Millennials moving from small cars to crossovers
In one way, at least, millennials are just like their parents: As they get older and earn a little more income, they are moving from small cars to crossovers. The change, recorded in a new study by Maritz Research, comes as many millennials are entering their early 30s, starting families and moving to the suburbs.
Half of the young people in the survey said they plan to buy a vehicle in the next four years, and 80 percent of them want a new one.
As one might expect, being connected in their cars is very important for this group. The automaker that offers an appealing mix of high-tech features resonates with millennial buyers, Maritz Research vice president Chris Travis told TheDetroitBureau.com.
So far, small cars are still the top choice for buyers in Generation Y, as millennials are also known. But compact cars fell from 13.2 percent of their vehicle purchases in 2008 to 9.7 percent this year. Small crossovers such as the Nissan Juke were catching up, at 7.5 percent.
And whether for environmental or cost reasons, fuel economy is a high priority for young buyers.Download Bulletin PDF