Generation Y will soon become the automotive industry’s biggest demographic, and to many of them, the automobile is more appliance than status symbol. The results of an extensive study paint a complex mosaic of opportunities and challenges for automakers, with a large and powerful consumer segment more willing than prior generations to forego vehicle ownership altogether.
When it comes to getting from one place to another, Gen Y crave connectivity and convenience, and frequently base their transportation decisions on overall cost and the quality of their customer experience. Moreover, the decision criteria Gen Y consumers are using to base their transportation choices, and the impact of megatrends shaping the automotive industry, are resulting in numerous complexities, and significantly challenging and changing automakers’ products and how they engage Gen Y consumers—a segment that has ever-increasing options for alternative modes of transportation outside of vehicle ownership to meet their mobility needs.
Read related article from Deloitte Review, “The Changing Nature of Mobility.“