Millennials willing to pay more for advanced auto technology
Contradicting the stereotype that millennials have no interest in cars, a new study shows they are willing to pay more for a variety of advanced auto features. The challenge, says GfK, which did the study with the Consumer Electronics Association, is to harness that interest while staying within the younger generations limited budgets.
The study found that 74 percent of consumers, ages 18 to 34, fall into the most tech-interested segments of car buyers. Technologies they are willing to pay more for: visual warning of nearby emergency vehicle activity, seats that automatically go to drivers preferred position, and spill-proof car devices.
We generally associate advanced technology with luxury vehicles for older buyers, says Jeff Campana, senior vice president of GfKs automotive team. But Generations Y and Z are already highly attuned to technology and its benefits not just Internet access on the go, but also safety and cleanliness features.
Still, close to half of the young consumers agree with the statement, Id love new auto technology, but it seems too expensive.
About 40 percent of those surveyed say small cars or midsize sedans are their first choice for an intended vehicle purchase.Download Bulletin PDF