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Gen Y is comprised of the single largest generation in U.S. history, encompassing some 80 million people.
What does this mean to today's retailers?
Today, we’ll be providing a brief outlook of retail vehicle sales by generation.
And what J.D. Power is seeing is that the power with Generation Y is continuing to grow. Gen Y, defined as consumers born between the years of 1977 and 1994, is comprised of the single largest generation in U.S. history, encompassing some 80 million people.
For the auto retail industry specifically, Gen Y now accounts for greater than 29% of retail vehicle sales, which has been growing at an average of 2.1 percentage points per year.
To put this into perspective, Gen Y is on track to become the largest new-vehicle buying segment in the next 2-3 years.
To identify new ways to target these new shoppers within your local market, please visit mypowerdealer.com. I’m Kris Rosychuk. Thanks for watching, stay tuned for the next edition of “Power Minute”!