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 12, 2020
    32% of drivers 'very opposed' to car-share
    Otonomo report finds large minority don't want 'public transport-style' car mobility
    Read More
  • August 21, 2018
    Big wheels keep on turnin’
    Many of the great and the good in the global mobility sector gathered at this year’s Movin’ On event in Montreal. Measured regulation of technologies and safety issues were major themes, reports David Arminas. *Bibendum is the original name for the Michelin Man, the symbol of the Michelin tyre company Autonomous vehicles, platooning, smart intersections and safety – these were the talking points over two-and-a-half days of the Movin’ On event in Montreal, Canada. Everyone in the mobility sector is at the
    Read More
  • October 8, 2018
    Blockchain: the next big thing for ITS? Really?
    Everyone’s heard of blockchain – but most people are less sure about what it really is, and how it might be used in transportation. Andrew Williams peers into cyberspace to find some answers. A growing number of organisations in the ITS industry are exploring how blockchain technology could be used for ITS and mobility applications. So, what exactly is blockchain technology? What are the key current and potential applications in the mobility and ITS sector? And what practical benefits might it bring?
    Read More
  • October 3, 2018
    Carrots are proving cost-effective in Netherlands
    There are lessons to be learned from congestion avoidance schemes in the Netherlands. David Crawford welcomes some new thinking in road pricing. Highway operators worldwide are being urged to learn from Dutch experience in using financial carrots rather than sticks to encourage drivers to avoid contributing to congestion. A Netherlands/UK group makes a convincing cost/benefit case in a new global survey of road pricing technologies, economics and acceptability. Representing the Rijkswaterstaat section of
    Read More

Highlighted Content