Professional Community for Car Dealers, Marketing, Advertising and Sales Leaders
6 in 10 Millennials said “they feel like losers among their peers without their cars” – MTV study
If rumors of Mark Twain’s death were greatly exaggerated, then so are those that young people are eschewing the car for alternate forms of transportation. In a study released January 23, 2015, the Viacom-owned entertainment giant revealed that not only to so-called Millennials, or Gen Y, buyers want to have cars and drive, but are beginning to in substantial numbers. They studied 3,610 Millennials in spring 2014, as well as 400 and 403 Gen X and Baby Boomers, respectively. The results crashed the assumptions that fewer younger people are interested in cars. Not only are they interested, but PASSIONATE about the idea.
In general, these younger shoppers have been late to market for a couple of reasons. First, the economy made getting behind the wheel a challenge, and second, many states now have laws that delay teen drivers from getting behind the wheel full time.
So here are the Myths that MTV busted:
The one underlying force for these numbers seem to match those of all previous generations and even those on horseback: FREEDOM.
“For Millennials, "success" is defined by independence and individuality. A car plays an integral role as young people craft the persona they want to show the world and can help them get where they want to be literally and figuratively. Millennials are striving to reach the same milestones as previous generations, but faster and in their own unique way.” – MTV
In part two, we’ll cover what MTV’s study revealed about the best ways to market and sell to these youthful buyers.
Photos: Tom LaPointe
www.carchat24.com/ 24/7 Interactive Automotive Dealer Website LIVE CHAT Solutions Hosted or In-House Options – FREE web chat software 727-638-0195
A U.S. Marine Corps veteran, Tom has an MBA in Marketing and is an automotive writer and author with nearly 20 years experience in virtually every aspect of the retail auto industry. He has been involved with the internet from the beginning, building websites at Johns Hopkins University in the 90's, and has been a performance leader in nearly every dealer role, from sales and service, to BDC / internet sales and viral marketing.