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     Vice President of Automotive Insights
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                                             #thinkMotor
Millennials
                      Rick Wainschel
   Vice President, Automotive Insights
                      AutoTrader.com
Before I talk about automotive, here
are some things to think about…




                                       6
Every generation is different…




                                 7
The youngest Millennials
were 7 years old on
September 11, 2001




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

                                                                 8
The First Vote for President Among Many
Millennials was for an African-American

                 Percent Saying It is Bad For Society
                 For People of Different Races to
                 Marry Each Other
                     Silent Generation        26%
                     Boomers                  14%
                     Gen X                    10%

                     Millennials
                                         5%   Source: Pew Research Center, 2010

                                                                                  9
By 2050, “Minorities”
Will Be a Thing of the Past…




                                    2000                       2050
  Percent        Caucasian          69%                           50%
   of U.S.       African American   13%                           15%
 Population      Hispanic           13%                           24%
                 Asian               4%                            8%

                                           Source: Center For Public Education   10
You might want to invest in tattoo
removal centers…


                Percent of Millennials
                 Who Have a Tattoo




                                         Source: Pew Research Center, 2010

                                                                        11
I don’t have to tell you that Millennials
are amazingly well-connected…




                                            12
But just to give you some stats…

Percent of Millennials who…



                              75%
    …have created
                                           Gen X: 50%
       a social
                                          Boomers: 30%
  networking profile



                              88%
      …use a cell
                                            Gen X: 77%
     phone to text
 (median texts per day: 20)                Boomers: 51%



                              41%
      …have a cell
      phone and                             Gen X: 24%
      no land line                         Boomers: 13%
                                    Source: Pew Research Center, 2010

                                                                   13
83%
of Millennials sleep
with their phone
next to their beds




Gen X: 68%; Boomers: 50%

                           Source: Pew Research Center, 2010   14
To more than half of Millennials,
technology enables human connections



54%
                       of Millennials feel that new
                       technology makes people closer
                       to their friends and family
                                            38% feel it
                                             makes people
Boomers:                                     more isolated
• 48% closer to
  friends and family
• 42% more isolated
                                              Source: Pew Research Center, 2010

                                                                             15
In the past…




               16
When we were younger, only a 16 year old
could get excited about standing in this line…
                                                 17
For the first time,
we could decide
where to go and
who to connect
with…




                      18
What does it
look like now?




                 19
Today’s Millennials are not in a hurry to drive

Percent with Drivers’ Licenses

                     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
Car brand equity research


                Familiarity
                                  Do I know
                                 who you are?

                  Quality
                                What do I think
                                 about you??

               Consideration
                                How do I want to
                               interact with you?

                                              Source: 2012 Harris
                                            Poll EquiTrend® Study.

                                                                     21
23 out of 29 brands studied (particularly domestics)
 have lower familiarity among Millennials
      Familiarity with Auto Brands (Millennials vs. Boomers)
10


 5


 0


 -5


-10


-15


-20


-25

                                                                 Source: 2012 Harris
-30                                                            Poll EquiTrend® Study.

                                                                                        22
Among selected makes studied, Mercedes-Benz, Toyota,
 Lexus lead equity scores among Millennials

     Brand Equity Scores
70


60


50


40


30


20


10

                                             Source: 2012 Harris
0
                                           Poll EquiTrend® Study.

                                                                    23
Among selected makes studied, negative equity gaps
  are larger than positive gaps

      Millennials vs. Boomers

 5



 0



 -5



-10



-15



-20                                        Source: 2012 Harris
                                         Poll EquiTrend® Study.

                                                                  24
Multiple technology brands have higher equity scores
 among Millennials than all car brands studied

     Brand Equity Scores

80

70

60

50

40

30

20

10

0                                           Source: 2012 Harris
                                          Poll EquiTrend® Study.

                                                                   25
Multiple retailers also have higher equity scores than
 all car brands studied

     Brand Equity Scores

80

70

60

50

40
                                     26
30

20

10

0                                             Source: 2012 Harris
                                            Poll EquiTrend® Study.

                                                                     26
Do Millennials love or hate
       car brands?




    Do they care?
                              27
Chevrolet



                                  Boomers
                    Love                     55%
                    Ambivalent               29%
Millennials
                    Hate                     17%
Love          20%
Ambivalent    67%
Hate          12%

                      Source: 2012 Harris
                    Poll EquiTrend® Study.
Honda

Millennials
Love          51%
Ambivalent    39%
Hate           9%
                                  Boomers
                    Love                     62%
                    Ambivalent               27%
                    Hate                     11%




                      Source: 2012 Harris
                    Poll EquiTrend® Study.
Brand Ambivalence - Millennials vs. Boomers
Selected Domestic Brands



                  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.

                                                                   30
Brand Ambivalence - Millennials vs. Boomers
Selected Asian Brands



                  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.

                                                                   31
Brand Ambivalence - Millennials vs. Boomers
Selected Luxury Brands



                  Millennials   Boomers   Difference
       Cadillac      36%          36%                 0
         Lexus       33%          30%                 3
       Mercedes
                     31%          27%                 4
          -Benz


                                            Source: 2012 Harris
                                          Poll EquiTrend® Study.

