Britons are adopting a “pay-as-you-live” lifestyle.
Britons are adopting a “pay-as-you-live” lifestyle, says Zipcar in a recent study developed with YouGov and The Future Foundation, meaning they’re increasingly amenable to sharing rather than owning goods. About a fifth of 18- to 54-year-olds are choosing to rent rather than buy things like cars, clothes, DVDs and holiday homes, according to the report, which values this market at £22.4 billion.
While Collaborative Consumption, as it’s often termed, has been bubbling up for years, Zipcar argues that the practice is at a tipping point, “being adopted by more people, in more ways than we ever imagined.” Convenience is a key consideration when deciding between renting and buying, along with “Britons’ more considered and questioning approach to price and consumption,” as The Future Foundation’s Pippa Goodman puts it in the report. Environmental considerations and a more collective mindset are also drivers.
Zipcar, which operates in the U.K., North America and, most recently, Spain, now faces a range of rivals in this “pay-as-you-live” sphere, with the rise of peer-to-peer car sharing, not-for-profit initiatives and similar services operated by car rental companies like Hertz and automakers like BMW.