As many millennials have resorted to living with their parents in order to save on expenses, it turns out that "the other half" are out driving luxury cars.
Millennials (described as ages 19-34) who aren't living at home are are choosing premium cars and SUVs as their ride of choice ABC News reports. Bentley, the luxury British automaker first noticed the shift a few years ago as millennials starting leasing and financing vehicles such as the Continental GT in 2013, and now millennials account for a stunning 8% of Bentley sales the company said.
"Millennials represent an increasingly important customer base. They are the largest potential customer group today, and their influence is greater than simply the money they have to spend. We believe that this generation's approach to life and social issues will have more impact than merely their money." said James Pillar, Bentley's head of marketing. For Bentley, we're sure money spent buying their cars is the top ranked impact that millennials will have.
Manhattan Motorcars in New York City has sold 33 new Bentleys so far this year, eight of which were sold to millennials the dealership said.
"Millennials are looking to set themselves apart. They want to be catered to, and they want a unique experience. They want to make a statement." said Danielle Weinstein, a salesperson with Manhattan Motorcars. Weinstein posts Bentley videos on a YouTube channel she set up to connect with millennials who have the cash to splurge on a luxury car (the average lease is about $2,400 a month). "Millennials are drawn to social media advertising. They come into the dealership to network. I know social media attracts millennials." Weinstein added.
AutoTrader.com conducted a study of millennial car buyers and shoppers in 2013 and found that 32% of millennials said they "like to impress people with their lifestyle", and 40% "like to show off their taste." In addition, millennials said owning the "best brand" is important to them.
Perfect, young and materialistic – if these millennial Bentley drivers aren't already employed by a Wall Street firm, we suggest they immediately apply.
The luxury car of choice isn't just Bentley however, as Audi, Jaguar and Land Rover have all acknowledged an uptick in Millennial business.
"We've seen a 23% increase in millennials coming to the brand in the past two years," said Loren Angelo, Audi's USA director of marketing.
Kim McCullough, the company's vice president of marketing, said "Land Rover buyers are the youngest buyers of luxury SUVs, with half being between the ages of 20-48. With the recent addition of the Jaguar F-PACE and XE, preorders for those models reflect a younger buyer."
Millennials are choosing to primarily lease instead of buy according to Karl Brauer, a director at Kelley Blue Book. "Millennials are not interested in the pure buying model, and a lot of them don't want to buy a car for the long term. Leasing also makes owning a car more affordable," adding that "they have to buy cars now. They've reached that life stage. They've got a wife and kids." – which apparently means one has to immediately go purchase a Bentley.
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In summary, much like the rest of America and everywhere else around the world, wealth inequality is alive and well within the millennial generation especially. Either you're living with your parents in order to save on rent, or you're driving a Bentley – how can any of this end badly?
via http://ift.tt/29vk9bF Tyler Durden