Auto-Culture & Decision Making In A Gen Y World

Auto-Culture & Decision Making In A Gen Y World

In a study released today by AutoPacific - a future-oriented automotive marketing research and product-consulting firm, some interesting and surprising characteristics and purchasing traits reveal themselves and may be useful to those who desire to appeal to an increasingly important market segment.

Many assumptions like the popular belief that the Gen Y crowd exclusively prefers compact and energy efficient cars are somewhat dispelled through the study. Over half of Gen Y are considering the purchase of a mid-size car or mid-size crossover SUV. 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,” said George Peterson, president of AutoPacific, the research firm that conducted the study. “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 study entitled “The Generation Y Opportunity”, which come from data gathered from AutoPacific’s annual survey of over 32,000 new car and light truck buyers in the United States, looks closely at Gen Y recent buyers of new vehicles and how they compare to older generations. In many ways, Gen Y is following in the footsteps of their Baby Boomer parents, but in more extreme ways. The study details current Gen Y new car buyers and the future market.

This excerpted and edited from a press release issued by AutoPacific -

GENERATION Y OPEN TO NEW BRANDS, NEW TECHNOLOGY AND HYBRIDS

Survey Shows Generation Y Frequently Multitasking While Driving
AutoPacific, “The Generation Y Opportunity”, released for publication - 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.

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% of those surveyed are more likely to frequently multi-task while driving," continues Peterson. "They know what’s out there, they know the economical and environmental problems we face, and their vehicle expectations reflect that knowledge.”
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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, comfort, and convenience features.

Reference Here>>

Maybe the Russian-made Dartz Prombron isn't exactly the chief target in the luxury car segment for Gen Y'ers, but at this price ( $1.5 million) it had better have bluetooth iPOD compatibility, integrated hands-free cellphone technology, and a mount to hold the Apple MAC that is accessing the internet via a MiFi internet hotspot so that they can be plugged into Twitter while cruising down to Glamis for a week-end of radical Dune-ing!