REPORT: Generation Y will "redefine" automotive market, trends green and big
Were you born somewhere between 1976 and the early 1990s? Are you the child of a so-called Baby Boomer? If so, you, like me, are a member of Generation Y. So, what does that mean? Well, nothing really, but it's a convenient way to classify a large chunk of the American population... and we should all get used to hearing how marketers are targeting us as their current and future consumers.
Such is the case with a recent study from AutoPacific, which finds that Generation Y will "redefine" the automotive market. It seems our generation is "willing to embrace new brands, new technology and alternative powertrains." That means electric cars, hybrids and clean diesels. We're also likely to want lots of electronic gadgetry in our cars and we expect that all that computing power will improve fuel mileage and environmental friendliness. Oh, and we don't necessarily want small cars.
So, to recap, we want large cars with good fuel economy, lots of technology and without too big a price increase... No problem, right?
[Source: AutoPacific]
PRESS RELEASE:
Generation Y More Likely To Buy a Hybrid
Survey Shows Generation Y Frequently Multitasking While Driving
TUSTIN, Calif. (October 21, 2009) – Willing to embrace new brands, new technology and alternative powertrains, Generation Y will redefine the automotive market. A just released study on Generation Y new vehicle buyers in the United States shows Generation Y consumers are more likely than the generations before them to consider purchasing a Chinese or Indian branded vehicle, more willing to accept hybrid powertrains, and more likely to want the latest entertainment technology in their vehicle. As the largest generation since the Baby Boomers continues to gain spending power and enter the new car market, which automakers will win their confidence? AutoPacific's study underscores the opportunities for automakers to reach Generation Y consumers as they move through their Teen, Young Adult and Young Family life-stages.
"Growing up with continuously evolving technology and electronics has given Generation Y a unique ability to adapt easily to change, a willingness to accept new brands, and an expectation that their vehicle provide the best of what is available," said George Peterson, president of AutoPacific, the research firm that conducted the study. Though many Generation Y consumers would choose a trip around the world over a luxury vehicle, Generation Y does expect that the vehicle they buy will be more than just basic transportation. "Generation Y is more likely than older generations to own portable electronics, more likely to research their vehicle options on the Internet, and an astonishing 29% more likely to frequently multi-task while driving. They know what's out there, they know the economical and environmental problems we face, and their vehicle expectations reflect that knowledge."
AutoPacific's study – "The Generation Y Opportunity" – is based on the results of AutoPacific's annual survey of over 32,000 new car and light truck buyers in the United States. The study looks closely at Generation Y recent buyers of new vehicles and how they compare to older generations. In many ways, Generation Y is following in the footsteps of their Baby Boomer parents, but more extreme. The study details current Generation Y new car buyers and the future market.
Despite popular belief, Generation Y is not a Compact Car generation. Over half of Generation Y is considering purchasing a mid-size car, mid-size crossover SUVs are high on their list as well. They expect that technology will improve fuel economy and environmental friendliness and allow them to purchase a vehicle that is sized to meet their personal needs. "Don't be fooled by the growth of certain segments over the years," says Peterson. "The Compact Car segment shows sales growth, yet a new Toyota Corolla is similar in size to an older Toyota Camry. Vehicles have gotten larger over time but segments have not been redefined. Ultimately, Generation Y consumers are purchasing vehicles that are sized appropriately to their needs and lifestyle,"
The AutoPacific Generation Y Opportunity is conducted annually to determine who Generation Y buyers are and what they want from their future cars, including size, engine, transmission and attributes like entertainment features, luxury features, in-vehicle communications and comfort and convenience features.
Reader Comments (Page 1 of 3)
endtroducinggg 9:07AM (10/30/2009)
Um, no. I want small, petrol powered cars. Albeit with better fuel economy and low emissions. Hybrid Escalade? GTFO.
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krische 9:57AM (10/30/2009)
I'm with ya. Preferably turbocharged to get that better fuel economy :)
Noidor 10:56AM (10/30/2009)
Ha right! No these marketing cretins are TELLING Gen Y what they want...actually they are putting out politically correct info, but none of it is valid of course. Never trust marketing research...
