operating revenue to $2.4 billion in 2021. Operating expenses in the industry group grew by 2.6% to $1.8 billion, resulting in an operating profit margin of 23.8%.
In the general rental centres industry group, operating revenue increased by 9.4% in 2021 from the previous year, reaching $633.1 million. Operating expenses grew by 8.4% to reach $556.7 million, leading to an 12.1% operating profit margin in 2021.
Looking ahead to 2022
A few indicators have been positive for this sector in the first half of 2022. As more travel and event restrictions are relaxed, combined with investment in home renovations that did not slow down, it is expected that various rental types in the general rental centres industry group will benefit. However, these increases could be tempered by consumer decisions in the face of rising interest rates, as well as inflation.
A complete financial picture for the 2022 reference year will be provided when survey data are published in 2023.
Note to readers
These and other data related to business and consumer services can be found at the Business and consumer services and culture statistics portal.
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