The myth that Millennials are not interested in buying cars is being shattered as automakers are coming off a record year last year in the U.S. We found that several attributes are most important to older Millennials when considering a car brand. Using E-Score Brand we looked at which attributes are most important, and which brands are most Appealing to older Millennials (ages 25-34) in a category many thought they were not purchasing, automotive.
Older Millennials Have a Taste for Luxury
While most of their models are priced out of reach for many older Millennials, brands like Mercedes Benz and BMW are highly desired by the group. They score high for the attributes High-Quality and A Leader, the two most important attributes to older Millennials when looking at car brands. These brands, and other luxury automakers, are already looking to capitalize on this desire by introducing lower priced entry-level vehicles to their lineups.
This trend toward older Millennials desiring higher quality, industry-leading car brands should have a major impact on multiple luxury brands, and one brand in particular. Tesla is the most Appealing, and the #1 automaker for Brand Consideration
(non-user who would consider using) among this group. This furthers the point that
Millennials are more interested in luxury and innovation than practicality.
Tesla – The Standard of Luxury for a New Generation
In fact, Tesla’s Appeal score is 10 points higher than the next closest brand, Toyota. Although less than 10 years old, the Tesla Roadster was introduced in 2008, the brand has taken over the A Leader attribute in the minds of older Millennials, with one saying the brand is the, “Doorway to the future.”
The fuel stoking Tesla’s rise as A Leader in the minds of older Millennials is no doubt their view of the brand as Cutting Edge and Innovative. One consumer from this group said, “I suspect in the future as they expand into battery storage technology their goal will be ‘to accelerate the advent of sustainable transport and electric technology.”
E-Score Brand allows you to add context to storylines surrounding individual brands and brand categories. Whether you are trying to understand what’s fueling the increase in sales of luxury vehicles to Millennials or what’s aiding the rise of brand consideration for luxury brands like Tesla, E-Score Brand’s 10 years of tracking data, consumer comments, and in-depth brand attribution can help.
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