Visnick 9:07AM (10/30/2009)
I'm sorry but guys have always, and will always, like fast cars no matter what generation they're from. Green stuff isn't (at least yet)
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Sea Urchin 9:12AM (10/30/2009)
Honda CR-Z is supposed to be that, sporty, small and fast, while being a hybrid.
Visnick 9:23AM (10/30/2009)
True but it won't be
thipps 9:51AM (10/30/2009)
sea urchin
i dont think that Honda is going to make anything close to what Visnick and myself are talking about. and that CR-Z thing is so boy racer ugly its not even funny. I want abundant amount of cylinders "preferably 8" and it should sound like this
http://www.youtube.com/watch?v=PjYQSB3Cz30
Must see^
Sea Urchin 9:11AM (10/30/2009)
Were you born somewhere between 1976 and the early 1990s? Are you the child of a so-called Baby Boomer? Are you spoiled? Are you attending college and majoring in gender studies and still expect to earn 60K out of college? Are you lazy? Do you surf the web 5 hours a day (maybe i should look in the mirror) ? Do you want the government to spoon feed you?
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MTU 5.0 9:11AM (10/30/2009)
As part of gen Y (1980), I will tell you two things that I have no interest in.....small (A, B, and sometimes C size) and slow vehicles.
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Ken Stamper 7:10PM (10/30/2009)
Also as a part of generation Y, I will tell you three things I am totally interested in... A, B, and sometimes C cars (when they are not too big). The Fiesta can't get here fast enough for me. Especially if they bring an ST at some point!
Jake 9:13AM (10/30/2009)
I thought that generation X were the children of baby boomers.
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Jason 9:52AM (10/30/2009)
Gen X is the "lost" generation that got pancaked between the boomers and their kids.
geo.stewart 9:56AM (10/30/2009)
Gen X are the kids from the 1st marriage, right out of the military
Gen Y are the kids from the midlife crisis marriage
geo.stewart 10:25AM (10/30/2009)
and yes you are right. my dad was the last of the baby boomers, and I came along in 69 so GenY is kind of the ones out there without a milestone to define them.
Jake 12:16PM (10/30/2009)
My dad was a whoops baby in 1946, his brother an sister are both more than 10 years his senior. My mother was a true baby-boomer (1948) when my Grandfather came back from WWII. So, I was born in 1970 and then my parents went their separate ways in 1977.
That should make me child of baby-boomers, but Gen-X.
My opinion on vehicles is that I don't want someone else telling me what the "right-size" is supposed to be for me.
I have two children and when they were very young, even though they are small, their gear takes up a lot of room when traveling about. So, we had an SUV (Durango). Now that they aren't babies and we don't have to lug diaper bags, special baby foods, toys, strollers, etc, we have a sedan that works fine (Lexus ES).
chris 9:15AM (10/30/2009)
I hate these labels. I was born in that time frame but don't tell me what i want, because while some of what was said was true, not all. I hate large cars. C class is as large as i will ever buy. B class is just fine for my family. I don't have any 7 foot tall teenage boys that need a van and my ego has nothing to do with what I drive. No male enhancement needed thank you.
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Sea Urchin 9:37AM (10/30/2009)
The issue is not that children are 7 feet tall, they are mostly 7 feet wide.
JayC 9:18AM (10/30/2009)
I am from Generation Y, I drive a 451hp AMG, I don't care about "green cars". I paid my gas guzzler tax, I just want to go fast. I failed at being categorized by marketers.
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From My Cube 9:22AM (10/30/2009)
sounds about right, ill keep my SUV thank you very much...i enjoy being able to hit deer and small children without even noticing
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Willie 9:23AM (10/30/2009)
I'm 21 and the whole Hybrid Be Green thing has not caught on for me. I want to know how these cars will hold up after 10-15+ years? How much will it cost to replace the lithium Ion batteries down the long run (and your warranty has expired)? None of this is known because these cars have not been around that long to be tested. Come January, my daily gas powered commuter will be 20 years old and is still going strong. I do agree that we love tech gadgets in the car this is one of the reasons I enjoy the new Ford vehicles. We're the generation that actually knows how to set the time on the Blu-Ray box.
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