Insights into the millennial car buyer
By understanding the technologically savvy, fast-paced world of millennial shoppers aged 21 to 34, the better you’re able to tackle the rising trends in retail and e-commerce for all demographics. Digital platforms are the best way to meet the millennial consumer throughout their buying process.
Marketing to millennials is more important than ever as they are a demographic on the rise, with high growth in millennial households projected over the next decade. With over 92 million millennials in the US alone, the purchasing power will only grow as they move into their prime earning years, while boomers transition from empty nests into retirement. Millennials are also the most educated generation with lives shaped by the internet, technology and the use of social media.
41% of Millennial buyers are frustrated with the amount of time it takes to complete a purchase
Gone are the days of traditional leads. Millennial auto shoppers want all the information available in just a few clicks. Consumers want to be able to show up at the dealership educated, prepared and ready for action. Dealers need to meet consumers in-market, and be there when they are ready to research their vehicles. To be successful, a vehicle description page needs to have a large variety of photos, a great description and all the relevant specs and details. This greatly improves the chances of someone visiting your showroom and making a purchase.
90% of Millennial consumers want an extremely efficient purchase process
Experience is key to the purchase process for millennials. Think of the retail websites that you yourself use every day. User experience is focusing on ease-of-use as online retailers like Amazon move towards one-click purchasing. They make it easy to purchase a product by presenting all the information you need in one place, even integrating reviews into the product description page to provide transparency.
37% of Millennial car buyers are frustrated with negotiating a purchase price
The next frustration is getting a good price. For the average millennial, coming to the dealership and negotiating is one of the most frustrating experiences of buying a car. 22% are not willing to wait 20 minutes for financing answers. Consumers want to know that they are getting a great deal. When you talk numbers, the consumer has done their research and doesn’t want to feel like they are getting conflicting information; they expect to have a straight conversation about it.
If these insights sound familiar, it’s because millennials are not that different from the average consumer regardless of age— they demand the best in user experience, just on a different platform.
Trader products that help you achieve this perennial goal include Digital Retailing, which is a tool that allows you to convert an online consumer into an in-store buyer. Consumers need only fill out the required information and arrive at the dealership ready to finalize the deal.
Subscribe to the Carology Insights to get the latest articles and information sent straight to your inbox.