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Posts Tagged ‘Gen-Y’

Gen Y Now Buying More Cars than Gen Xers

Both still behind Baby Boomers in purchases.

by on Jul.31, 2014

A new J.D. Power survey says Millennials may just want to own cars after all. In fact, they are buying new cars in greater numbers than Gen Xers.

While a number of recent studies have suggested that Millennials would prefer to text rather than drive, they’re apparently beginning to buy cars, as well as iPads, in ever-increasing numbers.

In fact, Gen Y now is generating a larger share of U.S. new vehicle sales than older Gen Xers, according to a new survey by J.D. Power and Associates. But both groups still lag well behind Baby Boomers who continue to be the largest group of car buyers in the U.S.

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“As Gen Y consumers enter new life stages, earn higher incomes and grow their families, their ability and desire to acquire new vehicles is increasing,” said Thomas King, a J.D. Power vice president. (more…)

Millennials Pushing Development of Driverless Vehicles

Survey shows Gen Y wants features like self-driving car technologies.

by on Dec.09, 2013

Millenials wanting technology in cars is pushing the development of the driverless vehicle.

The push to develop a driverless car by Google and other manufacturers isn’t a matter of keeping up with the Joneses as much as these vehicles feature much of the technology younger drivers claim their want in their vehicles right now.

According to a recent survey of more than 14,000 drivers in 12 countries, Gen Y customers expressed preference for technologies that are all vital to creating a driverless vehicle.

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While there is ongoing debate about the future and safety of driverless cars, Accenture’s research shows that, on average, 90% of the survey respondents have an interest in some autonomous driving options, primarily those related to safety. (more…)

That’s Gen-N, as in “Neutral.”

Disinterested young consumers a drag on car sales.

by on Jun.26, 2012

Automakers are struggling to find a way to get Millennials out of neutral with concepts like the Chevrolet Code-130R.

U.S. auto sales are expected to show modest gains for June when the numbers are tallied up, but while the industry may be one of the few bright spots in an otherwise weak recovery, car sales are still lagging almost 3 million units annually below where they were a decade ago.

And a new study suggests that we won’t be seeing those old peaks anytime soon.  But don’t blame the economy, according to AlixPartners, a financial advisory firm based in Detroit. Blame the folks that the firm’s managing partner John Hoffecker calls “Gen-N.” That’s “N,” as in “Neutral about driving.”

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These are “new drivers who are really not even interested in getting a license,” explained Hoffecker.

AlixPartners’ new study echoes other recent research that finds so-called Millennials are far less committed to owning a car than Gen-Xers or, especially Baby Boomers.  They are, in fact, about six times less likely to get a driver’s license during their teens.  And even when they do they are less likely to purchase a vehicle.


Detroit Makers Still Struggling to Win Young Buyers

But there are some surprises among the brands Millennials want most.

by on Jul.07, 2011

Scion's tC is the most popular model with Millennials.

Conventional wisdom suggests that young buyers will turn away from the products their parents drove – potentially good news for Detroit’s Big Three who collectively lost the big Baby Boom generation to the imports.

New models, such as the Ford Fiesta, are specifically targeting Generation-Y, and the success of those products could determine whether Detroit reverses decades of market share losses, particularly in trendy coastal regions, such as California, where domestic brands account for barely one in four current car sales.  (Click Here to find out which are the most “patriotic” automotive markets.)

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Unfortunately for the Motor City, a new study suggests that while Gen-Y might be turning away from some traditionally strong Japanese marques, like Toyota and Honda, those young buyers are continuing to focus on Asian, rather than American, automakers.


Will Gen Y Destroy the Auto Industry?

They’ve killed the music, newspaper and telecomm industries.

by on Feb.18, 2009

Will Gen Y save or kill the auto industry?

Will Gen Y save or kill the auto industry?

Will Gen Y kill the auto industry?

That’s the provocative question posed by a new study from AutoPacific. And before you write that off as preposterous, consider that the generation just entering the automotive market has already driven the nail in the coffin of the newspaper business, all but destroyed the recording industry, and forever changed the way the telecommunications industry functions.

In some parts of the world, we’re already seeing the impact young consumers can have on the auto industry. In Japan, for example, many potential Gen Y motorists are foreswearing the automobile, insisting they’d rather walk, ride a bike, or stick to mass transit.