Why Millennials Arent Buying Cars
-
Upload
lindsey-kirchoff -
Category
Automotive
-
view
25.009 -
download
0
description
Transcript of Why Millennials Arent Buying Cars
![Page 1: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/1.jpg)
WHY MILLENIALS AREN’T BUYING CARS—AND WHAT YOU CAN DO TO FIGHT IT
![Page 2: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/2.jpg)
AGENDA
Why Millennials Aren’t Buying Cars
How This Affects the Car IndustryChange their mind: Before and After the Dealership
What the Future Looks Like
1234
![Page 3: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/3.jpg)
Lindsey
Lindsey Kirchoff@LindseyKirchoff
• HubSpot (Inbound Marketing Software) Media Relations
• Millennial Marketing Blogger
![Page 4: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/4.jpg)
WHO ARE MILLENNIALS?Born from 1980-2000 (Ages 12-32 today)80 Million in US, 23% of total population$1 Trillion in spending
![Page 5: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/5.jpg)
BY 2025, MILLENNIALS WILL ACCOUNT FOR
75% OF ALL VEHICLES
PURCHASED.
TIME 2012
![Page 6: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/6.jpg)
We’re less into cars than previous generations were at our age.
![Page 7: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/7.jpg)
Did you have your driver’s license when you were 16? How about 19?
![Page 8: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/8.jpg)
Only 30% of 16 year olds had licenses in 2008. For those 19 and under, that percentage was still less than 50%.
Forbes 2012
![Page 9: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/9.jpg)
New Vehicles Sold21-34 Year Olds
38% 27%
The Atlantic 2012
![Page 10: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/10.jpg)
THE INHERENT VALUE OF CARS IS DECREASING
BECAUSETHE NEED TO LEAVE THE
HOUSE IS DECREASING.
![Page 11: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/11.jpg)
USED TO NEED A CAR FOR
![Page 12: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/12.jpg)
USED TO NEED A CAR FOR
BUT NOW WE HAVE
![Page 13: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/13.jpg)
46% of 18-24 drivers would choose the internet over their car
New York Times 2012
![Page 14: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/14.jpg)
Meet Dawson
He’s just your average 90s soap opera teen who loves the movies.
![Page 15: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/15.jpg)
In the 90s, this is how he followed his film passion….
![Page 16: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/16.jpg)
But today, he would probably do it all online.
![Page 17: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/17.jpg)
The freedom you once got behind the wheel…
![Page 18: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/18.jpg)
…is now behind a screen.
![Page 19: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/19.jpg)
YOU DON’T JUST HAVE TO CONVINCE US TO BUY
YOUR CAR.
![Page 20: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/20.jpg)
YOU HAVE TO CONVINCE US TO BUY A CAR.
YOU DON’T JUST HAVE TO CONVINCE US TO BUY
YOUR CAR.
![Page 21: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/21.jpg)
New York Times 2010
The average car costs $30,000 and sits parked 23 hours a day.
![Page 22: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/22.jpg)
18-29 year olds want to live near public transportation 62% Atlantic Cities 2012
![Page 23: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/23.jpg)
66% 18-24 year olds prefer to live in walk-able communities
Atlantic Cities 2012
![Page 24: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/24.jpg)
Car Sharing
![Page 25: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/25.jpg)
Car Sharing767,000+ members300+ college campuses10,000+ cars (30 models)
![Page 26: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/26.jpg)
Competition is changing fast
![Page 27: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/27.jpg)
Wired
HOW CAN THE CAR INDUSTRY TURN THINGS AROUND?
![Page 28: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/28.jpg)
More than 82% of millennials say they are “excited” to shop for a vehicle.
Deloitte 2011
(Only 71.2% of Gen X and 66.3% of Baby Boomers claim the same).
![Page 29: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/29.jpg)
NOURISH THAT EXCITEMENT BY CONNECTING WITH
MILLENNIALS THE WAY THEY WANT TO COMMUNICATE.
![Page 30: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/30.jpg)
The Internet is the New Showroom
![Page 31: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/31.jpg)
Deloitte 2011
The #1 reason millennials visit dealerships is to test-drive a car, not gather information.
![Page 32: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/32.jpg)
I CAN’T EVENSEE MYSELF GOING INTO A CAR DEALERSHIP FOR AT LEAST 4 YEARS.
