How to reach the millennial generation
The millennial generation is 75 million strong, and their buying habits differ from past generations. But the future is looking bright — according to recent studies, millennials ARE buying vehicles!
Following other millennial trends like waiting to get married, have children and even leave the comforts of mom and dad’s house until later in life, millennials are choosing to make that big purchase — they are simply doing it later than their predecessors. This is, in part, thanks to a ramp up of student loans and housing costs, which is driving millennials to save money for longer periods of time. Combine that with the ease of public transportation and convenient rideshare services like Uber and Lyft, and it is easy to see why millennials tend to purchase vehicles only when absolutely needed.
Buying a vehicle is no longer an impulse purchase. With the latest and greatest technology at our fingertips, there is more information out there than ever before. Millennials are becoming more practical and are putting in the effort to become more informed than their Baby Boomer parents. They spend more time researching online, especially on mobile, before making their final purchase.
When a millennial does buy a new vehicle, it is most often an entry-level compact. Even though millennials put value on luxury brands, often they cannot afford them or don’t have the necessary credit. But as industry leaders are pointing out, they just need some time. Older millennials, who are now making larger incomes, are shifting into more premium-level SUVs.
Accurate and detailed data can be found on a specific vehicle with just a few clicks, and millennials are clicking away. Millennials visit a vast array of sites including dealership sites, YouTube and social media to gather information. As a whole, the generation values the opinions of family and friends as they prepare to make a big purchase. Research has concluded that a large majority of millennials won’t make a purchase without first reading an online review, no matter what the product. If a millennial won’t buy a pair of socks without first reading what other people think of them, you can imagine the time it might take to buy a car!
Dealerships can best capture the attention of the millennial generation by establishing an emotional connection online with up-to-date vehicle information, a mobile-friendly experience, a vast pool of imagery and compelling video overviews of road-ready vehicles waiting on the lot to be sold.
UnityWorks and Autodata Solutions offer an array of tools that resonate with the millennial market — a variety of video and content served on leading mobile-friendly media platforms. Learn more about our video solutions or call 800-293-2056.