There are so many contradictory reports and studies on the subject that I recently read up on it and came across several interesting pieces of information that I thought I would share in this blog: Millennials are growing in number and their preferences when it comes to buying a car are vastly different from those of baby boomers or Generation X.
The truth is that millennials drive 72% more miles than baby boomers and 18% more than Gen-X, and that 80% of millennials still use a car as their primary mode of transportation, despite the fact that much research focuses on how millennials prefer to avoid driving.
Millennials are proponents of individualism and want their vehicles to reflect their personality. They want to design their own interior and exterior color schemes, custom tires, and other custom materials so that they feel like they own their vehicle.
The world of today is extremely tech-savvy, and millennials want their cars to reflect that. Millennials love technology. When millennials buy a car, they want it to have features like night vision, backup cameras, collision avoidance systems, self-healing paint, XM radio, and other bells and whistles that make driving a car a great technological experience.
Millennials support autonomous driving: A study by IHS Automotive found that despite the fact that 80% of millennials own vehicles, 88% of them fear “other motorists” and support autonomous driving technologies. This is something that a lot of original equipment manufacturers (OEMs) are aware of, and companies like Tesla and BMW incorporate driver-free features into their automobiles.
Millennials want cars that are easier to use. While everyone loves a sports car, many millennials want something a little easier to use. Full-size SUVs continue to gain popularity, despite the fact that millennials still prefer compact and midsize cars.
Social car shopping is on the rise, and seven out of ten millennials suffer from FOMO (fear of missing out). On social media, their friends post pictures of brand-new automobiles, and they want one too. Instagram, Snapchat, and Twitter campaigns are now being used by many dealerships to target millennials.
The test drive is no longer what it used to be; it is all about the experience. The experience should be completely in their hands for millennials. Showrooms progressively permit purchasers to bring the vehicle back home for a day to figure out it, as a matter of fact. In addition, a digital test drive has been developed by some dealerships, providing millennials with a personalized experience that makes them feel more at ease with the procedure.
These points certainly provide some cause for reflection. The largest generation in US history, the 92 million millennials, are not exactly going with the flow. For the majority of the past century, the automotive industry has been a part of American society. Will millennials alter the current road network? We are certain to experience some interesting times in the future!