Maybe millennials aren’t so different from their parents after all. The generation that was brought up during a global economic crisis may simply want a little piece of stability. A new study shows that may be entirely true.
Americans aged 18-34 have become the largest group of homebuyers in the United States, according to Bloomberg, and not only are they moving to suburbia, they’re buying big SUVs, too. Not mid-size crossovers, full-size SUVs. We’re talking about the Chevrolet Tahoes, Suburbans, and GMC Yukons of the industry. This segment is up 11 percent during the first half of 2017 alone, and the study predicts another 25 percent increase by the year 2022. That’s a lot of SUVs.
This market shift is likely to play very well in Chevrolet and GM’s favor. As the market turns to utility vehicles, it also happens to be a market deeply ingrained with American automakers. When buyers think SUVs, they think Chevrolet and Ford. While Japanese, European and Korean automakers attempt to steal some of the limelight, there’s no denying the SUV is a very American thing.
Want more evidence? Take a gander at the 2018 Chevrolet Equinox, and more specifically, the 2018 Chevrolet Traverse. Both feature decidedly squarer shapes than their predecessors in an effort to mimic rugged SUVs. In fact, the Traverse is actually longer than a body-on-frame Tahoe.