Automotive researcher AutoPacific has released the results of its comprehensive study of the Baby Boomer automotive consumers. ; The conclusion from AutoPacific’s Baby Boomer Consultancy is that automotive marketers are paying too much attention to youth marketing at the expense of a huge potential with the Baby Boomer market.
Baby Boomers — now aged 41 to 60 — are the most affluent Americans, with three-quarters of the nation’s financial assets and $2-trillion in disposable income annually. ; Boomers control more than 50% of all discretionary income and will become more affluent as they inherit a great amount from their parents.
Boomers account for more than half of
The Boomers’ household fleets say it all. ; Boomers likely have an SUV, sports car, or a classic in their garage. ; The average American household purchases 13 cars over a lifetime. ; Seven vehicles are purchased after the head of the household turns 50. ; AutoPacific research shows 50% of Boomer households already owns 3 or more vehicles. ; Many Boomer couples will add a third vehicle to their family fleet that will be « aspirational », displaying their personal style.
Baby Boomer Households — Number of Vehicles
1-vehicle: ; 12%
2-vehicles: ; 38%
3-vehicles: ; 27%
4-or more vehicles: ; 23%
AutoPacific research indicates Boomers will maintain their pace of car buying with 54% of Boomers expecting to keep their vehicle 4 years or less, 26% 3 years or less.
Baby Boomer Households — Expected Length of Ownership
2 years or less: ; 10%
More than 4 years: ; 46%
AutoPacific’s conclusion is that marketers should focus on Boomers — where the money is and where there is willingness to spend it!
SOURCE AutoPacific
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