Do you cater your advertising to different generations? At Google Think Auto 2019, Derek Tadros, Insights Manager – 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.
“Surprisingly, 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,” 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 that’s why their purchase journey takes 63 days in 2019 – 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.
“Digital sources – at 88% – 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 latter’s response time and the quality of response,” Tadros noted.
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— Sparsh Sharma – Digital Strategist, TRFFK