GenY Buyers Want Value and Image in Their Vehicle Purchase
- November 29, 2005
- Scion, Survey Results, The Car Biz
- Posted by mbmartin
- Comments Off on GenY Buyers Want Value and Image in Their Vehicle Purchase
Generation Y is the cohort of the population between 18 and 28 years of age. There is still half of the GenY generation cohort that has not yet reached driving age, but are strating to lust after their first car or truck. Because youth is sexy and desirable, automakers and their advertising companies concentrate great effort at attracting younger buyers to their brands. It is critically important Are Generation Y new vehicle buyers really different from the older generations? AutoPacific’s annual Generation Y Consultancy shows that Generation Y – the youngest vehicle buyers in the market – are very different when vehicle selection reasons are considered. The following chart shows how some key vehicle selection reasons stack up when Generation Y is compared to older generations:
The above data ring true for every vehicle segment. Basically, GenY buyers want a high value, high image vehicle that will last a long time.
What vehicles are attracting Gen Y buyers? The following list is of those vehicles that are attracting the highest percentage of Gen Y buyers.
Median age is misleading in some cases with a high percentage of Gen Y buyers (i.e, Scion tC 49 median age, but 32% are owned by Gen Y buyers) offset by a similarly high percentage of Baby Boomers. Cars attractive to both young and old – bimodal products – show that a young person’s car can also bring more mature buyers into the dealership.
Many auto manufacturers are scrambling to win the hearts of this huge generation of car buyers. With over 70 million prospective new car buyers in the Generation Y population cohort they are set to rival the Baby Boomer generation as a source of sales. The data here suggest that price, durability and value are a good place to start. AutoPacific’s Generation Y Consultancy digs deeper into the keys to earning a place on Generation Y’s shopping list. Based on a sample of nearly 2,300 Generation Y buyers and total sample of more than 33,400 respondents this annual report has become an important tool for the success of many OEMs in reaching this group.