Echo boomers, Generation Y, Generation Next: whatever you call them, people who were born in the beginning of the 1980’s are now an important demographic group for any company. And their preferences may change the type of cars we will drive in the future.
According to the annual survey conducted by the Deloitte consulting company, Generation Y consumers, who the company describes as those aged from 19 to 31, want their new cars to be hybrids laden with high-tech features.
“This could be the generation that leads us away from traditional gasoline-powered vehicles”, comments Deloitte automotive consultant Craig Giffi who oversaw the study.
According to Deloitte, 59 percent of Generation Y consumers questioned replied that they prefer “an electrified vehicle” to any other type of car or truck, with their definition of “electrified””being mostly a gasoline-electric hybrid.
In comparison, only 37 percent said that they preferred gasoline-only powered models, while 2 percent would rather have an all-electric model.
It seems that car manufacturers are already aware of this, as many of their latest models seem to target this group. At the Detroit Motor Show, for example, Toyota introduced the compact Prius C hybrid.
With a highway driving fuel economy of 53 mpg and a starting price of less than $US19,000, the Prius C, which will be available from this spring, is the cheapest and most frugal non-plug-in hybrid in the market.
Toyota isn’t alone in widening its hybrid range. Ford’s new Fusion mid-size sedan will also be available in hybrid and plug-in hybrid versions.
Honda has shown a hybrid concept of the next Accord that will go on sale this fall, while BMW is readying a hybrid variant of the new 3-Series and GM is offering “mild-hybrid” versions of the Chevrolet Malibu and Buick LaCrosse and Regal.
“The cost of ownership is much more important to Gen Y consumers than their parents, and the big variable there is fuel efficiency”, comments Ford’s U.S. sales analyst Erich J. Merkle.
Almost three quarters or 73 percent of those questioned said that they preferred touch-screen controls in their cars. They want their vehicles to be available with smartphone applications and, just like their cellphones and tablets, they want to be able to download new content and applications.
Merkle explains that Gen Y consumers find high-tech gadgets equally valuable as cars: “To many young folks, cellphones are just as important as the cars they drive. When it comes to cars, they want something that will work with the technology they carry around in their pockets every day.”
Story References: Detroit News
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