Gen Y marketers will be disappointed again

by. Joe Swatek

During a creative call with a young credit union marketer, she forcefully said, “We want to sign up young members. We don’t want any old people to join.”

She didn’t realize the entire project team on our end was years older than her. Might have been awkward if we’d mentioned it.

I read a new report that studied the consumer age group most likely to buy a new car today. That young credit union marketer would be disappointed if she read it. Once again, Generation Y loses out to the Boomer Generation.

Apparently, many Gen Yers are tired of hearing the Boomers are more-something in category after category. It irritates them. It’s like a long losing streak.

But savvy financial marketers of all ages who want to open more auto loans will look at what the report says. It was compiled by Michael Sivak, University of Michigan Transportation Research Institute, and is titled, “Marketing Implications of the Changing Age Composition of Vehicle Buyers in the U.S.”

I’ll give you a chance to read the report for yourself, but here’s the basic finding. The age group 45 to 54, which includes some Boomers, is most likely to buy light-duty vehicles. The study says this group has the largest number of licensed drivers, which helps it reach the top of the list. The second group likely to buy a vehicle is 55 to 64 years old, even though this group has fewer licensed drivers than younger age groups.

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