August 29th, 2022, Janice Fernandes
With inflation consistently pushing up the cost of living, nearly a quarter of global consumers (24%) are likely to prioritize cutbacks on automotive spending.
Cost concerns aside, a portion of consumers may be averse to purchasing vehicles because of the commitment such a purchase represents, according to YouGov consumer intelligence.
Data from YouGov Profiles reveals that three in ten Britons (30%) and Americans (30%) agree with the statement: I don’t want to be locked into owning a car because my needs may change.
According to YouGov’s US Car subscription services quarterly trends report, an increasing number of Americans are aware of and use car subscription services compared to last year. This service provides users with a non-committal driving experience.
Among Americans aware of car-subscription services, the likelihood of subscribing to one has increased by five percentage points from 42% in Q4 2021 to 47% in Q1 2022.
Among Britons who are aware of car subscription services, some of the main reasons they use subscription services are – it’s easier than to buy or lease (5%), they get to try new cars (5%), it’s convenient (5%) and there’s not long-term commitment (5%). ‘It’s convenient’ is also the main reason for Americans to use subscribe to car services (13%).
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