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

  • August 15, 2019
    USDoT’s NETT is welcome – but Toyota unhappy at V2X development
    The US Department of Transportation has announced a new council to champion emerging mobility tech – but one car manufacturer is currently not feeling that such support is everything it might be The announcement of a brand new body to champion autonomous vehicles (AVs) - among other innovations – is a potentially welcome development for mobility and transit providers. Elaine L. Chao, US secretary of transportation, says that the newly-created Non-Traditional and Emerging Transportation Technology (NETT)
    Read More
  • June 4, 2018
    Whim launch in Birmingham: new day dawning
    MaaS Global’s Whim mobility service is expanding with its first launch outside Finland – and has chosen the UK’s second city as its base. Adam Hill reports from Birmingham
    Read More
  • March 18, 2019
    UK council ‘budget cuts’ halt development of EV charging
    More than 100 UK local authorities say they have no plans to increase their number of electric vehicle (EV) charging points. These findings have been revealed from freedom of information (FoI) requests submitted by the Liberal Democrats and shared with The Guardian newspaper. According to the report, Ed Davey, the Liberal Democrat former energy and climate change secretary, says the lack of investment in charging points is due to “cuts to council budgets”. “Unless there is urgent action to tackle our out
    Read More
  • December 10, 2015
    Phoenix rises to the Smart City challenge
    Andrew Bardin Williams looks at the City of Phoenix where voters backed a $30bn plan to revamp its transportation network to cultivate a more connected community. According to a Land Use Institute study, half of all Americans and even more millennials (63%) would like to live in a place where they do not need to use a car very often. The City of Phoenix is putting in place plans to revamp its urban development and transportation policies to meet these changing quality of life perceptions.
    Read More

Highlighted Content