Young Shoppers Are Hot for Hotter Cars
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Kevork Djansezian/Getty Images(NEW YORK) — Who says millennials are turning their backs on car ownership?
Although they may not be as infatuated with the compact cars from their early years, this generation seems to be increasingly enamored with crossover SUVs, according to Maritz Research, which interviewed 122,000 people for its survey.
For instance, 13.2 percent of millennials in 2008 said they were in the market for a compact car like the Toyota Corolla or Hyundai Elantra. However, that figure fell to just under 10 percent in 2013.
Meanwhile, interest in crossover SUVs such as the Ford Escape and Honda CR-V are catching the eye of millennials, with those considering buying larger vehicles jumping from 6.4 percent to 7.5 percent during the same five-year span.
The reason isn’t hard to figure out. Compared to 2008, many millennials are more settled in jobs and are earning more money.
Automakers should be taking notice as well since this age group now makes up 26 percent of new vehicle sales, surpassing the generation of car buyers preceding it.
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