Automotive trends and millennials
Generational findings from the global automotive consumer study
Forces are changing the mobility landscape and affording consumers more choices than ever before in meeting their transportation needs. For automotive companies, these shifting consumer demands result in a number of complex questions that may ultimately impact their products and how they engage their customers.
Global automotive consumer trends
Deloitte’s Automotive practice has been studying automotive consumer trends since 2009. For our latest study—the sixth—we have transformed the research into a series of smaller global surveys, each themed to explore a different facet of how people choose to get around is changing. Under the newly transformed approach, we are exploring how consumers feel about vehicle technologies and their willingness to pay for those features, the drivers that influence their mobility choices and whether they ride or drive, and the things that matter most when trying to attract consumers in today’s increasingly digital world. Our new platform is designed to deliver an ongoing stream on consumer data and insights. Be sure to check back often for trends from the latest automotive consumer study.
Key findings | US perspective — 2014 global automotive consumer study
- Millennial/Generation Y market potential: Over three-quarters of millennials consumers plan to purchase or lease a vehicle within the next five years.
- Vehicle loyalty: 64 percent of millennials consumers love their cars, but are 3x more likely to abandon their vehicles if costs increase.
- Alternative powertrains: More than half of millennials would prefer to be driving an alternative powertrain five years from now.
Latest results: Ninety percent of consumers in France rarely use car-hailing services
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Automotive trends and Millennials
Studies show millennials are a large and powerful consumer segment more willing than prior generations to forego vehicle ownership. Automobile manufacturers should be aware of the opportunities and challenges ahead as millennials begin to decide whether or not to own a vehicle.