Every generation tends to put it’s own twist on the automotive industry. With the technology boom, it is no wonder that the millennials are looking at more technology-driven cars and less at the branding. Since they have grown up with the internet all around them, they are used to purchasing and seeing their parent purchase online. And, they are more comfortable to purchase larger purchases online than the earlier generations. They have considered “digital natives” which means they have always had information in easy reach places. This is going to be huge for the auto industry. As this industry has been operating its advertisings pretty much the same since the 1950s.
People today are shopping differently with all the options and opportunity to do the research on their cars online. People in the past use to visit several dealerships and do a few test drives before deciding which car or truck was best suited for them. However, as the technology advances and the millennial’s move into positions of purchasing new cars, they are doing so via the internet. And, usually, have an idea of exactly what they want when they enter the dealership. This is completely different than shopping around and building relationships with the salesman and dealerships in the past.
A person from the older generations will think of the brand they like and go from there on what options. They are looking for these options and price within their brand. The millennial will think of what options and price they want first. And, will look for the car that will fit that mold and not care so much about the brand.
Millennials are about to Change the Auto Industry
The millennials are also used to people catering to them. So, once they find the car, they may look to see if it is a good price right off the bat. They are not going to be the negotiators when there is another person with a better-advertised price. Their opinion is not going to be formed by what dealership is selling it. They will not have a preference for the dealerships but looking for what fits their needs. This will eventually force the automotive industry to become more responsive to the customer’s needs and wants. They will have to make cars easily accessible.
The millennial generation is the largest in the labor force, this means they are about to push the economy to conform to their needs and wants. Millennials tend to gravitate towards convenience and value and less on established retail chains. And, overall this could disrupt the auto industry into making better quality products that we all will benefit from.
Overall, with the technology they have grown up with at their fingertips, they are ready to meet this world head-on. They are full of ideas and armed with the knowledge that is easily found. There are so many things that can be done today with a simple online video than ever in the past. They are about doing their research and making a choice, going to purchase that choice. And, not about all the hype and fluff.