Selling to Millennials poses a special set of challenges, especially for older generations. But those marketing and selling cars to Millennials have an even higher bar to clear: Millennials are just not that interested in driving or owning automobiles. According to the New York Times, less than half of teenagers eligible to drive had obtained a license in 2008, down from two thirds in 1998. The number of twenty-somethings with a driver’s license has also dropped. And only 27% of new car buyers are in their twenties or early thirties, down from 38% a generation ago. As with their reluctance… Read More
Categories: Blog, Recession EconomyMillennials have had less disposable income in their 20s and 30s than the Boomers and Xers before them did, according to an analysis by AdAge. According to figures derived from the Bureau of Labor Statistics, both Millennials and Xers have spent more on housing, health care, and education when between the ages of 25-34 than the Boomers did at the same age. In the case of Millennials, those higher costs combined with a recessionary economy have curtailed their ability to spend on everything else. In 2010 dollars, Millennials (during ages 25-34) have spent $21 billion more on rent than Boomers… Read More
Categories: Baby Boomers, Blog, Generation Y / Millennials, Generations, Recession Economy