What cars are Generation Y(18-28) customers purchasing??
11-30-05, 10:44 AM
#1
Speaks French in Russian
Thread Starter
What cars are Generation Y(18-28) customers purchasing??
Heres your answer. 
TUSTIN, Calif., Nov. 30, 2005 -- Are Generation Y new vehicle buyers really different from the older generations? AutoPacific's annual Generation Y Consultancy shows that Generation Y -- the youngest vehicle buyers in the market -- are very different when vehicle selection reasons are considered. The following chart shows how some key vehicle selection reasons stack up when Generation Y is compared to older generations:
The above data ring true for every vehicle segment. Generation Y buyers want a high value, affordable to operate, long lasting vehicle that they can be proud to drive. This seemingly simple equation has been solved with varying degrees of success by cars sold by Acura, Mitsubishi, Scion, Suzuki and Hyundai.
What vehicles are attracting Gen Y buyers? The following list is of those vehicles that are attracting the highest percentage of Gen Y buyers.
Median age is misleading in some cases with a high percentage of Gen Y buyers (i.e., Scion tC 49 median age, but 32% are owned by Gen Y buyers) offset by a similarly high percentage of Baby Boomers. Cars attractive to both young and old -- bimodal products -- show that a young person's car can also bring more mature buyers into the dealership.
Many auto manufacturers are scrambling to win the hearts of this huge generation of car buyers. With over 70 million prospective new car buyers in the Generation Y population cohort they are set to rival the Baby Boomer generation as a source of sales. The data here suggest that price, durability and value are a good place to start. AutoPacific's Generation Y Consultancy digs deeper into the keys to earning a place on Generation Y's shopping list. Based on a sample of nearly 2,300 Generation Y buyers and total sample of more than 33,400 respondents this annual report has become an important tool for the success of many OEMs in reaching this group.
TUSTIN, Calif., Nov. 30, 2005 -- Are Generation Y new vehicle buyers really different from the older generations? AutoPacific's annual Generation Y Consultancy shows that Generation Y -- the youngest vehicle buyers in the market -- are very different when vehicle selection reasons are considered. The following chart shows how some key vehicle selection reasons stack up when Generation Y is compared to older generations:
HTML Code:
Important Vehicle Selection Reason Gen Y Older Difference
(18-28) Generations
(AGE 29+)
Price/monthly payment 51% 35% +16 points
Image 29% 17% +12 points
Durable/long lasting 64% 54% +10 points
Value for the money 55% 46% +10 points
The above data ring true for every vehicle segment. Generation Y buyers want a high value, affordable to operate, long lasting vehicle that they can be proud to drive. This seemingly simple equation has been solved with varying degrees of success by cars sold by Acura, Mitsubishi, Scion, Suzuki and Hyundai.
What vehicles are attracting Gen Y buyers? The following list is of those vehicles that are attracting the highest percentage of Gen Y buyers.
HTML Code:
Vehicle Median Age % Gen Y Buyers Acura RSX 36 42% Mitsubishi EVO 36 38% Scion tC 49 32% Suzuki Reno 36 32% Mitsubishi Lancer 41 32% Hyundai Tiburon 38 31% Hyundai Accent 44 31% Chevrolet Cobalt 40 30% Subaru Impreza WR-X 38 28% Acura TSX 39 28% Volkswagen Jetta 38 26% Honda Civic 46 25% Volkswagen Golf 37 23% Lexus IS 40 23% Mitsubishi Eclipse 43 23% Volvo S40 43 22% Hyundai Tucson 51 22% Pontiac Sunfire 48 21% Nissan Xterra 44 20% Hyundai Elantra 47 20% Saturn ION 48 20%
Median age is misleading in some cases with a high percentage of Gen Y buyers (i.e., Scion tC 49 median age, but 32% are owned by Gen Y buyers) offset by a similarly high percentage of Baby Boomers. Cars attractive to both young and old -- bimodal products -- show that a young person's car can also bring more mature buyers into the dealership.
Many auto manufacturers are scrambling to win the hearts of this huge generation of car buyers. With over 70 million prospective new car buyers in the Generation Y population cohort they are set to rival the Baby Boomer generation as a source of sales. The data here suggest that price, durability and value are a good place to start. AutoPacific's Generation Y Consultancy digs deeper into the keys to earning a place on Generation Y's shopping list. Based on a sample of nearly 2,300 Generation Y buyers and total sample of more than 33,400 respondents this annual report has become an important tool for the success of many OEMs in reaching this group.
11-30-05, 03:04 PM
#5
Lexus Fanatic
I'm a little ( not much ) surprised at some of the rankings, such as the Civic's and Mitsubushi Evo's. I would have expected the average age on both to be somewhat younger.
But, IMO the BIG surprise was the Scion tC's median age of 49. At first I thought that was a misprint. It is no secet that many older people are buying the xA and xB for their utility, low price, economy, and high quality, but the average tC buyer ( at least I thought ) , was much younger....based on what I have seen, I would have placed it in the mid-20's.
I won't argue with their figures, though. That is what these people do for a living. They apparantly have evidence to back them up.
But, IMO the BIG surprise was the Scion tC's median age of 49. At first I thought that was a misprint. It is no secet that many older people are buying the xA and xB for their utility, low price, economy, and high quality, but the average tC buyer ( at least I thought ) , was much younger....based on what I have seen, I would have placed it in the mid-20's.
I won't argue with their figures, though. That is what these people do for a living. They apparantly have evidence to back them up.
11-30-05, 03:25 PM
#6
Speaks French in Russian
Thread Starter
It could also be that a lot of parents are purchasing the tC's for their children as well. I was a little shocked by that high median age, but 32% is still a rather high average.
11-30-05, 03:33 PM
#7
Lexus Fanatic
Originally Posted by magneto112
It could also be that a lot of parents are purchasing the tC's for their children as well. I was a little shocked by that high median age, but 32% is still a rather high average.
Must be nice, though. My folks gave me a used car in high school, but could not afford to give me a new one. They couldn't really afford a new one themselves.
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I all forgot about that.
11-30-05, 03:54 PM
#11
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Remember the difference between "median" and "average".
The median age for the tC may be 49 but that could mean that 99 people age 18 bought the tC and 1 person age 80 bought one resulting in a median of 49.
The median age for the tC may be 49 but that could mean that 99 people age 18 bought the tC and 1 person age 80 bought one resulting in a median of 49.
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