They’re a lot like you; just lagging a little

They’re a lot like you; just lagging a little

Information coming out from newer surveys is painting a picture of today’s Millennial that is a bit different from how Millennials have been described in the recent past. Often described as the lazy, narcissistic, tech introverts; more current data is showing they’re not so different from the population as a whole when it comes to retail spending. And that as we’d suspect, their perceived failure to launch into the traditional timeframe for life markers like marriage and kids, have impacted some key spending categories like real estate and transportation; but have also buoyed retail categories like travel and entertainment. 30’s are the new 20’s!        

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Millennials and the Purchase Process

Millennials and the Purchase Process

Recently, I came across a report titled “Reaching Consumers during the Purchase Process.” The study, conducted by Starcom MediaVest, basically looked to identify and attribute the impact of various media types in the purchase process, to help advertisers hone in on the most opportune times when consumers are receptive to particular messages, and what sequence of media channels should be used. Very heady stuff!

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Yes – Millennials are buying cars

Yes – Millennials are buying cars

Are they getting their license a little later – yes, some are.

 

Are they on-board with ride share services? Yes – they’re cool with things that are largely enabled by mobile.

 

Do they prefer public transportation – yes, but really only if they live in the metro and your city has an extensive system

 

So are they ever going to get in the car game? Yes, right now! And they’re quickly becoming the largest target consumer for auto dealers. A study, shared in this NBC News article and conducted by Princeton Survey Research Associates, found that about 24 percent of Millennials, aged 18 to 29, said they will buy a car sometime during the next 12 months. And that figure slipped to 20 percent of those between 30 and 49, and falls to 10% among those aged 50 to 64.

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Does it have bluetooth, gps, backup camera...

Does it have bluetooth, gps, backup camera...

In our most recent Think Forcesurvey, one area of the automotive purchase process we explored was that must have item in their next car. So we asked the open ended question…

What is the one thing your next automobile must have? 

As with any open ended question, you get a variety of answers. Some of the things that came up included air conditioning (in Seattle?), convertible (again, in Seattle?), and heated seats (ok that would be nice in Seattle). But three of the most common responses were; an item related to infotainment/audio/video, fuel efficiency, and all-wheel or four-wheel drive.

Infotainment

Before the self-driving car is a reality, the need for constant connectivity, a nice sound and safety will continue infiltrating our cars and trucks. Infotainment continues to be a key aspect in the decision making process for Millennials. In a 2013 Auto Trader survey, 80% of Millennials deemed infotainment features connected to their smartphone as essential.

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Automotive F&I Called to Attention

Automotive F&I Called to Attention

In a recent article from Protective Asset Protection, they spoke to 3 Top F&I Trends You Need to Know.

From this whitepaper, there were quite a few items that were important as it relates to Millennials and their car buying and financing. But a few stats/graphics that really draw attention to the need to target Millennials.

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Dispelling the myth that Millennials don't want cars

Dispelling the myth that Millennials don't want cars

JD Power's 2014 recent sales report points to a surge in automotive spending by Generation Y. Millennials accounted for 27% of sales in 2014, up from 18% in 2010. The past decline has been largely attributed to the recession. Which makes sense, less income and access to credit is a pretty limiting factor in affording a new car. But as the economy improves, job growth continues, and Millennials get older and start growing their families, the need and want for that new car comes along. In our recent survey of End listeners, 

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