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U.S. Generation “Y”: Beliefs and Attitudes Towards Environment and Personal Mobility Needs and Vehicle Preferences
Frost & Sullivan, Jan 2012, Pages: 54
This study identifies the various personal mobility preferences and most preferred vehicles by U.S. Generation Y Consumers. The objective of this study is to develop a vehicle model incorporating the features most desired by these consumers, based on income, gender, education, etc. Gen Y drivers consider comfort, status, and money to be important elements, closely followed by the environment and public transportation. Electric vehicles register with specialty and luxury, male, Gen Y SUV/CUV drivers, but are a lower priority than other items. Ultimately, this study finds that U.S. Generation Y Consumers prefer gasoline powered 4 wheel drive and their purchasing power is highly influenced by the cost of the vehicle.
The term “Generation Y” refers to the offspring of the “Baby Boomers,” born from the mid 1970s through the mid 1990s. Currently in the xx to xx age group, Generation Y is the largest generation since the “Baby Boomers,” with a population of approximately xx million in the US and about 100 million in Europe. Generation Y differs significantly from previous generations in many ways, from upbringing to political influences. Global events, such as terrorism, economic recession, and climate change have shaped this generation’s beliefs, attitudes, and behaviour. Characteristics of Generation Y are include the general increase in the use of and familiarity with communications, media, and digital technologies. Economic prospects for Generation Y have worsened due to the recession of the late 2000s. The U.S. unemployment rate for youth has hit record levels (xx.x percent in July 2009); nevertheless, Generation Y makes up future vehicle buyers who are likely to expect to be connected 24/7.
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