thinkla motor city west 2012 - rick wainschel
Post on 12-Sep-2014
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Vice President of Automotive Insights
AutoTrader.com
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Millennials Rick Wainschel
Vice President, Automotive Insights
AutoTrader.com
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Before I talk about automotive, here are some things to think about
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Every generation is different
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They will never get on an airplane without first taking their
shoes off, putting their 3.4 ounce toiletries in plastic bags,
or going through millimeter wave scanners
The youngest Millennials were 7 years old on September 11, 2001
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The First Vote for President Among Many Millennials was for an African-American
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Percent Saying It is Bad For Society For People of Different Races to Marry Each Other
Source: Pew Research Center, 2010
Silent Generation 26%
Boomers 14%
Gen X 10%
Millennials 5%
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By 2050, Minorities Will Be a Thing of the Past
Source: Center For Public Education
2000 2050
Caucasian 69% 50%
African American 13% 15%
Hispanic 13% 24%
Asian 4% 8%
Percent
of U.S.
Population
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Percent of Millennials
Who Have a Tattoo
You might want to invest in tattoo removal centers
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Source: Pew Research Center, 2010
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I dont have to tell you that Millennials are amazingly well-connected
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But just to give you some stats
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Percent of Millennials who
Gen X: 50% Boomers: 30% 75%
Gen X: 77% Boomers: 51%
Gen X: 24% Boomers: 13%
have a cell phone and no land line
have created a social
networking profile
use a cell phone to text
(median texts per day: 20) 88% 41%
Source: Pew Research Center, 2010
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of Millennials sleep with their phone next to their beds
83%
Gen X: 68%; Boomers: 50%
Source: Pew Research Center, 2010
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To more than half of Millennials, technology enables human connections
Source: Pew Research Center, 2010
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Boomers:
48% closer to friends and family
42% more isolated
of Millennials feel that new technology makes people closer to their friends and family
38% feel it
makes people
more isolated
54%
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In the past
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When we were younger, only a 16 year old could get excited about standing in this line
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For the first time, we could decide where to go and who to connect with
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What does it look like now?
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Todays Millennials are not in a hurry to drive
Then Now
19 year olds 87% 75%
18 year olds 80% 65%
17 year olds 69% 50%
16 year olds 46% 31%
Source: University of Michigan Transportation Research Institute
Percent with Drivers Licenses
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Car brand equity research
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Do I know who you are?
Familiarity
Quality
Consideration
What do I think about you??
How do I want to interact with you?
Source: 2012 Harris
Poll EquiTrend Study.
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23 out of 29 brands studied (particularly domestics) have lower familiarity among Millennials
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-30
-25
-20
-15
-10
-5
0
5
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Familiarity with Auto Brands (Millennials vs. Boomers)
Source: 2012 Harris
Poll EquiTrend Study.
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010
20
30
40
50
60
70
Among selected makes studied, Mercedes-Benz, Toyota, Lexus lead equity scores among Millennials
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Brand Equity Scores
Source: 2012 Harris
Poll EquiTrend Study.
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-20
-15
-10
-5
0
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Among selected makes studied, negative equity gaps are larger than positive gaps
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Millennials vs. Boomers
Source: 2012 Harris
Poll EquiTrend Study.
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Multiple technology brands have higher equity scores among Millennials than all car brands studied
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0
10
20
30
40
50
60
70
80
Brand Equity Scores
Source: 2012 Harris
Poll EquiTrend Study.
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Multiple retailers also have higher equity scores than all car brands studied
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0
10
20
30
40
50
60
70
80
Brand Equity Scores
Source: 2012 Harris
Poll EquiTrend Study.
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Do Millennials love or hate
car brands?
Do they care? 27
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Chevrolet
Millennials Love 20%
Ambivalent 67%
Hate 12%
Boomers Love 55%
Ambivalent 29%
Hate 17%
Source: 2012 Harris
Poll EquiTrend Study.
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Millennials Love 51%
Ambivalent 39%
Hate 9%
Boomers Love 62%
Ambivalent 27%
Hate 11%
Honda
Source: 2012 Harris
Poll EquiTrend Study.
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Brand Ambivalence - Millennials vs. Boomers Selected Domestic Brands
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Millennials Boomers Difference
Chevrolet 67% 29% 38
Dodge 47% 32% 15
Chrysler 47% 38% 9
Ford 45% 37% 8
Source: 2012 Harris
Poll EquiTrend Study.
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Brand Ambivalence - Millennials vs. Boomers Selected Asian Brands
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Millennials Boomers Difference
Nissan 48% 29% 19
Mazda 44% 29% 15
Honda 39% 27% 12
Subaru 37% 27% 10
Hyundai 37% 32% 5
Toyota 37% 35% 2
Source: 2012 Harris
Poll EquiTrend Study.
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Brand Ambivalence - Millennials vs. Boomers Selected Luxury Brands
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Millennials Boomers Difference
Cadillac 36% 36% 0
Lexus 33% 30% 3
Mercedes
-Benz 31% 27% 4
Source: 2012 Harris
Poll EquiTrend Study.
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Millennials are More Promiscuous in Their Car Shopping Behaviors
Millennials view
26% more unique make/models on
AutoTrader.com compared to
older shoppers (5.3 vs. 4.2)
Source: ATC SAS site data for survey respondent activity day of survey from 12/15/2011 through 6/15/2012 33
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Four fearless findings
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#1
For Millennials,
staying virtually
connected diminishes
importance of driving
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Four fearless findings
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#2
The brand of phone,
computer, and clothing
are more important to
Millennials than the
brand of car they drive
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Four fearless findings
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#3
Manufacturers will have to work harder to overcome ambivalence towards brands and shopping promiscuity among Millennials
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Four fearless findings
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#4
Boomer
brands need
to reintroduce
themselves to
Millennials
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Thank you!!
Rick Wainschel
Vice President, Automotive Insights
AutoTrader.com
949-887-7345