Millennials’ Spending Habits
A study done by MTV in 2015 shows that even though millennials have been pegged multiple times as the generation that was going to destroy the automotive industry, it might not turn out to be true. Read more to learn about the Millennials’ spending habits when it comes to cars.
Well, once again, the mighty powers that decide things were wrong! We still cannot predict the weather well enough to depend on most days, so why did we believe that predictions about millennials hating cars? Sure they spend their money differently than the past generations, but that doesn’t always have to be a bad thing.
The world is demanding more efficient vehicles that are easier on the average person’s wallet and the environment. It turns out that millennials (people who are currently between the ages of 17 and 35) use cars just as much, if not more, than the average person from other generations. More school debt, less steady jobs, and a shaky economy has meant that millennials have had less of a chance to buy cars. In the recent years, however, it seems that they have started to branch out a little.
There are factors that decrease the number of millennials (and everyone else, too!) from driving and owning cars. There are new rideshare programs that allow people to share vehicles for the daily commute instead of driving seperately. Then, there’s also the fact that cars are more dependable now and need to be replaced less often. Finally, there is also a big increase in the number of jobs available that don’t require people to drive to work.
The study by MTV showed that most millennials would rather give up social media and texting than their car for a week. Other information gleaned showed that most millennials still prefer driving to any other form of transportation. In general, younger generations are travelling more than previous generations and take more trips. More distance equals more car miles driven.
So, what does this all mean? Millennials are growing up and are going to need cars. Millennials are not the crazy hipster monsters that we have been told. Millennials are a market for dependable, efficient, inexpensive vehicles. It might just end up being a good thing for everyone!
