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BUYER INSIGHT

Millennials Desire Luxury More than Previous

Generations

BY AUTO REMARKETING STAFF

As millennials continue to turn from the "Millennials are changing not just what we The younger generation influence on info-
way previous generations have shopped want to drive, but how we drive and how tainment
in this digital age, their growing desire for we shop for cars," Joan Sinopoli, vice pres-
luxury vehicles has surpassed older genera- ident of brand solutions at The Harris Poll, Though not an award category, Harris said
tions as well, according to the Harris Poll's said in a news release. "While maybe not a OEM infotainment equity increases each
29th annual EquiTrend Study. full-blown romance, the flirtation with cars year and there's evidence that millennials
as part of our culture is alive and well with are influencing the category's growth.
The report on consumer’s preferences re- younger generations. Millennials aspire to
veals what Harris found to be the strongest luxury, and this is nowhere more evident The poll also suggests that the industry should
brands across the automotive industry as than in the automotive industry, where expect millennials to notably influence car
well as the media, travel, financial, enter- they are behind Mercedes-Benz's equity audio, considering their preference for Beats
tainment, retail, restaurant, technology, strength." systems over Bose, according to Harris.
household and nonprofit industries.
Additionally, the Non-Luxury Automotive Thirty-three percent of millennials are fa-
“Millennials may not be as indifferent to Brand of the Year title for the third consec- miliar with Beats, compared to 17 percent
American car culture as is often suggested utive year is Toyota. of consumers overall.
— their aspirations for luxury are driving
the U.S. automotive brand landscape,” The The Harris Poll said “Mercedes-Benz and "Millennials are extremely familiar with,
Harris Poll said. Toyota's equity scores rank in the top 25 and think highly of, both brands, but they
percent of all brands measured, across in- may more strongly associate Beats with
Seven of the top 10 millennial car brands dustries.” mobility whereas they associate Bose
are luxury brands, compared to five each (Home Entertainment Electronics Brand of
for both Generation X and baby boomers, While the poll showed millennials deeply the Year) with high-quality sound in-and-
the poll shows. This year, Mercedes-Benz aspire to drive luxury brands, that admira- around the home," Sinopoli said.
reclaimed the Luxury Automotive Brand tion isn’t expected to translate into a gen-
of the Year honor from Lexus. Up until last eration of an overwhelming population of "With the growth in car audio and infotain-
year, the German luxury brand steadily luxury vehicle owners. ment equity, we see cars not-so-gradually
held the title from 2011 to 2015. changing from a durable to a true lifestyle
Harris points out that desire doesn’t at all purchase, a mobile business and entertain-
Compared to an equity rating of 66 among mean the generation is more likely to own ment hub," said Sinopoli.
consumers overall, Mercedes-Benz has an luxury cars than older generations.
equity score of 73 among millennials. This year’s EquiTrend Study is based on a
sample of 102,617 U.S. consumers ages 15
and over.

Consumers born between 1977 and 1995
are defined as millennials, according to The
Harris Poll.

A total of 4,052 brands were rated, and re-
spondents were asked to rate 40 randomly
selected brands.

Harris Poll’s complete EquiTrend Brands
of the Year list can be found at http://
www.theharrispoll.com/equitrend-rank-
ings/2017. n

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