BY Andrea Brands | Director, Consumer Education and Safety at…
I recently had the pleasure of hearing from generational expert Jason Dorsey at the American International Automobile Dealers Association’s 2013 Auto Summit. Dorsey is the most energized data-spewer I’ve ever witnessed, making listening to and learning from him easy and enjoyable.
He joined Sheryl Connolly of Ford Motor Company on CNBC’s Closing Bell with Maria Bartiromo to talk about Gen Y and Millennial buying trends. Dorsey does not buy into the myth that the youngest generation does not want to own cars; rather, he explains that younger Gen Y’ers and Millennials are hitting lifetime milestones later in life.
At the AIADA event, Dorsey referenced the group of auto dealers (whose rough median age was probably 50-55) and gave the example of how much they had done by the age of 25. They had all bought a first home, gotten married and probably had a kid or two. In today’s world, Gen Y professionals are getting their first job later, getting married later, starting families later and buying a home later.
In the video, he explains that Millennials are making plenty of purchases – it’s just of smaller stuff. The youngest generation is just coming of age for their first real jobs, and according to Dorsey, that means they’ll be needing a car.
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