Younger adults are showing less enthusiasm for purchasing vehicles compared to their older counterparts. (Image courtesy of Yonhap)
SEOUL, Aug. 2 (Korea Bizwire) – A recent survey reveals a generational divide in attitudes towards car ownership in South Korea, with younger adults showing less enthusiasm for purchasing vehicles compared to their older counterparts.
According to a study conducted by Embrain Trend Monitor, a market research firm, 74.7% of respondents agreed that cars are essential in modern society. However, this sentiment varied significantly across age groups.
The survey, which polled 1,000 licensed drivers aged 15 to 59, found that the perceived necessity of car ownership increased with age. Only 66.8% of respondents in their 20s agreed that cars are essential, compared to 72% of those in their 30s, 77.6% of those in their 40s, and 82.4% of those in their 50s.
A similar pattern emerged when respondents were asked if married couples should own at least one car. Agreement was lowest among those in their 20s at 80.4%, rising to 82% for those in their 30s, 82.8% for those in their 40s, and 87.6% for those in their 50s.
The survey also highlighted a shift in leisure preferences among younger generations.
When asked if they found spending time on smartphones more enjoyable than using cars for leisure activities, 48% of respondents in their 20s and 38.4% of those in their 30s agreed.
In contrast, only about 25% of respondents in their 40s and 50s shared this sentiment.
While 71.3% of all respondents expressed plans to purchase a vehicle, the timeline for these purchases has been extending since 2018. (Image courtesy of Yonhap)
While 71.3% of all respondents expressed plans to purchase a vehicle, the timeline for these purchases has been extending since 2018.
The percentage of respondents planning to buy a car “more than three years from now” increased by nearly 10 percentage points compared to 2018.
Conversely, those planning to purchase within six months to one year decreased by 7.6 percentage points, and those planning to buy within one or two years dropped by 7 percentage points.
Trend Monitor suggests that this delay might be attributed not only to recent economic pressures but also to consumers waiting for advancements in electric and autonomous vehicle technology and infrastructure.
The survey also indicated a declining preference for imported luxury vehicles.
Only 36.7% of respondents agreed with the statement “I envy people who own luxury brand cars,” down 9.4 percentage points from last year.
Similarly, agreement with the statement “I want to buy a car that others will envy” fell to 33.5% from 39.4% last year.
Interestingly, 74% of respondents felt that “it seems like everyone is driving an imported car,” yet only 33.3% believed that imported cars are technologically superior to domestic ones. This suggests a shift in the public perception of imported vehicles.
The survey also touched on a new policy requiring high-value corporate vehicles to display green license plates.
Public awareness of this policy has increased significantly, with 46.7% of respondents saying they were well-informed about it, up from 21.3% last year.
Moreover, 73.3% believed the policy would have a substantial monitoring effect, and 64.1% thought it would reduce personal use of corporate vehicles by company owners and their families.
Ashley Song (ashley@koreabizwire.com)
