Automotive subscriptions make luxury cars more accessible to consumers
Implications - Car subscriptions offer consumers a new alternative to buying or leasing a car, appealing to consumers who are looking for more flexibility and convenience than traditional ownership entails. This evolution in ownership speaks to the rise of accessibility, particularly for luxury vehicles, that consumers might otherwise not have the ability to afford or necessity to own, especially those in metropolitan areas.
Workshop Question - How can your brand look to make its luxury products more accessible?
Trend Themes
1. Car Subscription Services - Car subscription services offer consumers a new alternative to buying or leasing a car, appealing to consumers who are looking for more flexibility and convenience than traditional ownership entails.
2. Luxury Car Subscription Trend - Luxury car companies have increasingly been appealing to consumers' desires for novelty and on-demand variability in their experiences with brands.
3. Pay-per-use Car Subscription Model - The pay-per-use method of payment for car subscription services is compatible with long-term use, presenting the driver with a new means of accessing a vehicle.
Industry Implications
1. Automotive Industry - The automotive industry is being disrupted with the emergence of car subscription services.
2. Luxury Brand Industry - Luxury brands are exploring subscription models as a way to appeal to consumers and offer them more flexible ownership options.
3. Insurance Industry - The insurance industry has an opportunity to provide subscription services that offer comprehensive coverage for consumers accessing vehicles through car subscription services.
