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

  • October 22, 2018
    Grey areas: who's legally responsible for C/AVs?
    Connected and autonomous vehicles are an exciting development in the ITS sector – but amid the hype some big questions about their deployment remain unanswered, finds Ben Spencer Connected and autonomous vehicles (C/AVs) have the potential to change the way we travel - and to eliminate road fatalities. But policy makers and regulators will need to ensure user and public safety is included in future planning. The legal and insurance industries will have to catch up, too. For example, questions over who is
    Read More
  • September 9, 2022
    PTV: Quality - not fares - is key to transit
    Punctuality, coverage, accessibility and decarbonisation are big challenges, says survey
    Read More
  • April 30, 2015
    New solutions to old problems set to cut emergency response times
    David Crawford looks at the latest developments in emergency response. Ensuring speedier reactions to transport and travel crises is becoming increasingly important. US statistics suggest that as many as 1,000 ‘saveable’ lives can be lost each year in major cities because of operational defects in their SOS operations.
    Read More
  • July 23, 2019
    The rise and rise of robo-car
    When it comes to driverless cars, there are many variables – but one thing is for certain: autonomous driving will have a significant impact on vehicle design, says Andreas Herrmann The transition to autonomous vehicles (AVs) means that many of the factors which have shaped automotive design for the past 130 years no longer apply. At present, the design of a car is largely determined by the anticipated direction of travel: the car’s silhouette immediately shows where the front and back are. Driverless ve
    Read More

Highlighted Content