“According to The Geography of Transport Systems by Jean-Paul Rodrigue, more than 90% of households in the United States own at least one vehicle, and the number of cars sold in America reached a record-breaking 17.6 million in 2016, reports Popular Science. But things have started to change. As local transportation continues to evolve more millennials are opting out of buying their own car in favor of newer, more flexible options like ridesharing service. To combat this migration, some manufacturers allow customers to subscribe to a car on a monthly basis for a fee, much the same way they subscribe to Netflix or Spotify.”
While the Great Recession strained the budgets of most households, the financial contraction hit the youngest group of consumers, the Millennials, particularly hard. This group, between the ages of 18-29, has seen higher than average unemployment rates and large student loans. To fund themselves, many Millennials have turned to credit card debt. These problems have resulted in another noticeable trend. Millennials are driving less and buying cars at a lower rate than their predecessors.
Regional airlines were supposed to find profits flying small planes on short routes. That strategy might have worked – except that the high cost of fuel followed by the steep drop in business travel during the recession changed everything. According to a Businessweek article, these airlines are overloaded with 50 seat regional jets which are no longer able to deliver profits.