Zuora loves France. We have two charming and brilliant French VPs, and an office in Paris just down the street from the Madeleine. France represents a huge growth opportunity for us. We’re very excited to be be helping stellar French firms like GDF Suez, Neopost and Libération reinvent themselves for the Subscription Economy, and we’re talking to dozens more.
Today we’re also very excited to announce the results of a study conducted by IFOP highlighting profound changes in French consumption patterns. Younger, affluent consumers in Paris are leading a broad shift in favor of subscription models over single-purchase transactions.
▪ Roughly fifty percent of the respondents expressed a desire to subscribe to more products and services in the coming year. They would rather lease products or services for a discrete period of time than own them outright.
▪ This figure increases to 61% among young people, 57% in higher socio-professional categories and 54% in the Paris region.
▪ Not surprisingly this trend is most visible media consumption, but also applies to a wide swath of consumer segments including travel (58% of respondents), mobile phones (55%) IT (51%), toys (43% ), fashion accessories (41%), clothes from top brands (38%), household appliances (30%) and even furniture (23%).
The survey also surfaced some interesting cultural preferences. Cloud-based subscription models were associated with concepts like innovation, freedom, immediacy and fun. Many respondents shared a preference for new models of “responsible consumption” that emphasize sustainability and diversity of choice over outright accumulation.
“While the ownership model is still dominant today in France, this is less than it once was. Subscription models are challenging traditional consumption models by better meeting market needs, offering flexibility and freedom for consumers,”explains Philippe Van Hove, Director Southern Europe at Zuora. “This change in consumption trends creates new opportunities for businesses. The Subscription Economy is an opportunity to leverage new business models, stimulate consumption and create new sources of income.”
Expect much more exciting news from Zuora in France soon!