Nearly 25% of UK millennials ‘favour renting cars’ – new research

Nearly a quarter of UK millennials would forgo buying a car and are likely to subscribe to a car-as-a-service scheme within the next year, according to new research. The study by cloud software subscription service Zuora states UK millennials are ‘key drivers’ for the ‘subscription economy’, with 73% looking to increase subscription use over the next two years. Zuora’s A Nation Subscribed research involved 2,000 consumers and was carried out by YouGov. It shows 77% of 16-24 year olds and 85% of 25-34
October 9, 2018 Read time: 2 mins
Nearly a quarter of UK millennials would forgo buying a car and are likely to subscribe to a car-as-a-service scheme within the next year, according to new research.


The study by cloud software subscription service Zuora states UK millennials are ‘key drivers’ for the ‘subscription economy’, with 73% looking to increase subscription use over the next two years.

Zuora’s A Nation Subscribed research involved 2,000 consumers and was carried out by YouGov. It shows 77% of 16-24 year olds and 85% of 25-34 year olds subscribe to at least one product and/or service – such as gym membership or music streaming sites.

Also, around half of both millennial age groups believe subscriptions are the future, with 31% of 16-24-year-olds expressing interest in connected and self-driving cars.    

Nearly half of respondents rank convenience as the main benefit of using subscription services, followed by cost (29%) and ease of use (27%).

John Phillips, Zuora managing director for EMEA, says millennials are adopting subscriptions at a rapid pace and are pushing companies to rethink their business model.

“It’s likely that as the UK evolves to become smarter, fully connected and more efficient, we’ll see a new generation of businesses catering to this trend,” Phillips adds.

UTC

Related Content

  • September 12, 2019
    Zenzic identifies ‘golden threads’ to accelerate AV roll-out
    A UK organisation has identified 500 ‘milestones’ to be passed in order to get connected and autonomous vehicles (C/AVs) on the road in numbers by 2030. Zenzic, which was set up by government and industry to coordinate a national platform for testing and developing C/AVs, has launched the UK Connected and Automated Mobility Roadmap to 2030. It identifies six ‘golden threads’ which highlight areas dependent on cross-industry collaboration to make self-driving services accessible to the public by the end of
    Read More
  • May 2, 2018
    Running on empty
    Drivers are an increasingly rare species on Europe’s commuter metros as unattended train operation is embraced. David Crawford takes a low-speed tour of the continent’s capitals to see what’s happening. Unattended train operation (UTO) is fast becoming the norm for Europe’s metros, on existing as well as new lines. November 2017 statistics published by the International Association of Public Transport (UITP) show the continent as having 28% of the global total of route km on lines operating at the ultimate
    Read More
  • June 14, 2018
    Road pricing is inevitable – because the ‘user pays’ principle is fair
    We pay for roads through our taxes: the poor pay proportionately more, and effectively subsidise the rich. It would be fairer to accept the ‘user pays’ principle, says Dr John Walker. Road pricing is already used worldwide to combat congestion and pollution, to compensate for falling revenues from fuel duty (‘gas tax’), to provide an alternative (and fairer) means of charging motorists than the 80-year old fuel tax and to improve the efficiency of and expand transport infrastructure. However, it could and s
    Read More
  • February 21, 2018
    Autonomous vehicles, smart cities: moving beyond the hype
    There is a lot of excited chatter about autonomous vehicles – but 2getthere’s Robbert Lohmann suggests we might need to take a step back and look realistically at what is achievable. You might be surprised that the chief commercial officer of a company delivering autonomous vehicles would begin an article with the suggestion that we need to get past the hype. And yet I do; because we have to, and urgently so. The hype prevents the development of autonomous vehicles that address actual transit needs. And
    Read More

Highlighted Content