thinkLA Motor City West 2012 - Rick Wainschel
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thinkLA Motor City West 2012 - Rick Wainschel thinkLA Motor City West 2012 - Rick Wainschel Presentation Transcript

  • Become a member today! #thinkMotor
  • Corporate Members #thinkMotor
  • thinkLA Motor City West Thank You to Our Sponsors Reception Sponsors Valet Sponsor #thinkMotor
  • thinkLA Motor City West Vice President of Automotive Insights AutoTrader.com #thinkMotor
  • Millennials Rick Wainschel Vice President, Automotive Insights AutoTrader.com
  • Before I talk about automotive, hereare some things to think about… 6
  • Every generation is different… 7
  • The youngest Millennialswere 7 years old onSeptember 11, 2001They will never get on an airplane without first taking theirshoes off, putting their 3.4 ounce toiletries in plastic bags,or going through millimeter wave scanners 8
  • The First Vote for President Among ManyMillennials 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 tattooremoval centers… Percent of Millennials Who Have a Tattoo Source: Pew Research Center, 2010 11
  • I don’t have to tell you that Millennialsare 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 sleepwith their phonenext to their bedsGen X: 68%; Boomers: 50% Source: Pew Research Center, 2010 14
  • To more than half of Millennials,technology enables human connections54% of Millennials feel that new technology makes people closer to their friends and family  38% feel it makes peopleBoomers: 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 oldcould get excited about standing in this line… 17
  • For the first time,we could decidewhere to go andwho to connectwith… 18
  • What does itlook like now? 19
  • Today’s Millennials are not in a hurry to drivePercent with Drivers’ Licenses Then Now19 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 Scores70605040302010 Source: 2012 Harris0 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 Scores80706050403020100 Source: 2012 Harris Poll EquiTrend® Study. 25
  • Multiple retailers also have higher equity scores than all car brands studied Brand Equity Scores8070605040 263020100 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.
  • HondaMillennialsLove 51%Ambivalent 39%Hate 9% Boomers Love 62% Ambivalent 27% Hate 11% Source: 2012 Harris Poll EquiTrend® Study.
  • Brand Ambivalence - Millennials vs. BoomersSelected 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. BoomersSelected 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. BoomersSelected 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 Promiscuousin 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.comRick.wainschel@autotrader.com 949-887-7345