Generation Z is composed by young that are actually between 12 and 17 years old. For the automotive industry they are evaluated 3.2 trillion of dollars by 2020, so it’s really interesting to understand what they will look into their future cars.
The most important insights that I read are:
- 92% wants to own a car
- they don’t care a lot about style and design
- they remind some old-fashioned brands like Ford, Chevrolet and Honda for their solidity
- they care more about saving money (in the purchase and running costs) than in saving the environment
- they care more about safety than infotainment
- they’d like to have autonomous vehicles for increasing security, but they don’t trust in that technology at all
- they’ll buy a car in a car dealer, not online
Looking with attention the slide where the generations are described, I found some new interpretative keys of the Gen Z’s purchase intentions.
The words cloud and multitasking represent a way of living technology that is different from all the other generations.
Generation Z has already assimilated everything regarding the digital revolution that other generations are still wowing and desiring to have in their car. The young life isn’t centered on technologies, it’s centered on services and functions. They don’t care about which protocol is used for streaming Netflix or for encrypting Snapchat. They just want watch hi-definition tv series or share their pictures with their friends.
In this framework cars are no more status symbols; cars are “durable and physical services” that carry people from a point A to a point B. If Generation Z cares more about security and cost savings instead of design or other technologies is because cars are becoming something similar to smartphones.
Mobile devices are indeed important for their functions (battery, camera and OS), but not for their distinctive design. Smartphones are used for connecting people like cars are used for moving people. Cars are becoming expensive, dangerous and useful objects that can be replaced easily in every moment, especially using the emerging leasing plans that could become more convenient than owning and maintaining a car for a period between 2 and 4 years.
If you want download the full research and download the infographic, visit this Cox Automotive page.