Financially strained millennials use sharing economy to get best deals

Car-share operator DriveNow investigates spending habits of ‘Generation Y’ in London

Millennials living in London are enthusiastic users of the shared economy, according to a survey commissioned by car-share provider DriveNow UK. Some 73% of respondents said they use services and apps such as DriveNow, Airbnb and Uber.

People born in the 1980s and 1990s are keen on using sharing economy when travelling by car and booking holiday accommodation.

The survey delved into the spending habits, social lives and leisure activities of millenials, who are also known as Generation Y.

James Taylor, managing director of DriveNow UK, said: “Millennials are a large part of our user base and it’s clear that affordability and value for money are huge priorities for this generation. We strive to offer a convenient and cost effective transport solution whenever our members need access to a car.”

The survey was commissioned by DriveNow UK and conducted by OnePoll, who interviewed 1,000 people aged 16-37 living within London between 14-25 July.

While reasons such as convenience and sustainability have been touted for the popularity of these services, some 69% of Generation Y specified affordability as their top reason for usage.

As this demographic cohort enters its 30s, the motivation for finding the best deals when renting cars, hiring cabs or booking hotel rooms is economic.

Monetary issues are the top the list of millennials’ concerns, with almost 40% of people worrying more about money than any other matter, personal relations or world affairs.

When investigating spending patterns, the survey found that London’s male millennials spend more money on clothing each month than women, shelling out an average of £107.63 for men compared to £66.35 for women.

Millennial women emerge as being thriftier than men. On average women spend less on household bills, gym classes and dating per month, the survey reveals. DriveNow suggests this could be due to the fact that while the average salary for London’s millennials is £34,801, men still earn almost £8,500 per year more on average than women.

The poll reveals that London’s young people could be at risk of turning into couch potatoes, as millennial tend to surf the internet (61%), browse social media (58%) and watch TV boxsets (49%) – going to the pub (37%) and playing sports (19%) come further down the list.

The poll reveals that Generation Y’s wanderlust remains high, with 47% indicating they are saving up for a foreign holiday and 22% admitting they take five or more holidays, in the UK or abroad, each year.