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.
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.
