Many millennials are now starting to enter their 30s, hence, increasing the total number of customers looking to buy their own cars. Some have even gone through several cars already and may be shopping around for their next vehicle or another car to add to their possession. They’re also causing an impact on car buying trends with their generation’s ownprospecting and buying behavior.
Most millennials are believed to have grown up accustomed to having easy access to information. They’ve taken this culture to their way of looking for cars. They do a lot of research and comparison before they make a decision.
Whether you’re a prospective car buyer or a marketing professional trying to get more information about how consumers today arrive at their decision to purchase new cars, here are some of the growing trends among current emerging generations of car buyers.
- Buyers Are Doing More In-Depth Research
Today’s car purchasers are doing more in-depth research of their own about the cars that they’re considering buying. The current and next generation of car buyers put a lot of time and effort into doing research about different car brands and models before they head off to the dealer. With the vast array of online media and platforms, they’re able to do this with a lot of efficiency and ease. They’re able to search for and download tons of information with just a few clicks.
It’s said that millennials are the first generation who haven’t known a world where there’s no Internet. This is why they’re also very adept at doing online research about the things that matter to them before they make a decision. Most of them are information seekers who refuse to just take whatever information is shoved to them, making traditional advertising very ineffective in convincing them.Now, a large number of them are starting their families and looking for the best family car deals.
A large chunk of car buyers nowadays starts their purchase decision-making process with online research. This is a growing trend that is now seen across all classes of buyers. Most of them also said that they’re persuaded by what they find out about cars and models.
Data suggest that around many vehicle buyers said their research findings have a big impact on whether or not they’re going to buy a certain car model. This is a bit higher than the average forshoppers of other products. Another insight to this is that most of this research is done on mobile devices.
- Buyers Look Up Reviews, Skip Ads
Another increasingly evident trend among car buyers is that more and more of them are ignoring traditional advertisements. Some marketing experts are saying that consumers now tend to look at automobile companies that rely on ads a lot as hugely lacking in innovation. This view has been generally confirmed by the success of a start-up electric vehicle company, which was launched with practically no traditional advertising efforts at all.
Marketing analysts have found out that traditional advertising strategies have often been largely unable to reach most millennials and convert them into buyers. Millennials would rather much prefer to ask their friends and other connections on social media for any feedback, tips, recommendations, and advice. It’s said that they even regard their peers’ tips as more reliable and trustworthy than the work of even the most prestigious ad agencies. They even ask around for tips on how to get the best car loans as well.
Consumer reviews are also highly valued by millennial consumers. They’re more likely to be convinced by the feedback and user experience shared by other users and consumers, as compared to other generations. A large group of millennials says they’re more influenced by user feedback and reviews that they read on company websites. The other generations aren’t too far behind on millennials about this nowadays, too.
- Emerging Opportunities For Marketers And Retailers
There are a lot of insights to be derived on current and emerging trends in car buying. But one of the most important things to note for marketers is that traditional marketing methods no longer work. Before the Internet and social media era, car manufacturers and makers just told their engineers to design and then build cars. Once they roll out of the factories, car manufacturers would then tell their marketing teams to come up with ways to sell their products.
This won’t work anymore among the current and next generation of car buyers who feel they have the power to know whatever they need to know about specific car brands. They also feel that what’s more important is for the car they’re going to purchase to meet their own personal needs and requirements. Marketing teams of car brands need to find more creative and innovative ways to find out what their users need and want in a vehicle to weather the changes in the automobile sales industry.
Millennials are coming around and it’s believed that they’re poised to replace the boomers as the largest market segment. A lot of them have good-paying jobs, into self-employed enterprises, or practicing professionals.Many have the money to buy cars and most of them grew up with their parents owning a vehicle or two. Because of this and their access to information at their fingertips, marketers say that they’re the most discriminating buyer segment of car purchasers.
The abovementioned tips aim to provide insight into the current trends present in most car buyers of today.