Youi highlights generational shifts in Australian car care and spending
Youi highlights generational shifts in Australian car care and spending | Insurance Business Australia
Motor & Fleet
Youi highlights generational shifts in Australian car care and spending
Expert notes clear trend in insurance coverage and provider choices
Motor & Fleet
By
Roxanne Libatique
Insurance giant Youi has revealed insights into how different generations of Australians manage car care and associated expenses.
The survey, conducted with over 2,000 respondents, sheds light on generational behaviours and priorities with over 20 million registered vehicles in Australia as of January 2023.
“Our research shows many Aussies are reducing their spending behaviour this year compared with
data from as recently as last year,” she said. “In fact, compared to a year ago, a quarter of Aussies (25%) have been forced to cut costs on their cars including expenses such as car payments and fuel, on top of reducing savings, and it seems this is most likely due to cost-of-living pressures.”
Car care is one of the first expenses to get scrapped
Youi’s report revealed that car maintenance is frequently one of the first areas where Australians cut back.
“Only 38% of Aussies service their car every six months and surprisingly, almost half of Gen Zs (48%) are the most diligent in doing so compared to other generations,” Jackson said.
Paul Maric, founder of CarExpert, pointed out that many Australians are deferring necessary car maintenance tasks.
“A staggering 35% of Aussies are putting off car maintenance and, concerningly, one of the top tasks is tyre replacement – the highest among Millennials (36%),” he said.
The survey also indicated that younger Australians are more inclined to modify their vehicles.
“20% of young Aussies have modified their car exhaust, turbo, and supercharger – something that is very low on the list of priorities for other generations,” Maric said. “Older generations, including Millennials and Gen X, are more likely to opt for a roof rack, new bumper, or tow bar.”
Australians’ insights on car insurance
In terms of insurance, nearly 80% of Australians have comprehensive coverage, with older generations being the most insured.
“We’ve seen a clear trend in insurance coverage and provider choices, with older generations including Pre-Boomers/Boomers and Gen X leading the way in owning comprehensive insurance and general satisfaction with their current provider,” Jackson said. “Gen Zs are much more likely to shop around or change their cover (39%) compared to other generations. But at Youi, we aim to provide quality service and benefits that suit all generation types.”
Related Stories
Keep up with the latest news and events
Join our mailing list, it’s free!
