thinkLA Motor City West 2012 - Rick Wainschel

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thinkLA Motor City West 2012 - Rick Wainschel

  1. 1. Become a member today! #thinkMotor
  2. 2. Corporate Members #thinkMotor
  3. 3. thinkLA Motor City West Thank You to Our Sponsors Reception Sponsors Valet Sponsor #thinkMotor
  4. 4. thinkLA Motor City West Vice President of Automotive Insights AutoTrader.com #thinkMotor
  5. 5. Millennials Rick Wainschel Vice President, Automotive Insights AutoTrader.com
  6. 6. Before I talk about automotive, hereare some things to think about… 6
  7. 7. Every generation is different… 7
  8. 8. 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
  9. 9. 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
  10. 10. 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
  11. 11. You might want to invest in tattooremoval centers… Percent of Millennials Who Have a Tattoo Source: Pew Research Center, 2010 11
  12. 12. I don’t have to tell you that Millennialsare amazingly well-connected… 12
  13. 13. 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
  14. 14. 83%of Millennials sleepwith their phonenext to their bedsGen X: 68%; Boomers: 50% Source: Pew Research Center, 2010 14
  15. 15. 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
  16. 16. In the past… 16
  17. 17. When we were younger, only a 16 year oldcould get excited about standing in this line… 17
  18. 18. For the first time,we could decidewhere to go andwho to connectwith… 18
  19. 19. What does itlook like now? 19
  20. 20. 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
  21. 21. 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
  22. 22. 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
  23. 23. Among selected makes studied, Mercedes-Benz, Toyota, Lexus lead equity scores among Millennials Brand Equity Scores70605040302010 Source: 2012 Harris0 Poll EquiTrend® Study. 23
  24. 24. 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
  25. 25. Multiple technology brands have higher equity scores among Millennials than all car brands studied Brand Equity Scores80706050403020100 Source: 2012 Harris Poll EquiTrend® Study. 25
  26. 26. Multiple retailers also have higher equity scores than all car brands studied Brand Equity Scores8070605040 263020100 Source: 2012 Harris Poll EquiTrend® Study. 26
  27. 27. Do Millennials love or hate car brands? Do they care? 27
  28. 28. Chevrolet Boomers Love 55% Ambivalent 29%Millennials Hate 17%Love 20%Ambivalent 67%Hate 12% Source: 2012 Harris Poll EquiTrend® Study.
  29. 29. HondaMillennialsLove 51%Ambivalent 39%Hate 9% Boomers Love 62% Ambivalent 27% Hate 11% Source: 2012 Harris Poll EquiTrend® Study.
  30. 30. 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
  31. 31. 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
  32. 32. 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
  33. 33. 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
  34. 34. Four fearless findings… #1 For Millennials, staying virtually connected diminishes importance of driving 34
  35. 35. Four fearless findings… #2 The brand of phone, computer, and clothing are more important to Millennials than the brand of car they drive 35
  36. 36. Four fearless findings… #3 Manufacturers will have to work harder to overcome ambivalence towards brands and shopping promiscuity among Millennials 36
  37. 37. Four fearless findings… #4 Boomer brands need to reintroduce themselves to Millennials 37
  38. 38. Thank you!! Rick Wainschel Vice President, Automotive Insights AutoTrader.comRick.wainschel@autotrader.com 949-887-7345

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