Millennials make up the largest generation in the U.S. and continue to perplex marketers as they opt to spend money on experiences over material goods. As ride-sharing companies like Uber, Zipcar and Lyft seem to follow this trend, we wondered if millennials purchase cars. Using Quantcast data, we set out to test the popular myth that millennials are not interested in buying cars.
- Millennials are in the market for cars – they make up a higher proportion of the U.S. car market than their relative population size
- New life stages drive millennials into the car market – millennials in market to buy automobiles are more likely to have a higher income ($100–150K), have children and be interested in real estate than their millennial counterparts
- Midrange to luxury car brands like Lexus, BMW and Acura are significantly over-indexed with millennials in the market for a car compared to overall people in the car market