Millennials’ Growing Purchasing Power
Good news for the auto industry!
Contrary to the popular belief that auto sales would dwindle with the rise of millennials, it turns out that they are actually longing for vehicle ownership. Turns out the selfie-generation is also the generation of self-transportation.
Young people have moved beyond ride-sharing services. This is indicated in studies showing that companies like Uber and TappCar are used only for specific events and purposes, which suggests that ride-sharing services could become a means of replacing cabs, but not necessarily car ownership. In 2014, for the first time, millennials purchased more vehicles than generation X. As time goes on, we can expect further purchasing power from millennials to dictate automotive trends. In fact, the growing amount of choices in the sport-utility segment are a reflection of millennial trends.
You can read more about this study here!