Edmunds.com is seeing an uptick in Millennial shoppers. The aptly-named generation that houses people aged 18 to 34 is shopping for more cars according to the automotive website; a trend that has many automotive insiders very happy.
The recession hit Millennials the hardest, limiting their job prospects and making it harder to afford larger purchases. This subsequently pushed back many major milestones for young people that previous generations enjoyed earlier. One of those major milestones is buying your first new car. But it looks like that is all about to change. Insiders are seeing that as the economy improves, so do Millennial buying habits, which seems to be favoring the automotive industry more and more.
"We believe the economic tide is finally turning for Millennials," said Edmunds Chief Economist Lacey Plache. "We've seen a 6 percent increase in the share of these shoppers on Edmunds.com, overall."
This uptick, of course, is favoring automakers who offer affordable, value-driven cars that utilize tech and fuel-efficient features. Cars like the Toyota Corolla, RAV4 and Prius consistently rank highest on Millennial shopping lists for just this reason, which has resulted in Toyota consistently ranking as a leading brand among younger shoppers.
It will be interesting to see how car trends develop over the next decade, especially as Generation Z – the current batch of 15-year-olds you see walking around the mall – begins their moment in the marketplace. Will they continue the value-focused trend started by their Millennial peers or will we all be in the middle of an autonomous driving revolution? We’ll just have to wait and see.
