MILLENNIALS STILL WANT TO DRIVE — THEY JUST WANT CHEAPER, MORE EFFICIENT VEHICLES
Despite their concern for the environment and reputation as bicycle riders and public transportation commuters, a large portion of Generation Y is just as keen to get behind the wheel as their parents were. In terms of vehicle-miles traveled, millennials actually drive more (controlling for factors like marriage and urban living).
In Q1’18, millennials were responsible for all new-vehicle sales growth in the US — quite an accomplishment for what many in the industry described as the automotive sector’s “lost generation.”
“Millennials had all but been written off as a serious customer group in the auto industry. But data tells a much different story. The demographic is maturing and is now poised to be a driving force in automotive marketing.” — Marty Miller, Experian Automotive
However, millennials do differ in their preferences. While older cohorts may favor luxury vehicles, such as high-end sedans and SUVs, most millennial motorists prefer smaller, more efficient, and more affordable sedans. In a 2019 survey, 86% of younger millennials and Gen Z members said they would consider buying a sedan themselves when they buy a car.