The latest studies show that the “millennial” generation, just like their parents, the so-called “baby boomers,” are increasingly opting for sport utility vehicles instead of the more traditional passenger car.
Folklore says the millennials don’t generally favor buying a car, instead choosing to stay at home more and play the latest video game or text. And when they do acquire a new car, their preference would go towards something small, preferably with an electric motor. Well, most of the research conducted on the matter shows the conventional wisdom is far from the truth. Just like their parents, the millennials are now showing an increased appetite towards new car purchases – generally favoring crossovers and sport-utility vehicles.
“Millennials are an important group of buyers in the industry today,” said Chris Travell, a vice president at Maritz Research. “And not just in terms of sheer size. They are also helping to refine the vehicle shopping and ownership experience.”
Gen Y shoppers are now aided by the general improvement in the economy and because many of them reach their early 30s, the move to start a family triggers the need for a spacious car. Reaching around 74 million in the US, millennials are the largest generation today, and even as they are still behind the Gen X in terms of car purchases, another study sees them reaching 40% of all new car buys by 2020.