Millennials aren’t exactly the top auto buying demographic these days. Automakers hope to change that trend by encouraging these consumers to come into a dealership and take a test drive. One way to improve interest and sales is to promote technology according to a new Next Generation Car Buyer Study from Autotrader.com.
Top technology features that appeal to Millennials center on infotainment. Must-haves for Millennials break out as follows:
- Navigation 46%
- MP3 players 41%
- Satellite radio 32%
- Bluetooth 23%
- Mobile integration 22%
Younger consumers also say that their vehicles must reflect their personality (48%) and accomplishments (38%). These factors decrease steadily in importance as consumers age. For example, only 24% of Baby Boomers are concerned that their vehicle reflects their personality. And, only 27% link their vehicle to their sense of accomplishment. This survey did find a correlation between satisfaction and various age ranges in the Millennial group though. For example, younger consumers are focused on style and features while older Millennials are more concerned about safety and performance. It seems that safety-related factors grow more important as Millennials become parents and worry about the children in the back seat.
The survey also revealed that Millennials identify with luxury brands but they don’t have the financial resources to purchase these brands. However, it seems that automakers who introduce entry-level models of luxury brands may attract younger buyers who will then become loyal customers. When Millennials finally do sign on the dotted line, they’ll likely opt for a 4‑door sedan or wagon (44%) or an SUV/CUV (31%).
To learn more about purchasers of specific vehicles by brand, check out the Automotive AudienceSCAN reports available on the Research Store at ad-ology.com.