Millennials Apparently Buying More Pickup Trucks Than Any Other Generation
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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 However, that stereotype may now be out of date, as Millennials have become the number-one buyers of midsize, full-size, and heavy-duty pickup trucks.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.
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Both millennials and I should probably add GEN Z should be renamed the decided generations. Half of us want to not own anything and live off tofu in our parents basement, the others want to live exactly like the show Yellowstone. Big V8’s vs eletric motors. My vote is on the duramax.
Millennials got screwed with massive college debt unlike any other generation except the tail end of X. We were told without college the only jobs were KFC and BK and consequently the colleges jacked up prices which will delay major purchases by Millennials by at least one decade.
Biden should forgive debt held by the government. It would be the biggest stimulus in US history and aid carmakers.
I disagree on pardoning the debt….. the DOJ needs to sue universities for price gouging. IDK if you know about university endowments, put all that money they gouged in their personal hedge funds… many times to the hundreds of million…. more than enough to run their entire university and find their overpaid athletic departments on just the interest. Sue them, take the proceeds and return it in payouts to the affected students.
Bingo!
Crew cabs are the station wagons of the last century. Good visibility, lots of room for passengers and gear. Great for towing if needed. Rwd or 4wd an added bonus if you want it. Longitudinal mounted engine is a preference for me
Will they make up their minds, IIRC anybody born between 82′-97′ are Millennials and so on. BTW this explains why truck buyers recently want Disneyland interiors….
>Disneyland interiors
tf does that even mean?
Means use your imagination since you use your mind for a response like that…
Factor in that GM basically stopped cross over production for much of the year and directed their chips to full size pickups and SUV. If you were intending to buy a new GM for much of the year it came down to what pickup you could find.
With Covid many of these people were still working and saving lots of cash so a pickup became a more desirable choice.
Interesting. I suspect that the Milleniel demographic increased in every category (not dominating, increasing). There aren’t near as many Gen X out there and boomers are both declining in number and slowing expenditures. I have three Milleniels who work for me. This last year they bought (new) a Silverado LT Z71, a 1500 AT4, and a 2500 AT4. They are finally making money.
When trucks are the only thing on the lots as reported here many times, well?