Description

Everything you need to make the right decisions

Providing the most comprehensive and up-to-date information and analysis of the Marketing Auto to Gen Z and Millennials: Inc Impact of COVID-19 – US market, and the behaviours, statistics, preferences and habits of the consumer.

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What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?

Covered in this report

Gen Z and Millennial shoppers have rapidly changed what it means to be a consumer in the year 2020. And now, with the impact of COVID-19, it will become all the more important to reach consumers on a more personal level. The auto market has been hit incredibly hard by COVID-19, and shopping behaviors may be reflective of those seen in the 2008 recession. Consumers will save during financially tumultuous times, but a certain subset of consumers will still need to purchase a vehicle. Auto advertisers need to fully realize that these younger consumers aren’t going to be satisfied with trite messaging. They are going to want to know what OEMs and dealers are doing to help the community around them, especially during COVID-19. Brands that can offer affordable vehicles, along with showing their humanity have the chance to win the loyalty of these demographic.

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Expert analysis from a specialist in the field

Written by Hannah Keshishian, a leading analyst in the Automotive sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

Young consumers are a mysterious, fickle group; or at least that’s how they’ve been portrayed. Depending on the industry and who you ask, they’re either a boon to the market or one Instagram post away from “killing” something beloved by previous generations. In reality, they aren’t that complicated or unreasonable of a consumer group. Their demands are simple: quality products from ethical brands at a transparent and honest price that make them feel good about their purchase Hannah Keshishian
Automotive Analyst

Table of Contents

  1. Overview

    • What you need to know
      • Definitions
      • Executive Summary

        • The issues
          • Key reasons for disinterest point to data privacy and affordability
            • Figure 1: Reasons for disinterest in a connected home, April 2018
          • Hardware brands gain most trust
            • Figure 2: Trust in smart home brands, April 2018
          • Nearly a third of consumers believe smart speakers spy on them
            • Figure 3: Attitudes towards smart speakers, April 2018
          • The opportunities
            • Most Canadians are interested in making their home more ‘connected’
              • Figure 4: Interest in smart home connectivity, April 2018
            • Learning about in-home device consumption is important to most
              • Figure 5: Attitudes towards smart home devices (select), April 2018
            • A connected home helps reduce energy costs
              • Figure 6: Attitudes towards smart home devices (select), April 2018
            • What it means
            • The Market – What You Need to Know

              • Estimated growth of 18-44s will benefit the category
                • High electricity costs may drive people towards smart home devices
                  • Smartphone ownership is high
                    • Improved perceptions of financial health a boon for the category
                      • Millennials are moving into prime home buying years
                      • Market Factors

                        • Projected growth of 18-44s will benefit the category
                          • Figure 7: Projected trends in the age structure of the Canada population, 2014-19
                        • High electricity costs may push people towards smart home devices
                          • Smartphone ownership is high
                            • Figure 8: Smartphone ownership, by age, January 2018
                          • Improved perceptions of financial health positive for category
                            • Millennials are moving into prime home buying years
                            • Key Players – What You Need to Know

                              • Retailers highlight their smart home offerings
                                • Amazon promotes its smart speaker range
                                  • Ownership of smart home devices has risen
                                    • Security concerns linger
                                      • New smart home innovations and investment
                                      • Marketing and Advertising

                                        • Retailers spotlighting their smart home variety
                                          • Figure 9: Home Depot, direct email, November 2017
                                          • Figure 10: Bed Bath & Beyond, acquisition email, October 2017
                                        • Amazon promotes its smart speaker range
                                          • Figure 11: Amazon – Echo Dot, acquisition email, May 2018
                                          • Figure 12: Amazon – Echo Spot, acquisition email, May 2018
                                        • Nest Hello Video doorbell and Nest Cam IQ garner attention
                                          • Figure 13: Prom Night – Nest, March 2018
                                          • Figure 14: Nest Cam IQ – Now even smarter with the Google Assistant built in, March 2018
                                      • What’s Working?

                                        • Ownership of smart home devices has risen
                                          • Hardware brands are most trusted
                                          • What’s Struggling?

                                            • Security concerns persist
                                              • Affordability a major reason for disinterest
                                              • What’s Next?

                                                • New smart home innovations and investments
                                                  • Model smart homes
                                                  • The Consumer – What You Need to Know

                                                    • TVs and smoke/carbon monoxide detectors are the most popular smart home devices
                                                      • Most are interested in making their home more ‘connected’
                                                        • Top reasons for disinterest point to data privacy and price
                                                          • Samsung is the most trusted smart home brand
                                                            • Most find it important to learn about their in-home device’s consumption
                                                              • The largest share of consumers believe smart speakers spy on them
                                                              • Smart Home Device Ownership and Interest

                                                                • TVs and smoke/carbon monoxide detectors are the most popular smart home devices
                                                                  • Figure 15: Ownership of/interest in purchasing smart home devices, April 2018
                                                                • Men more likely to own/display an interest in smart home products
                                                                  • Figure 16: Ownership of/interest in purchasing smart home devices (combined), by gender, April 2018
                                                                • Younger consumers demonstrate greater interest in smart home devices
                                                                  • Figure 17: Ownership of/interest in purchasing smart home devices (combined), 18-44s vs over-45s, April 2018
                                                                • Parents among most likely to be interested in a smart home
                                                                  • Figure 18: Get to know Rogers Smart Home Monitoring, September 2016
                                                                  • Figure 19: Ownership of/interest in purchasing smart home devices (combined), parents vs overall, April 2018
                                                                • Most Canadians are interested in making their home more ‘connected’
                                                                  • Figure 20: Interest in smart home connectivity, April 2018
                                                              • Reasons for Disinterest in a Connected Home

                                                                • Top reasons for disinterest point to data privacy and price
                                                                    • Figure 21: Reasons for disinterest in a connected home, April 2018
                                                                  • Disinterest more likely to arise from lack of knowledge among older groups
                                                                    • Figure 22: Reasons for disinterest in a connected home, 18-44s vs over-45s, April 2018
                                                                • Trusted Smart Home Brands

                                                                  • Samsung is the most trusted smart home brand
                                                                      • Figure 23: Trust in smart home brands, April 2018
                                                                      • Figure 24: Trust in smart home brands, 18-44s vs over-45s, April 2018
                                                                    • Parents more likely to trust most brands
                                                                      • Figure 25: Trust in smart home brands, parents vs overall, April 2018
                                                                  • Attitudes towards Smart Home Devices

                                                                    • Most find it important to learn about their in-home device’s consumption
                                                                        • Figure 26: Attitudes towards smart home devices (select), April 2018
                                                                      • Many associate a connected home with offering improved wellbeing
                                                                        • Figure 27: Quality of life-related attitudes towards smart home devices, April 2018
                                                                      • A connected home saves consumers money
                                                                        • Figure 28: Attitudes towards smart home devices (select), April 2018
                                                                      • Most would prefer to control smart devices via app
                                                                        • Figure 29: Attitudes towards smart home devices (select), April 2018
                                                                      • Close to a third of consumers believe smart speakers spy on them
                                                                          • Figure 30: Attitudes towards smart speakers, April 2018
                                                                          • Figure 31: Attitudes towards smart speakers (select), 18-44s vs over-45s, April 2018
                                                                          • Figure 32: Attitudes towards smart speakers (select), parents vs overall, April 2018
                                                                      • Appendix – Data Sources and Abbreviations

                                                                        • Data sources
                                                                          • Consumer survey data
                                                                            • Consumer qualitative research
                                                                              • Abbreviations and terms
                                                                                • Abbreviations

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