As a Millennial myself, I have to point out the fact that our lazy, entitled reputation is a very well deserved one. It’s true. Us Millennials are more likely to jump ship on a job when things don’t go our way, or we get bored, or we simply would prefer to sleep in and not show up to work on any given day. Known as the Job-Hopping Generation, Millennials are the least engaged in their current place of employment than any other generation in history. According to a recent Gallup poll, 60% of us are open to new job opportunities. I blame LinkedIn – the job-dangling networking site that entices and encourages us to explore new opportunities, and then shakes their head in disgust when we do. All of that aside, being called a Millennial is not usually done in a complementary way. Other generations are as fascinated with us as they are ashamed, and study our habits and every move as if we are monkeys in a zoo. Their interest is not limited to our employment habits, but extend into our social and consumer behaviors as well. Particularly – car shopping.
No Longer the Anti-Car Generation
Yes, another label slapped on the forehead of the Millennial generation. Once disgraced as the anti-car buying generation, Millennials are turning the tables and grabbing new sets of keys at an unprecedented rate. Past consumer surveys found that in 2011, 20% of new car buyers were from the Millennial generation. In a recent study conducted by Autotrader, 29% of today’s car sales are being bought by Millennials. Autotrader isn’t the only organization interested in Millennial car buying trends, with dozens of similar studies being conducted each year. Analysts and experts believe that by the year 2020, Millennials will represent more than 40% of the new car market.
Millennial Car Shoppers Aren’t Like the Rest
Big surprise, right? More studies and surveys have found that Millennials are shopping for new cars differently than other generations. While I am sure that those studies were prestigious, I don’t think that it takes a scientist to realize Millennials are not like the rest. We are a different breed, that’s for sure. With a different set of standards, desires, needs, and expectations, Millennial car shoppers are throwing automotive manufacturer’s for a major loop. That same Autotrader survey found that most Millennial car shoppers were buying because they had to, not because they wanted to. This has lead to more vehicle sales, but also to sales of cars with lower sticker prices like at my local Honda dealership. Opting for fuel efficient crossovers and compact sedans rather than sports cars and tricked out SUVs, Millennials may be more practical than they first let on.
These once anti-car owners preferred to take an Uber to work, whereas now, they are the Uber that takes others to work. Turning the tables and always ready for the next opportunity, Millennials are proving that they are anything but predictable. Try as they might, polls and surveys conducted today won’t likely be a good indicator of future behavior and trends of this ever-evolving generation.