There has long been a myth that Millennials don’t buy cars. The truth is they do, they just buy them later in life. In fact, in 2016 car sales by Millennials spiked by 28% and it’s predicted that by 2020 Millennials will make up 40% of total car sales across the globe (Power Report). They’re also as picky with their cars as they are with their coffee. Many spend more on their coffee than on saving for retirement!
But that’s only because they’re a savvy generation with boundless choice and the confidence to be choosy with where they invest their money. In reality 58% of Millennials are saving for a car vs 50% of Gen X and 44% of Baby Boomers (Ally Financial). The fact that nearly 1 in 2 Millennials has posted a pic of their new car on social media shows just how important their car is to their lifestyle.
If you’re wondering about the synergy between coffee, cars and Millennials, look no further than the fact that Millennials contribute to 50% of all coffee consumed out of home in the UK. They drink an average 1.3 cups of takeaway coffee every day (London Coffee Festival 2018). And that means prime opportunity for car brands to plant a subliminal seed with advertising on branded takeaway cups delivered directly into the hands of Millennials as they make a conscious buying decision on their everyday journey.
Consider the fact that 70% of Millennials surveyed by AutoTrader list technology and infotainment features as must-haves when buying a car. Pair that with the fact that coffee shop visitors are 46% more likely to be in the top fifth highest consumers of mobile internet (Kantar). Add to the mix that Millennials are renowned for researching brands thoroughly online, reading reviews and asking their ‘social armies’ for advice prior to purchase and that 18 minutes of me time Millennials get with their takeaway coffee every day makes for a pretty potent punch.
See infographic for more.