By Lukmon Oloyede.
As against the claim by an Uber investor recently that millennials don’t care about cars, latest study by Carmudi, a leading online car has revealed that car ownership is actually a top priority among Millennials.
Carmudi analyzed data based on more than six million visits to its website during May 2015, and found that the majority of users searching for cars are millennials (between 18-34 years old).
Using Carmudi Nigeria as a case study, data gathered from the company’s Lagos office reveals that 35% of all sessions in May 2015 came from the millennial age bracket, followed by 35-44 year olds (25%). This does not come as a surprise as convenience is key for younger buyers who are more interested in using online platforms for searches and purchases. The rise of the cheap smartphone is enabling more millennials, despite their lesser income, to gain access to the internet.
It’s now more convenient than ever before for them to determine prices and specifications of products online before making a purchase. With an estimated 1.8 billion millennials around the world, this group is the first to be born straight into the digital generation. The internet is not a thing to Millennials; it is just the norm. Globally, 8 out of 10 of millennials are expected to make mobile purchases in the next 12 months
Amy Muoneke, Managing Director at Carmudi Nigeria said, “The shifting demographics in the emerging markets are very important for the automotive industry. Many of these countries have a tech-savvy young population, who are more comfortable using the Internet in everyday life. The millennial generation is willing to spend more money on consumer goods, and is more enthusiastic to spend time researching every little detail before buying. Automakers and car dealers notice this phenomenon and are looking for opportunities to win lifelong customers from this age group.”