LONDON--(BUSINESS WIRE)--When it comes to automobile purchases, millennials differ greatly from baby boomers and other older generations. However, as automobile manufacturers adapt their design and marketing strategies and many millennials find some relief from financial woes, automobile purchases from this consumer segment are expected to increase.
Infiniti Research recently completed an assessment of millennial buying preferences for automobiles in order to help industry professionals target and cater to this consumer group.
According to the Harris Poll’s 29th annual EquiTrend study, millennials prefer luxury more than previous generations. According to the study, seven of the top 10 millennial car brands are luxury brands, compared to five each for Generation X and the baby boomer generation. Though this preference does not necessarily translate to sales, and does not mean that millennials are more likely to own luxury automobiles than older generations, it may be the driving force behind new and advanced automobile features and designs that are currently entering the market. Automobile manufacturers have begun to develop products designed and marketed with millennials in mind, such as the 2018 Acura TLX.
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In their latest consumer research assessment on the millennial customer segment and their buying preferences for automobiles, Infiniti Research’s analysts were tasked with helping the client gain a comprehensive understanding of millennial buying habits and preferences, and with developing a strategy to target the millennial consumer segment. In just eight weeks, the client gained a clear understanding of millennial purchase behaviour when buying a car in the US, and used Infiniti’s findings to assist their sales, support, and production teams, and to better support automotive dealers in the target region.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. With 13 years of experience and offices across three continents, Infiniti Research has been instrumental in providing a complete range of competitive intelligence, strategy, and research services for over 550 companies across the globe.