                                                                   32
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
Four fearless findings…



                          #1
                          For Millennials,
                          staying virtually
                          connected diminishes
                          importance of driving


                                                  34
Four fearless findings…


                    #2
                    The brand of phone,
                    computer, and clothing
                    are more important to
                    Millennials than the
                    brand of car they drive

                                              35
Four fearless findings…


                          #3
                          Manufacturers will have
                          to work harder to
                           overcome ambivalence
                           towards brands and
                           shopping promiscuity
                           among Millennials


                                                    36
Four fearless findings…


                          #4
                          Boomer
                          brands need
                          to reintroduce
                           themselves to
                           Millennials

                                           37
Thank you!!
                                                   Rick Wainschel
                                Vice President, Automotive Insights
                                                   AutoTrader.com
Rick.wainschel@autotrader.com                        949-887-7345

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thinkLA Motor City West 2012 - Rick Wainschel

  • 1. Become a member today! #thinkMotor
  • 2. Corporate Members #thinkMotor
  • 3. thinkLA Motor City West Thank You to Our Sponsors Reception Sponsors Valet Sponsor #thinkMotor
  • 4. thinkLA Motor City West Vice President of Automotive Insights AutoTrader.com #thinkMotor
  • 5. Millennials Rick Wainschel Vice President, Automotive Insights AutoTrader.com
  • 6. Before I talk about automotive, here are some things to think about… 6
  • 7. Every generation is different… 7
  • 8. The youngest Millennials were 7 years old on September 11, 2001 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 8
  • 9. The First Vote for President Among Many Millennials was for an African-American Percent Saying It is Bad For Society For People of Different Races to Marry Each Other Silent Generation 26% Boomers 14% Gen X 10% Millennials 5% Source: Pew Research Center, 2010 9
  • 10. By 2050, “Minorities” Will Be a Thing of the Past… 2000 2050 Percent Caucasian 69% 50% of U.S. African American 13% 15% Population Hispanic 13% 24% Asian 4% 8% Source: Center For Public Education 10
  • 11. You might want to invest in tattoo removal centers… Percent of Millennials Who Have a Tattoo Source: Pew Research Center, 2010 11
  • 12. I don’t have to tell you that Millennials are amazingly well-connected… 12
  • 13. But just to give you some stats… Percent of Millennials who… 75% …have created Gen X: 50% a social Boomers: 30% networking profile 88% …use a cell Gen X: 77% phone to text (median texts per day: 20) Boomers: 51% 41% …have a cell phone and Gen X: 24% no land line Boomers: 13% Source: Pew Research Center, 2010 13
  • 14. 83% of Millennials sleep with their phone next to their beds Gen X: 68%; Boomers: 50% Source: Pew Research Center, 2010 14
  • 15. To more than half of Millennials, technology enables human connections 54% of Millennials feel that new technology makes people closer to their friends and family  38% feel it makes people Boomers: more isolated • 48% closer to friends and family • 42% more isolated Source: Pew Research Center, 2010 15
  • 17. When we were younger, only a 16 year old could get excited about standing in this line… 17
  • 18. For the first time, we could decide where to go and who to connect with… 18
  • 19. What does it look like now? 19
  • 20. Today’s Millennials are not in a hurry to drive Percent with Drivers’ Licenses 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
  • 21. Car brand equity research Familiarity Do I know who you are? Quality What do I think about you?? Consideration How do I want to interact with you? Source: 2012 Harris Poll EquiTrend® Study. 21
  • 22. 23 out of 29 brands studied (particularly domestics) have lower familiarity among Millennials Familiarity with Auto Brands (Millennials vs. Boomers) 10 5 0 -5 -10 -15 -20 -25 Source: 2012 Harris -30 Poll EquiTrend® Study. 22
  • 23. Among selected makes studied, Mercedes-Benz, Toyota, Lexus lead equity scores among Millennials Brand Equity Scores 70 60 50 40 30 20 10 Source: 2012 Harris 0 Poll EquiTrend® Study. 23
  • 24. Among selected makes studied, negative equity gaps are larger than positive gaps Millennials vs. Boomers 5 0 -5 -10 -15 -20 Source: 2012 Harris Poll EquiTrend® Study. 24
  • 25. Multiple technology brands have higher equity scores among Millennials than all car brands studied Brand Equity Scores 80 70 60 50 40 30 20 10 0 Source: 2012 Harris Poll EquiTrend® Study. 25
  • 26. Multiple retailers also have higher equity scores than all car brands studied Brand Equity Scores 80 70 60 50 40 26 30 20 10 0 Source: 2012 Harris Poll EquiTrend® Study. 26
  • 27. Do Millennials love or hate car brands? Do they care? 27
  • 28. Chevrolet Boomers Love 55% Ambivalent 29% Millennials Hate 17% Love 20% Ambivalent 67% Hate 12% Source: 2012 Harris Poll EquiTrend® Study.
  • 29. Honda Millennials Love 51% Ambivalent 39% Hate 9% Boomers Love 62% Ambivalent 27% Hate 11% Source: 2012 Harris Poll EquiTrend® Study.
  • 30. Brand Ambivalence - Millennials vs. Boomers Selected Domestic Brands 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. 30
  • 31. Brand Ambivalence - Millennials vs. Boomers Selected Asian Brands 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. 31
  • 32. Brand Ambivalence - Millennials vs. Boomers Selected Luxury Brands Millennials Boomers Difference Cadillac 36% 36% 0 Lexus 33% 30% 3 Mercedes 31% 27% 4 -Benz Source: 2012 Harris Poll EquiTrend® Study. 32
  • 33. 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
  • 34. Four fearless findings… #1 For Millennials, staying virtually connected diminishes importance of driving 34
  • 35. Four fearless findings… #2 The brand of phone, computer, and clothing are more important to Millennials than the brand of car they drive 35
  • 36. Four fearless findings… #3 Manufacturers will have to work harder to overcome ambivalence towards brands and shopping promiscuity among Millennials 36
  • 37. Four fearless findings… #4 Boomer brands need to reintroduce themselves to Millennials 37
  • 38. Thank you!! Rick Wainschel Vice President, Automotive Insights AutoTrader.com Rick.wainschel@autotrader.com 949-887-7345