Jalopnik.com reported recently, “Remember how the auto industry was going to go away because Millenials just don’t love cars the way they love a good video game or phone?” Well, that prediction was wrong, or, as Jalopnik.com writes, “Yeah, that’s a bunch of crapola.” In fact, Bloomberg reports that Millenials were actually the second largest group of car buyers in the U.S. last year.
That second-largest group makes up 27 percent of car buyers, right after Boomers. “Now it’s the Gen Xers who hate cars, apparently,” Jalopnik.com muses.
Of course this does go back to the core of why Millenials weren’t buying cars: Money. Specifically, the lack of it. However, Millenials are now getting jobs, they’re making money and they’re moving out to the suburbs where they’ll need cars to get around.
They also spend a lot of time shopping and browsing online. For example, a study by the Urban Land Institute of 18- to 35-year old Internet users in the U.S. found that 45 percent of respondents said they spent one hour or more per day checking out retail-oriented sites. The millennial demographic has grown up embracing the deep discounts and convenience offered by online shopping. A 2013 survey from ad agency DDB Worldwide of U.S. web users’ attitudes toward ecommerce found that both males and females ages 18 to 34 were more likely than their 35- to 64-year-old counterparts to engage in nearly every online shopping activity, with 40 percent of males and 33 percent of females in the younger age group reporting that ideally they would buy everything online. Plus, Forbes Magazine reports, there are a lot of Millenial-aged consumers: 80 million in the U.S. alone. Forbes also estimates that this demographic will be spending $200 billion annually by 2017. To learn more about these consumers, and how to better reach them, contact your CarSoup.com account executive. firstname.lastname@example.org.