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

  • January 25, 2018
    Fara keeps data delivery simple
    Simplifying the delivery of data and information gathered by traffic management, ticketing and other systems can improve travel efficiency and the traveller’s experience. Having quantified and analysed the previously unmonitored movement of road vehicles, trains, metros, cyclists and pedestrians, the ITS sector is a prime example of the digital world. Patterns discerned from those previously random happenings enable authorities to design more efficient transport systems, allow transport operators to run
    Read More
  • August 6, 2019
    ITS European Congress: safer and cleaner mobility
    Smart mobility and the increasing digitalisation of transport were among the main themes of this year’s ITS European Congress in the Netherlands. Ben Spencer picks some highlights from conference sessions which considered possible future developments Navigating between the Evoluon conference centre - a former science museum that resembles a giant-sized UFO - and an automotive campus, there was a lot to see at the 13th ITS European Congress in Brainport, Eindhoven. Organised by Ertico – ITS Europe and th
    Read More
  • March 19, 2014
    New opportunities in a data-rich future
    Jason Barnes looks at where the detection and monitoring sector is heading. In the future, there will be no such thing as an un-instrumented road. Just a short time ago, that could have been a quote from a high-level policy document but with the first arrivals of vehicles with 802.11p connectivity – the door-opener to Vehicle-to-X (V2X) applications – it’s a statement which has increasing validity. The technology which uses our roads will also provide information on road conditions but V2X isn’t the only
    Read More
  • April 29, 2020
    E-tolling is the new normal
    Electronic tolling has become a cornerstone for the next wave of innovation, says IBTTA’s Bill Cramer. So is this the end of the road for toll plazas?
    Read More

Highlighted Content