Used, Leased and Bought: Marketing Cars to the Millennial Generation

The automotive industry is a staple of the U.S. economy, an international job generator and a leader in research and innovation. Cars have symbolized freedom and independence for generations. But to Millennials, they represent additional payments and crowded parking lots. Millennials are the largest generational cohort and wield considerable buying power. This thesis used case studies and elite interviews to examine Millennials' buying habits and how automotive marketers can reach this audience. The project found that life events, such as moving into the suburbs or having a family, are what motivate Millennials to buy cars. When they do purchase vehicles, Millennials strive to balance the need for practicality with the desire to purchase aspirational brands. Automakers that support Millennials during their consumer research and position their cars as a supplement to the Millennial lifestyle tend to resonate with the generation.