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Not that long ago, a car was the most sought-after possession for many young people. However, recent research has suggested that ‘Generation Y’ (roughly those aged between 18-34) are now more interested in gadgets than gears!
A survey conducted in 23 mega cities globally by consultants Frost & Sullivan found that the share of public transport – including as push bikes – was increasing at a rate of around 2 per cent a year but, at the same time, car ownership was stagnant and, in many cases, falling.
The conclusion is that, while, the latest piece of technology can be universally admired by young people, that just doesn’t seem to apply to affordable cars. Relating to the UK, the researchers highlighted the extortionate cost of car insurance for drivers aged 21 or under (around £2000 average), as the major contributing factor in the decline.
However, a separate piece of research from the Frontier Group in America suggests the reasons the young have stopped buying cars cuts a little deeper.
In addition to the rising cost of petrol and insurance, the Group also highlighted the fact that the social media phenomenon has reduced the need for face-to-face interaction, and they also suggest that ‘Generation Y’ are much more environmentally-conscious than previous generations and actively seek ‘greener’ ways of getting around.
Definitely food for thought for the car companies. The worry, of course, is the thought that people who don’t acquire the car-buying habit young, may never acquire it at all!No Comments