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

  • April 16, 2019
    5G or not 5G?
    Just a few years ago, there was only one solution in terms of communications protocols for delivering vehicle connectivity. Now, road operators and vehicle manufacturers face choices – including a moral choice, perhaps. Jason Barnes looks at the current state of play There is a debate raging in the ITS world over future communications protocols. Asfinag, Austria’s national strategic road operator, has announced it will from 2020 be using ITS-G5 to support cooperative ITS (C-ITS) applications (‘First thin
    Read More
  • November 23, 2018
    Venkat Sumantran: ‘Smart cities are more hype than reality’
    For all the talk of smart cities, investment in systems lags significantly behind organic expansion in most places. Andrew Stone talks to Venkat Sumantran, who has been looking at how to create a coherent framework which could help authorities answer multiple mobility questions Two megatrends are posing unprecedented challenges to those trying to keep people moving around the world’s urban areas now - and in the years and decades to come. The first is rapid urbanisation. One in six of us lived in urban a
    Read More
  • May 17, 2016
    Survey: British drivers’ biggest gripes are time wasted in traffic and searching for parking spaces
    New online research, commissioned by Nuance Communications and carried out by YouGov, which quizzed drivers on their expectations around in-car digital technology, found that time wasted in traffic (70 per cent) and searching for parking spaces (53 per cent) were cited as British drivers’ most common gripes when on the road. This survey, of 2062 adults, of which 1621 have a driving licence, demonstrates that British drivers would look for in-car technology to humanise their driving experience, by enabli
    Read More
  • July 19, 2019
    Bike Share Toronto expands service
    Bike Share Toronto is to add 1,250 bicycles, 105 stations and 2,292 docking stations to its network and will expand into new neighborhoods in the Canadian city. The deployment follows a commitment by the city’s mayor John Tory and the Toronto Parking Authority to extend bike-sharing services in the region. Tory says: “We will continue to push for the expansion of Bike Share to new neighbourhoods because we know it leads to increased ridership and membership for this important service.” Bike Sha
    Read More

Highlighted Content