With innovations like ride sharing apps and short-term rental programs, many dealers have concerns about the future of car ownership, particularly among millennials. But while young consumers have new transportation options, the reality is that most still need (and want) to own a vehicle. In 2014, the 18-34 age group accounted for 26 percent of all new-vehicle sales, making it the second largest cohort of car buyers behind baby boomers.
This new sect of young shoppers will only continue to grow, and it’s great news for retailers. According to a 2015 Harris Survey, 35 percent of millennials expect to be “in-market” for a new or used vehicle within the next 12 months, which far exceeds the national average of 25% of all consumers. With this in mind, retailers would be wise to put a renewed focus on millennial-heavy marketing channels, particularly digital and mobile. By doing so, there’s a huge opportunity to win-over young shoppers and positively impact your dealership’s bottom line.
For more insights, download our millennial shopper profile.