Click on the banner to visit our new and improved consumer trends blog!

Tuesday, November 23, 2010

For Gen Y, perhaps the vehicle they own won't be "automatic"

A story in today’s Media Post Marketing Daily cites KRC Research in suggesting that car ownership is not the priority for Gen Y that it has been for previous generations. Click here to read the full story.

Implications: The more things change, the more things change. Gen Y could be a transitional cohort for whom vehicle ownership is not to be “taken for granted.” Whether out of environmentalism, economics, both, or “other,” it would appear that an increasing number of Millennial consumers are rethinking whether vehicle ownership is an absolute need, or just a want… which can be satisfied through other means.
  • It might be smart for manufacturers to start talking about freedom and flexibility (of time, travel, scheduling, etc.), rather than just horsepower and style. How does this pitch sound coming from a dealership?
  • Is there room in the market for a vehicle that is “situational?” (A car that one does not drive everywhere, but which is affordable enough to own even though it might be used only few times per month?)
Is your business good? Great! How will it be when the current generation of customers move out, and the next generation moves in? What can you be doing to make sure you remain relevant to that set of consumers?

Mike Anderson

No comments:

Post a Comment