While automakers are targeting younger demographics with flashy marketing campaigns, they ought to be appealing to more adult sensibilities because baby boomers make up more than half of the car buying market today.
According to a study conducted by J.D. Power and the American Association of Retired People (AARP), 62 percent of new car buyers are over the age of 50, while 24 percent are age 35-49 and the 18 to 34 year olds make up only 13 percent of all new car buyers. As baby boomers grow older they are now controlling all of the buying power in the market, an interesting fact as it seems auto manufacturers are constantly pushing cars lately on the young generations with Bluetooth connectivity, social media ad campaigns and sporty styling.
In 2001, the 18-34 market was responsible for 24 percent of new car sales. Whether this lack of interest is because a drop in quality of cars, or lack of marketing, or just changing social patterns, either way we know that young people are generally not interested in cars like they used to be.
It’s important to note that Americans over 50 make up about 42 percent of the population, up from 37 percent in the year 2000, according to census data. So it makes sense that there are more elderly people buying cars. But the proporation of 18-34 year olds has remained the same, and yet the youth of today are buying less cars.
Automakers are reacting with there marketing schemes and new car designs, but will it be enough to spur today’s youth into the showrooms?