Millennials Prefer Their Cars
Millennials love their cars, according to a new research study by MTV. The recently released “Millennials Have Drive” study showed an increase in you people’s passion for cars and car ownership. The study explored a Millennial’s emotional and practical relationship with cars and driving and uncovered key points of entry for the automotive industry to win over this generation with advertising, customization options and a more transparent buying process.
It debunked five major myths about young people and the auto industry:
Millennials don’t drive. The study showed that 80 percent of Millennials get around most often by car versus walking, biking, public transportation and car services. Young people claim to drive more miles per month than any other generation with a self-reported 72 percent increase in the average number of miles driven versus Boomers (934 miles vs. 544 miles) and an 18 percent increase versus Gen X (934 miles vs. 790 miles).
Millennials don’t want to drive, have no interest in getting their license and choose other methods of transportation in order to stay connected. State laws are holding teens back as they now have driving restrictions placed on them that other generations did not. Since 1990, all 50 states and the District of Columbia have implemented some form of license restriction laws that range from waiting periods to receive your license to limited driving hours, necessary car decals, limited amount of people in the car, etc. Prior to 1990, there were no restrictions other than age.
Millennials don’t like cars and don’t find them essential. The study claimed that 70 percent of Millennials enjoy driving versus 58 percent of Boomers and 66 percent of Gen Xers
Millennials are forgoing the purchasing of cars and other big ticket items. Eight in 10 Millennials see cars as the one big ticket item people their age purchase. Six in 10 young people would rather buy than lease a car 1 in 3 young people plan to buy and / or lease a new car within the next six months.
Millennials one true love is technology, especially their phones, and cars cannot compete for their attention. According to the study, 92 percent agreeing that having a smart phone does not replace the need for a car. 76 percent of young people would rather give us social media for a day than their car for a day. 72 percent would rather give up texting for a week than their care for a week
The study also gave ideas on how to successfully target this generation, including what drives this age group, their core values when looking to purchase a car and how to tap into their functional and emotional needs to win them over.
Some highlights included: a more transparent buying process, including standardized ratings and comparisons and instant communication with brand experts, fair pricing and a faster process. The study showed Millennials also want flexibility to create customized interiors, including being able to play around with different looks via online showrooms where they can experiment. And, lastly, Millennials understand the power of advertising and look for brands that speak to them as mature adults and with language that reflects who they are. Click here for a link to the full executive summary.
“Millennials Have Drive” represents the first wave of research coming from Viacom’s brands in the car category. A second automobile study will be released later in 2015.