Millennials Aspire to Own Lexus Vehicles, Just Like Everyone Else
Despite what you may have heard, Millennials are just like us. Except they buy their Lexus vehicles online.
We’re often told that Millennials, perhaps the most scrutinized generation of today, simply hate cars. They’d rather ride share than make a car payment, or simply take public transportation. But in the real world, this isn’t exactly the whole truth. In fact, according to this year’s Harris Poll, Millennials don’t just aspire to own cars – they aspire to own luxury cars like those made by Lexus.
For the second straight year, two different studies conducted by the organization found that the younger generation covets higher quality vehicles. To the point where 7 of the top 10 brands for Millennials are luxury brands. It’s a pretty astounding stat when you compare it to Generation X’ers and Baby Boomers (both 5 of 10). That doesn’t necessarily mean that Millennials are buying more luxury cars, but they do aspire to own them.
Aside from quality, the presence of newer and more advanced technology features also draws Millennials to luxury cars. Automakers have taken notice of this, and are working to design cars that appeal specifically to the younger generation. Also unlike previous generations, Millennials unsurprisingly prefer to research and shop for their new vehicles online, using sites like CarGurus and Kelly Blue Book.
Lexus did relinquish their crown after finishing 2016 as Harris’ Luxury Automotive Brand of the Year. The luxury automaker slipped to fourth this year, but still enjoys a very favorable image among Millennials.
That reputation and the desire of Millennials to own Lexus vehicles is fantastic news for the brand moving forward. It may not have translated to sales numbers yet, but that’s likely due to financial restraints. After all, Millennials are just like every generation before them in at least one aspect. And that’s the fact that we all dream of owning nice cars.
