Generation Y doesn’t generally get good press, one week it’s laziness, the next week it’s lack of manners, well, this week a new survey has come out stating that members of Generation Y may have changed their mindset on how they go about purchasing a new vehicle as a result of the global financial crisis (GFC).
The global survey conducted by Deloitte, “Gen Y: Making the Short List”, asked 1,100 participants aged between 18 to 30 a series of questions regarding their attitude towards the auto industry. It found that 74 per cet of Gen Y consumers agree that the environment is an extremely important factor when purchasing a vehicle.
Other important decision making factors included high fuel efficiency and sustainable technology. In Australia, the three most important features that Gen Y look for in a car are; affordability, reliability and exterior styling/looks according to Danny Rezek, Partner Deloitte Motor Industry Services Group.
“We have found that Gen Y in Australia is starting to base their purchasing decisions on fuel efficiency and environmental impact,” said Mr Rezek.
Australian Gen Ys believe in buying a new car because they believe it provides the greatest value.
“Our generation Y is typically a group that thinks ‘newer is better’ but industry research has shown that used car sales have remained high”, said Mr Rezek.
Of course, the results are showing what the current trend is and given Gen Ys insistence for not committing to anything long term, these view points can change drastically over the next five years.
For example, the survey also found that SUVs are making a comeback. Nearly one in four (23%) American Gen Ys sees themselves driving a SUV in five years, this figure is up from 11% last year. In Australia, however, only a minor 10% of respondents believe they will be driving a 4WD in the next five years.
In some other interesting trends, online forums, blogs (such as CarAdvice) and Google remain the Gen Y’s search engines of choice when they actually want to research automotive detail before making a purchase.