Today, young people looking to purchase vehicles use a variety of different tools to make their decision, all of which are right at their fingertips. As the millennial generation starts to settle down and enter their prime spending years, it’s important to keep in mind their unique spending habits and life experiences when they enter the showroom looking to buy their first car.
According to a study conducted in March 2016 by J.D. Power & Associates’ Power Information Network, millennials are forecasted to be the fastest growing demographic of car buyers and will represent around 40 per cent of the new car market by 2020.
Last year in Canada, 22 per cent of millennials bought a car according to a national 1,100-person study run by millennial engagement firm Intercept Group. “They are surrounded by personalized offerings. From Amazon to Spotify, their preferences and habits dictate their consumption experience. This has fundamentally changed their expectations and their buying behaviours,” says Andrew Au, Intercept Group President, who spoke on the topic at the BC Auto Industry Conference on Oct 16th in Whistler.
While buying your first car was a rite of passage into adulthood with previous generations, it appears that the millennial generation has delayed that process to focus on other priorities in their lives — whether that be paying off college debt or choosing to move to big cities where the costs of living are higher.
Read the full article here: https://canadianautodealer.ca/2017/11/millennial-power-its-growing/