Month's up. What car shall we subscribe to next, honey?

SUBSCRIPTION-BASED services are emerging everywhere. Spurred on by the likes of Spotify and Netflix, many businesses worldwide are revamping their strategies to include a subscription model in their product offerings.

It is easy to see why. The subscription economy, says Credit Suisse, is expected to grow into a whopping US$530 billion industry this year. The demand for subscription services has grown significantly, from being an industry of niche, up-and-coming businesses to one big enough to spur incumbents to embrace it.

A key driver of subscription is the fading sheen of ownership, especially given the high upfront costs, the need for ongoing maintenance and the frustrations around technologies becoming obsolete quickly. Big-ticket items also fall into this bucket, including cars.