The classic car industry could ‘risk’ decline if it fails to attract a new demographic of car fans, a new industry report suggests.
The Indicator Report, compiled by classic and collector car insurance provider Footman James, has been created to showcase the state of the classic car industry in the UK. It shows that ‘there’s work to be done’ in order to make the industry more inclusive, which would help to secure its growth and relevance.
The study of 2,943 UK residents shows that nearly half of Gen Z-aged respondents – i.e. those who will pass their test this decade or have done recently – would consider owning a classic car in the future.
However, for millennials – those aged between 26 and 41 – this falls to 35 per cent. That said, 51 per cent of this age group would consider joint ownership of a vehicle, something that is being explored as a way to get new people into the world of classics.
David Bond, managing director of Footman James, said: “Change is good for our community. In many ways, as this report highlights, we have changed and evolved as a classic car sector, using technology and communities in times of need. But, if we look around, it’s clear to see that our industry isn’t doing enough to change quickly enough, especially around the gender and age of enthusiasts.
“Speaking to our clients and indeed the public about classic and collector cars, as a community, we’re deemed as old school as our cars, and we must listen to this criticism and become more attractive, inclusive and welcoming to the new era of the classic vehicle community. After all, without change, we wouldn’t have grown the classic and enthusiast vehicle sector this far.”
The report suggests that a large goal for ‘growth, inclusivity and diversity’ should be female classic car fans. Though the study’s research shows that more women are owning classics than ever before, just nine per cent of Footman James’ clients are female. However, the study did show that 22 per cent of women would consider owning a classic car in the future.