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Posts Tagged ‘baby boomers’

Is Gen-Z Ready to Fall in Love with Cars Again?

Over 90% from newest generation plan to eventually own a car.

by on Mar.16, 2016

Millennials may not want to driver, but the next generation up, Gen Z, is more than ready to get behind the wheel.

It’s become conventional wisdom that Millennials would rather take a bus or simply connect by smartphone or computer rather than drive. But what about the generation that follows?

If a new study is any indication, Generation Z may be nearly as excited about driving as their car-crazy Baby Boomer grandparents.

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“Their love for cars and driving is very much alive,” said Isabelle Helms, vice president of research for websites Autotrader and Kelley Blue Book. “Auto sales are not going to take a hit because of this generation.” (more…)

Boomers Key to Automotive Recovery

Middle-age buyers far more likely to buy cars than Millennials.

by on Jun.03, 2013

Aging Baby Boomers still are the powerhouse when it comes to auto sales.

While automakers may be focusing a lot of their attention on the next generation of potential buyers, they shouldn’t forget about the middle age motorists who remain key to the industry’s recovery, warns a new study.

Millennials may someday be the dominant buying group, but for now, Baby Boomers remain at least 15 times more likely to buy a new car, truck or crossover, reports the University of Michigan Transportation Research Institute, or UMTRI.

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“The probability of buying a vehicle per driver is highest for people between 55 and 64 years of age,” said lead researcher Michael Sivak.  “That is probably surprising to many people because they think of much younger people being the target audience.”

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Boomers’ Kids Mean More of Same for Automakers

So-called Gen Y will accelerate trends their parents established.

by on Oct.22, 2009

Scion xD 2010 Model

Gen Y is more likely than older generations to own portable electronics, and more likely to research their vehicle options on the Internet.

Generation Y, the largest car-buying group since their baby boomer parents, will confound the problems facing domestic automakers, as their buying power continues to expand. This crowd at 75 million, and currently 15 years old to 32, already surpasses boomers in shear numbers, so they will ultimate redefine the market.

A just released study on Gen Y new vehicle buyers in the United States shows they are more likely than the generations before them to consider purchasing a Chinese or Indian branded vehicle, more willing to accept hybrid powertrains, and more likely to want the latest entertainment technology in their vehicle. They also view Japanese and German car brands much more favorably than their parents do.

Gen Y also places much more emphasis on image and price than older generations. Moreover, when buying American vehicles – 26% of Gen Y said that they would only consider buying American makes compared with 39% of older generations.

All Gens welcome!

All Gens welcome!

“Growing up with continuously evolving technology and electronics has given Generation Y a unique ability to adapt easily to change, a willingness to accept new brands, and an expectation that their vehicle provide the best of what is available,” said George Peterson, president of AutoPacific, the research firm that conducted the study.

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Younger Drivers Less Brand Loyal Than Older Ones

Gasoline price spikes and lack of marketing kill loyalty.

by on Sep.22, 2009

Once upon a time, gasoline brands were heavily promoted and marketed, and you didn’t have to pump it yourself. However, in the ensuing years a number of factors have contributed to a steady decline in brand loyalty when it comes time to pay at the pump. Electronic engine controls that adjust for octane rating, national standards on fuel quality and sharp spikes in gasoline prices – all have disrupted traditional buying patterns.

According to NPD’s Motor Fuels Index, which tracks consumer motor fuel purchasing behaviors, drivers who are more than 65 years old, have always been more likely to limit brand choice to only one brand. However, younger drivers historically have been more willing to shop around.

The latest study from the market research group says the percentage of people reporting they “always buy one brand of gasoline” is 28% in the first quarter of 2009, compared to 34% in the first quarter of 2000.

When comparing the first quarter 2009 loyalty to the first quarter of 2000 research, the age group that experienced the greatest decline was the 30-to-44 age segment. In 2000, 18- to 29-year-olds were the least brand loyal. In the intervening nine years, many of them brought their brand switching behavior into the 30-to-44 age bracket.

High Octane News!

High Octane News!

Thus have the classic “pig moving through the python” marketing trend, which is also evident in the vehicle buying behaviors of people as they age, much to the detriment of domestic auto companies who lost a generation of buyers to offshore nameplates and have yet to prove they can get them  back.

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