Owning a car is not a status symbol for Gen Z and Millennials

Due to evolving consumer-preferences, mobility service companies are revamping their car-leasing services.

“With regards to the lifestyle and subculture changes of millennials and Gen Zs, they do not see owning a car as a status symbol as much as previous generations. It's more of a functional benefit now, where they can use the car whenever they deem fit, which is why car leasing and car sharing has increased in demand.” he said.

“Car leasing was a very traditional industry in the past, where you have to head down to the venue to rent a car, fill up a bunch of forms and then pick up the car.” Low said, “What we're trying to do is to bring the entire consumer journey online, almost like an e-commerce purchase, and also reduce the waiting time when they come and collect the actual vehicle.”

According to Low, the consumption patterns of these younger generations who favours platforms like TikTok and YouTube Shorts over long-form content reflects their shortened attention span.

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