“” Jon, 22
![Page 33: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/33.jpg)
Grow your relationship online first.
![Page 34: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/34.jpg)
AutoNews 2012
Millennials visit an average of 25 sites before buying a vehicle.
![Page 35: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/35.jpg)
Deloitte 2011
11Millennial Web
Research 88%Comparison References
87% Manufacturer’s
website86%
Search Engine
s
![Page 36: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/36.jpg)
25% of millennials researched a vehicle brand/model on social media in 2009.In 2011, that number grew to 67%.
Deloitte 2011
![Page 37: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/37.jpg)
37
86% skip TV ads
91% unsubscribe200
mSay DO NOT CALL
44% of direct mail is never opened
![Page 38: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/38.jpg)
The new marketing playbookSEOSocial MediaBloggingEmail MarketingLead NurturingSocial CRMLanding PagesVideoMarketing AutomationMarketing Analytics
![Page 39: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/39.jpg)
Instead of• Brochures• Radio/TV
commercials• Interruptive
online advertisements
![Page 40: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/40.jpg)
Instead of
Try
• Brochures• Radio/TV
commercials• Interruptive
online advertisements
• Interactive, informative websites
• Inbound marketing• Comparison
resources
![Page 41: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/41.jpg)
How to buy your first car
![Page 42: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/42.jpg)
Buying Your First Car: Everything You Need to Know!
Smart Dealership
![Page 43: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/43.jpg)
![Page 44: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/44.jpg)
![Page 45: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/45.jpg)
OK, but how else do I engage millennials BEFORE
they come to my dealership?
![Page 46: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/46.jpg)
Use the Surrounding Millennial Community: Get their online data directly, stay in touch
GraduationClass of 2013New JobMoving
![Page 47: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/47.jpg)
Use the Surrounding Millennial Community: Hire Millennial Writers/Sales
People
![Page 48: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/48.jpg)
Millennials at the Dealership
![Page 49: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/49.jpg)
Over half of millennials consider negotiations with a car salesman more painful than a trip to the dentist.AutoNews 2012
![Page 50: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/50.jpg)
52% millennials who’ve had a bad experience with a dealer never consider buying that brand again
Deloitte 2011
![Page 51: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/51.jpg)
EDUCATE, THEN SELL.
![Page 52: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/52.jpg)
DO• Start courting
process online• Know comparative
data• Focus on features,
not sales• Woo
Parents/Friends• Follow-up ASAP Auto News 2012
![Page 53: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/53.jpg)
DO DON’T• Start courting
process online• Know comparative
data• Focus on features,
not sales• Woo
Parents/Friends• Follow-up ASAP
• Haggle• Contradict
online/comparative data
• Rely on brand loyalty
Auto News 2012
![Page 54: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/54.jpg)
Features We’re Looking For
Time 2012
• 59% prefer hybrids
• Gas mileage
• Long-term value
![Page 55: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/55.jpg)
Seal the Deal Messaging
Will having a car make me more attractive to employers?
![Page 56: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/56.jpg)
Seal the Deal Messaging
Will buying a car now save me money in the long term?
![Page 57: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/57.jpg)
Seal the Deal Messaging
What experiences can you only have with a car?
Music festivals, road trips, surprise visits, long-distance relation/friendships—> Having a car helps me maintain the relationships I have online.
![Page 58: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/58.jpg)
Seal the Deal Messaging
http://www.youtube.com/watch?v=-xznLjEdrzg
![Page 59: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/59.jpg)
WHERE DO WE GO FROM HERE?
![Page 60: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/60.jpg)
My Story
• 1 car per house
My car has great mileage, is fully paid for—and sitting in my driveway in my hometown. I can’t find a place for it in my new life in the city.
![Page 61: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/61.jpg)
GENERATION Y IS THE MOST MOBILE GENERATION EVER.
“”UrbanLand
![Page 62: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/62.jpg)
One-third of people in their 20s move to a new residence every year.
New York Times 2010
![Page 63: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/63.jpg)
Ideal Dealership• Get a car when you get a house
• Shorter leases
• Trade-in by location
• Group ownership
![Page 64: Why Millennials Arent Buying Cars](https://reader033.fdocuments.net/reader033/viewer/2022061102/53e8c3c68d7f7289708b4746/html5/thumbnails/64.jpg)
FINAL THOUGHTS