Marketing Cars to Millennials and Gen X - US - June 2015
"Millennials are a driving force in the automotive market. Despite a perception that Millennials don’t buy cars, there are plenty of Millennials out there – and plenty of them either own cars or are interested in owning cars."
This report covers the following areas:
- Millennials are cash-strapped
- Millennials are more urban than Gen Xers
Millennials are urban, cash-strapped, and tech-savvy; and they’re also at the start of their careers and beginning to start families. By contrast, Gen Xers are older, have older children, a bit more suburban, and further along in their careers. Together, the two generations make about a large portion of the customer base – and are both very similar, yet very different.
This report examines the automotive market for Millennial and Generation X consumers. This report aims to identify the purchasing habits and demographics of those born in the Millennial and Generation X generations.
Millennials face challenges, such as high student loan debt and a tight job market, but automakers who can create products that fit their needs and market them effectively stand a very good chance of success with this segment, especially as Millennials age and expand their families and perhaps move to the suburbs. Gen Xers, on the other hand, have more earning power and are more used to traditional marketing, yet they are still youthful and tech savvy. Automakers who can bridge the generation gap, which is relatively narrow, will do well going forward.
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