Raleigh, N.C.—More than 20 percent of young adults plan to purchase a car within a year, according to an FGI research survey compiled by Capstrat, a communications firm. The national survey looked at the purchase decisions of more than 400 Millennial consumers, aged 22 to 30. More than 80 percent of Millennial buyers said they would consider both new and used cars.
While all Millennials are looking to the Web to get information, the survey found some interesting gender differences in buying behavior. Young women were more likely to consider consulting the Web and/or their spouse/partner when making decisions about buying a car. Young men looked for information from professionals, like a sales associate or a dealer. However, both sexes are very trusting of information from car companies. Fifty-eight percent of respondents said they would trust information directly from the automotive company. Comparatively, 59 percent of Millennials said they would trust information from a third-party consumer website, like Consumer Reports.
The study also showed that word of mouth played heavily for Millennials. Almost two-thirds of respondents said they would ask people they know about their personal experiences when buying a car. And from a societal perspective, 37 percent of respondents said a car should reflect their personality while 76 percent said a car should indicate their status in life, opening the door for luxury dealers to appeal to this generation.
“Census data shows Millennials will be one of the largest generations the United States has seen with tremendous buying power and they look to many information sources before committing to big-ticket purchases,” Capstrat President Karen Albritton said. “The auto industry has a great opportunity to influence purchase decisions since Millennials view their vehicles as status purchases and they trust the manufacturers to provide information.”
Capstrat, a communications agency based in Raleigh, N.C., solves the complex issues that companies and organizations face at critical moments. We blend marketing communications, interactive communications, public relations and public affairs to tell stories with power and persuasion. Visit us atwww.capstrat.com.