IHS reports automotive brand loyalty has hit a 10-year high at 52.8%.
Why is this important as it relates to Millennials? These emerging consumers are making daily decisions as to which brands fit their personal style; their perceived level of luxury; and those that have all the tech needed to stay ahead of their peers.
And as IHS goes on to share “The increased number of different models within brands makes it easier for households that may need a different type of vehicle to maintain their loyalty.” So it’s ever important for automotive brands to particularly cater to the 18-24 year old Millennials as they exit the hand me down run down coupe, and make their first big purchase. Outside of college debt.
Whether you’re looking to keep current customers, ‘conquest’ them, or reach those coming out of college, IHS reminds us that “product, marketing and financing actions will take on additional importance.”