Pre-Boomers Want Gadgets, Excitement In Small Cars
A large percentage of younger consumers are planning to buy cars. Generations X and Y Account for 63% of U.S. Consumers Planning to Buy a Car with excitement and technology topping higher mileage for consideration points.
Baby Boomers are taking a backseat in the auto market, while Generations X and Y are now the car buyers to watch. That's part of the reason that smaller models are back. But it's not really because of the mileage benefits that small cars offer, per data from research firm GfK. What these younger small-car shoppers want is gadgets and adrenaline.
Looking at the swath of all vehicles in the market, research shows that Generations X and Y are 63% of new-vehicle intenders (who plan to buy a car in the next 12 months), and that the Generation Y group has grown by half versus last year, from 16% to 24% of all intenders, while Generation X remained steady at 39%. This year versus last, Boomers dropped from 33.6% to 30.3% of intenders.
Gen Y is especially strong against small cars, per the study, which finds that 29% of Gen Y consumers are small car intenders, versus 19% of Generation X and 19% of Baby Boomers.
“If manufacturers are going to capture the hearts and wallets of this growing generation of younger consumers, they’ll need to develop vehicles that appeal to their tastes and preferences,” said Jeff Campana, SVP at GfK Automotive, in a statement.
Gen Y buyers and Boomers diverge in key areas. While both Generation Y and Baby Boomers rank “Dependable” and “Proud to Own” near the tops of their lists, “Exciting” is #7 for Gen Y, versus #21 for Boomers; and “Technologically Advanced Features” ranks at #12 for Generation Y, compared to #22 for Boomers.
And younger buyers don't care about comfort and handling: “Excellent Ride” is #8 on Baby Boomer’s rankings, but #17 with Gen Y. Also “Excellent Gas Mileage” ranks at #11 for Boomers, compared to #13 for Gen Y.
Recent Marketing Daily Articles
-
Miller64 Partners With Former Pro Athletes May 20, 10:30 p.m.
Miller64 is launching "GO64," a summer-long initiative that will include local events, celebrity appearances, giveaways and ... -
Vespa Looks Back: 50 Years Of 50cc's May 20, 4:36 p.m.
Vespa has been tooling about since the ’40s, and sidelining as a movie star since the ... -
Skyy Launches 'Be Part Of The Art' May 20, 4:22 p.m.
To support the debut of its new Skyy Infusions Moscato Grape variety, Skyy Vodka has launched ... -
Industry Satisfaction Lagging, But Improving May 20, 4:02 p.m.
For the first time in years, the telecom industry is seeing improved customer satisfaction scores. But ... -
OMMA Social: Macy's Looks To Social For Connection May 20, 3:25 p.m.
Macy's is using social to connect with customers. That, said Jennifer Kasper, VP of digital media ... -
4 Types Of Marketing Cultures: How Fast Is Yours? May 20, 9:16 a.m.
Marketers everywhere may be talking about creating a fast-moving culture of innovation, but most CMOs will ... -
United Expands Loyalty Program To Businesses May 19, 10:13 p.m.
United Airlines is launching the MileagePlus Small Business Network, the first U.S. travel loyalty program that ... -
Champs Taps Westbrook For Ad Push May 17, 4:52 p.m.
When it comes to a spokesperson deal, if you’re a star athlete you don’t necessarily have ... -
Strategic Vision: Domestics' Strong Showing In Quality May 17, 4:47 p.m.
For several years there has been convergence in the automotive market. No, we're not speaking of ... -
Athenos Unleashes 'Cooking With Yiayia' Campaign May 17, 9:48 a.m.
Julia Child she isn’t, but Yiayia brings her own, trademark irascible appeal to a new series ...
2 comments on "Pre-Boomers Want Gadgets, Excitement In Small Cars".
Leave a Comment