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Why the Gen Y is in the driver’s seat & why we need to pay attention!
Place your seat in an upright position and think again! You may end up kicking your own rear down the road.
A study was conducted earlier this year by Deloitte, which intrigued me about the Gen Y shopper & how important it is to “Simply Pay Attention” & conducting your Social Media Strategy the right way. They were able to determine:
You or your dealership may be thinking that the Gen Y shopper is all about new vehicles, yes they do think newer is better but not with vehicles. More than 69% of the Gen Y will purchase a used vehicle in the near future.
Value is an important factor for 2011. As 67% of the Gen Y shopper claimed that the product recalls over this past year were a concern however the good news is more than 67% would still consider the brand despite the recall.
This now comes down to Brand Loyalty. 48 % of the Gen Y expects to be driving the same brand of vehicle in 5 years. But hold your horses on that one as I get further down into the statistical information all that is listed determinations can make an impact for the Gen Y to switch brands.
How does your Domestic vs. foreign brands stack up next to each other for the Gen Y? 46.9% of the Gen Y says it is important to buy a U.S. OEM brand! But 50.8% say it’s important to buy a vehicle manufactured in the USA regardless of the brand.
With that in mind, 73% of Gen Y says they prefer an import brand which is up from 48% in 2009.
Now we are starting to get to the goodies here with the Purchasing Power & Influence the Gen Y can have for the Gen X & Baby boomers! 70% of the Gen Y is more likely to influence & sway a friend’s vehicle purchase; 60% of Gen X & 50% of Baby boomers claim the same also on influence.
With the Gen Y being such a large impact of influence, 61% directly influence their parent’s final decision on purchasing the vehicle.
Looking at peers & their thinking, Gen Y cares! 88.7% reach out to their friends for opinions about a brand / model before purchasing a vehicle & 79.6% say their friends have a large influence on their purchasing decision too.
With the large influence that is coming from friends, family and so forth; Social Media is playing a large role in the influence. The Gen Y shopper, which accounted for more than 67%, has looked for information on a specific vehicle brand or model within the social networking sites. This is up 25% from the 2009 survey Deloitte had conducted.
While the Gen Y is still in the bowl of unsatisfied with the overall dealership experience, 56% of them avoid face-to-face interaction with the dealership all together. They would rather work over the internet to fully purchase their vehicle. Test Drives? 82% of them would like to test drive a vehicle for 24 hours…..! So be prepared when they are looking for a nice test drive and not wanting to buy right then and there.
Over 53% of the Gen Y says that working in the US Auto Industry was not appealing to them at all.
My question to you is how do you perceive this about the Gen Y shopper? Do you just let them do their own thing socially as again their influence is more of an impact than you as a salesperson or do you assume they are buying from you specifically?
Just take a moment to think to yourself of how many friends & family the Gen Y has at their fingertips. Their influence won’t just make an impact to the social grounds but also build your brand of higher recognition.
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