That is the common rebuttal, but if someone illegally downloads a film he or she never intended to purchase or rent anyway, then that argument does not hold. Even if the choice is between buying something legally and downloading it for free illegally, that word does not apply.
Loss of income does not equal theft.
Whether you have then been wronged or not is another discussion with valid arguments on both sides.
If you did not want "to purchase or rent " legally why is it ok to do it illegally? Is it that you did not purchase or rent it because you knew that you could simply steal it?
I am neither condemning nor condoning illegal downloading when you had no intention of paying for it — merely stating that it is not theft; the differences are just too great due to the nature of digital content (i.e., being able to effortlessly copy an item without incurring more than trivial costs).
Why not call it copyright infringement if you want a more neutral term?
You're paying for the creator's time and labor. Taking the product of that time and labor without compensation is theft.