Pickup trucks remain one of the most popular segments for vehicle buyers. While that shouldn’t come as a surprise to anyone, what could surprise some readers is the news that Millennials (the generation born between 1980 and 2000) are the number-one demographic purchasing all those pickups.
Per a recent report from Kelley Blue Book, which cites data from J.D. Power, Millennial buyers became the dominant demographic in purchasing pickup trucks in April during the height of the COVID-19 pandemic. Originally believed to be a temporary statistic, the figures have only increased since then.
Traditionally, Millennials have been stereotyped as unenthusiastic about driving and owning a car in general. However, that stereotype may now be out of date, as Millennials have become the number-one buyers of midsize, full-size, and heavy-duty pickup trucks. Part of the upswing in new vehicle purchases may come down to job promotions, babies, and a move away from the cities into the suburbs.
Additionally, the latest figures show that Millennials are also the dominant demographic in electric vehicle sales, with Millennial buyers scooping up 35 percent of EVs sold in 2021. By contrast, Baby Boomers were the second-most likely to purchase an EV at 29 percent, followed by Generation X at 26 percent. To note, Chevrolet will soon unveil the all-electric Chevy Silverado EV at the 2022 Consumer Electronics Show (CES) early next month.
While Millennials have outpaced Baby Boomers and Gen-Xers in 17 of the 27 vehicle segments studied by J.D. Power, Boomers remain the dominant demographic in the luxury vehicle segment.
This shift in new-vehicle customer demographics is occurring amid record-high vehicle prices, with rising ATPs seen across the industry. That includes GM’s pickup truck brands, Chevy and GMC, with the average transaction price for new Chevy vehicles topping $51,000 in October, and the average transaction price new GMC vehicles topping $63,000 during the same month.