MILLENNIAL WOMEN ACCOUNTED FOR $80 BILLION IN NEW CAR SALES LAST YEAR!
Of the 17.5 million new cars sold in the U.S. in 2015, millennials made up 27-percent, of which 53-percent (2.5 million) were women. Considering the average new car price of $33,000 in 2015, this translates to millennial women being responsible for approximately $80 billion in new car sales.
So, how much do you know about “her” when it comes to buying a car?
It’s not enough to simply understand women as a whole. To effectively reach the millennial female during the car buying process, you must be sensitive to how she differs from non-millennial females.
A recent study conducted by Women-Drivers.com sheds light on some of these similarities and differences.
- While “excited/excitement” is the number one emotion both buyers felt while shopping for a car, millennials report “relaxed” as being number two, versus “apprehensive” for non-millennials (relaxed rates as #4 for non-millennials.) “Confident” is ranked fourth in millennials (sixth in non-millennials).
- “Trustworthiness” and “respect” are ranked #1 and #2 for millennials’ reason to buy from a sales advisor. “Understanding” replaces “knowledgeable” as #3.
- Millennials travel farther to purchase a car and are less likely to shop at the dealership closest to their home. This group traveled 21.5 miles (vs. 15.4 miles for non-millennials.)
- “Style and Design” and “Color” rank high in the millennials top factors for purchasing. While price is still the top factor in choosing a particular car, “style and design” ranks #2 and “color” ranks #4 after “brand and model’s reputation.”
- In the service area, a courtesy/overnight vehicle ranks number one for both millennials and non-millennials, but a wireless connection and café rank second and third.
- One in four millennials (vs. one in five non-millennials) read car dealer reviews prior to visiting the dealership. 44% (vs. 34.5%) visited the dealer’s Facebook page and 67.5 (vs. 57.5) “liked” the dealer’s Facebook page.
Seven take-aways from the study that could improve your sales immediately:
- Understand and respect her confidence to gain her trust.
- Assume she is knowledgeable about what she wants. She has done her homework.
- Ask questions specific to her wants and needs and then, LISTEN.
- Respond truthfully. She is savvy enough to get online immediately to access information.
- Guide her through the process without making her feel pressured.
- Understand the importance she places on the design and style, as well as the functional features.
- Develop a relationship with her online through your social channels if given the opportunity.
For more information on the study, click here.
Stephanie Holland, founder and author of She-conomy® and agency owner for more than 30 years also served as the Executive Creative Director. Working in an industry that is dominated by men, she is one of only 3% of the female creative directors in the country. SUBSCRIBE TO SHE-CONOMY