Holiday Car Hire - UK - June 2017

Holiday Car Hire - UK - June 2017

Jul 2017 Mintel Travel ServicesN/A Price :
$ 2583

Consumers still want to go on holiday abroad, evident from reports of strong bookings in the first half of 2017. However, many will be cutting back on expenses because of the weak Pound. This will likely mean that people will cut back on car hires. However, rental brands can encourage bookings by investing in mobile technology to encourage spontaneous bookings, and by focusing on the varied range of holiday experiences that a car rental can provide.

Table of Content

OVERVIEW
What you need to know
Covered in this Report

EXECUTIVE SUMMARY
The market
Consumer belt tightening likely to have a negative effect on holiday car rentals
Figure 1: Forecast volume of holiday car hires abroad by UK residents, 2012-22
Rising inflation means consumers are feeling the pinch
Figure 2: UK average weekly earnings (excluding bonuses)* vs CPIH inflation, percentage change year on year, 2012-17
The consumer
The proportion of holidaymakers renting cars drops
Figure 3: Holiday car hire usage, 2014-17
Most holiday car rentals are direct bookings
Figure 4: How last holiday car hire was booked, May 2017
Majority of car hires through airlines/travel agents are in packages
Figure 5: Holiday car hire packages, May 2017
Consumers want more transparency
Road trips that focus on multiple holiday experiences
Figure 6: Holiday car behaviours, May 2017
What we think

ISSUES AND INSIGHTS
Practicality and price are key, but many are open to luxury car hire
The facts
The implications
Consumers have concerns about renting cars
The facts
The implications
Consumers want more transparency
The facts
The implications

THE MARKET – WHAT YOU NEED TO KNOW
A good year for holiday car hire in 2015 and 2016
A slowdown expected in 2017 and 2018
Rising inflation will put a squeeze on consumers’ finances
However, consumers are still relatively confident…
…but this is heavily skewed towards older generations

MARKET SIZE AND FORECAST
Slowdown in growth expected as consumers rein in their spending
Figure 7: Total overseas car rental volume, 2012-22
Figure 8: Forecast volume of holiday car hires abroad by UK residents, 2012-22
Strong growth in overseas trips in 2016 but slowdown expected
Figure 9: Overseas holiday market volume and value*, 2011-21
Consumers travelling on holidays by ferry fell in 2016
Figure 10: Overseas holidays taken by UK residents, by mode of transport, 2015 and 2016
Forecast methodology

MARKET BACKGROUND
Inflation hits consumers’ pockets
Figure 11: UK average weekly earnings (excluding bonuses)* vs CPIH inflation, percentage change year on year, 2012-17
The Pound remains low against the euro and the US Dollar
Figure 12: US Dollar and euro against the Pound Sterling, May 2016-17
However, despite the doom and gloom, consumers are still optimistic…
Figure 13: Consumer finances, January 2014-April 2017
Figure 14: Consumer finances, by age, April 2017
…but consumers are relatively optimistic about the future
Figure 15: Outlook for personal finances for the coming year, January 2009-January 2017
Figure 16: Outlook for personal finances for the coming year, by age, April 2017
Despite tight finances, consumers are still keen on buying holidays
Figure 17: Plans to book a holiday in the next three months, June 2012-April 2017
Growth in package holidays could affect car rentals
Figure 18: Forecast of UK overseas volume, package and independent holidays, 2011-21
A boost for Spain, Italy, Portugal and Greece
Figure 19: Top 15 overseas holiday destinations, by number of trips, 2011-16
Independently booked trips to Spain helped drive car rentals in 2016
Figure 20: Top 10 independently booked overseas holiday destinations, by number of trips, 2011-16
Post Office research reveals cheapest holiday destinations
Figure 21: Post Office Holiday Cost Index, 2017
Figure 22: Petrol cost per litre in Europe 2016 and change 2015-16
Good news for holiday car renters; oil prices likely to remain low
Figure 23: Europe Brent Spot Price FOB* (Dollars per Barrel), April 2012-April 2017

KEY PLAYERS – WHAT YOU NEED TO KNOW
Usage of Europcar by UK consumers increases
MyTripCar aims to make the rental experience more transparent
Skurt – An Uber-style car rental app that supplies fleet cars on demand
FlightCar shuts down after selling technology to Mercedes
Google Maps uses historical data to gauge parking difficulty
Dubai set to launch pilotless air-taxis

MARKET SHARE
Europcar enjoys an increase in market share
Figure 24: Holiday car rental market share, 2014-17
A look at the “big three” car rental brands
Europcar
Hertz
Avis Budget Group
Figure 25: Holiday car rental market share, 2014-17

LAUNCH ACTIVITY AND INNOVATION
MyTripCar aims to make the rental experience more transparent
Figure 26: MyTripCar website
Skurt – An Uber-style car rental app that supplies fleet cars on demand
Figure 27: Skurt car rental service, May 2017
FlightCar shuts down after selling technology to Mercedes
Google Maps uses historical data to gauge parking difficulty
Dubai set to launch pilotless air-taxis
Figure 28: Driverless air-taxis, 2017

THE CONSUMER – WHAT YOU NEED TO KNOW
The proportion of holidaymakers renting cars drops
Most holiday car rentals are direct bookings
Consumers want more transparency
Holidaymakers open to luxury car hire
Road trips that focus on multiple holiday experiences have appeal
Expert and consumer review sites are important for renters

HOLIDAY CAR HIRE USAGE
The proportion of holidaymakers renting cars drops
Figure 29: Holiday car hire usage, 2014-17
Demographic breakdown; who is cutting back?
Figure 30: Holiday car hire usage, by age, March 2016 and May 2017
Holiday car renters hire around two cars in a three-year period
Figure 31: Mean and median of holiday car rentals, May 2017
Reasons for not hiring a car
Figure 32: Reasons for not hiring a car, May 2017

HOLIDAY CAR BOOKING CHANNELS
Most holiday car rentals are direct bookings
Figure 33: How last holiday car hire was booked, May 2017
Majority of car hires through airlines/travel agents are in packages
Figure 34: Holiday car hire packages, May 2017
Figure 35: Holiday car hire attitudes, May 2017

HOLIDAY CAR HIRE ATTITUDES
Consumers want more transparency
Figure 36: Holiday car hire attitudes, May 2017
Holidaymakers open to luxury car hire
Figure 37: Holiday car hire attitudes, May 2017
Figure 38: Hawaii-based car rental company Envy allows customers to rent sports cars from dealerships

HOLIDAY CAR HIRE BEHAVIOURS
Road trips that focus on multiple holiday experiences
Figure 39: Holiday car hire behaviours, May 2017
Consumers have concerns about renting cars
Figure 40: Holiday car hire attitudes, May 2017

APPENDIX – DATA SOURCES, ABBREVIATIONS AND SUPPORTING INFORMATION
Abbreviations
Consumer research methodology

APPENDIX – MARKET SIZE AND FORECAST
Forecast methodology

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