The desire to own and drive your own car used to be a life-defining characteristic for young Brits – but its importance is fading. And it’s the same case in other countries too, from the US and Germany to Japan and Australia. But why? And how is the car industry responding?

As Millennials increasingly perceive ownership as a burden, car-sharing companies like DriveNow are changing the game. From Dusseldorf to Munich, they’re catering to an ever-growing percentage of young Germans for whom owning a car is no longer a viable or ‘cool’ thing to do.

In urban areas, renting can be more practical than owning. General Motors are giving six million drivers the chance to rent out their cars to others, showing how brands can capitalise on a consumer shift from ownership to access.

From being accustomed to renting our homes, and that power drill you only need once, we now don’t mind renting a nail polish that someone else has already had their hands on, or not owning our washing machine. But why aren’t people so keen to own material possessions anymore?