Do you cater your advertising to different generations? At Google Think Auto 2019, Derek Tadros, Insights Manager â€“ Automotive at Google Canada, shared insights on millennial car buyers and why they are the most important target audience for dealerships today.
In 2016 there were 8 million millennial’s in Canada and since then have become the most attractive buyer group in Canada. At 40% of vehicle buyers next year, millennial’s will be the largest group. With millennial’s at an average age of 30, they are all grown up and 80% have even bought a car before.
â€œSurprisingly, 46% of these car owners are already at their third car while 34% are at their second car. With an $80,000 household income, they are part of the largest transfer of wealth in human history,â€ Tadros said.
Unlike popular belief, 6 out of these 10 millennial’s are female and 31% are non-Caucasians. They are also hyper-digital and mobile, and dealer reviews influence their purchase decisions. Millennial’s are increasingly impatient and value their time, however, they like to make the best decision possible and thatâ€™s why their purchase journey takes 63 days in 2019 â€“ up from 56 in 2017.
Tadros shared that 76% of purchases by millennial’s are influenced by life events such as a growing family, change in income, new job and marriage. Baby boomers on the other hand focused more on reliability and warranty instead of success, freedom, style and image.
â€œDigital sources â€“ at 88% â€“ were the biggest source of gathering information on their most recent vehicle purchase/ lease compared to 28% for the traditional sources. Millennial’s also rely on YouTube for their research with 76% having watched an automotive video while they were shopping for a new vehicle. They are also 2x more likely vs. Boomers to switch dealers based on the latterâ€™s response time and the quality of response,â€ Tadros noted.
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— Sparsh Sharma â€“ Digital Strategist, TRFFK