Wow. Transformational. The world is truly going to look a lot different very soon.
Kids these days. They don’t get married. They don’t buy homes. And, much to the dismay of the world’s auto makers, they apparently don’t feel a deep and abiding urge to own a car.
This week, the New York Times pulled back the curtain on General Motors’ recent, slightly bewildered efforts to connect with the Millennials — that giant generational cohort born in the 1980s and 1990s whose growing consumer power is reshaping the way corporate America markets its wares. Unfortunately for car companies, today’s teens and twenty-somethings don’t seem all that interested in buying a set of wheels. They’re not even particularly keen on driving.
The Times notes that less than half of potential drivers age 19 or younger had a license in 2008, down from nearly two-thirds in 1998. The fraction of 20-to-24-year-olds with a license has also dropped. And according to CNW research, adults between the ages of 21 and 34 buy just 27 percent of all new vehicles sold in America, a far cry from the peak of 38 percent in 1985.