Millennials are projected to be the wealthiest demographic yet and are predicted to make up 40 percent of all new vehicle purchases within the next 10 years. They will prove to have enormous economic impact, but research has shown us that the Millennials would rather win a trip around the world rather than own a fully-loaded luxury vehicle. Growing up in the midst of a recession has left a lasting impact; Millennials tend to be much more frugal and practical than their predecessors. This fact might make luxury brands a little weary, but you can win over this generation of buyers by focusing on competitive leasing, meeting their lifestyle needs, and building a trusted brand.
Millennials are opting to lease vehicles at higher rates than the overall car-buying population. Leasing accounts for 28.9 percent of all new car purchases of Millennials ages 18 to 34. Leasing allows them to get into a new luxury vehicle every few years, while still living within their means. To capitalize on this, a dealer should focus on promoting unique lease offers and make it easy to get a lease quote on any vehicle. Gain additional information on an interested lease shopper by placing a “Request A Lease Quote” lead form on the vehicle listing and vehicle details page. This will allow the dealership to follow up with an individual to provide more information and get them into a new vehicle.
Millennials tend to look for five features when looking for a car: navigation system, satellite radio, Bluetooth, MP3 player and mobile integration. Millennials have a strong need to stay connected to their social world. Research shows that 72 percent of Millennials under the age of 30 have indicated that a car is important to their social life and more than 70 percent of those Millennials cite technology and infotainment features as “must-haves” when purchasing a car. Your vehicle listing’s page should offer the ability to search by the vehicle's features. This allows for transparent messaging and showcases the unique inventory that the dealer has on their lot. You might also create a landing page on your website highlighting the safety and technology features of select inventory.
Build a Trusted Brand
Millennials deeply value brands and being associated with a strong brand is important to them. Nearly half (46 percent) are willing to pay more for products that are consistent with their image (vs. Boomers at 20 percent). Millennials view their car as an extension of their unique personality and their accomplishments. They want to personally connect with the brands they own. Build loyalty with a luxury brand by complementing traditional advertising with experiential campaigns. A dedicated landing page on a dealership website highlighting the services and dealership offers allows for that dealership to broadcast how they go above and beyond to deliver a luxury experience for a shopper. Customer referrals also play an important role; there is enormous opportunity to leverage other satisfied customers to better connect with Millennials and build brand loyalty.
To optimize your luxury website for a Millennial shopper you must define your leasing strategy, highlight tech-savvy vehicles, and build brand loyalty. Once you have defined your action plan, look at your website and see what you can do to improve on one of the three Millennial focus areas. Your ProCare Account Advocates can help you define areas of optimization on your website.