Move aside, Gen X and Baby Boomers. Millennials were once thought of as a generation that wasn’t interested in driving, but that’s all changed.
They are now rapidly becoming the largest generation of new car buyers, according to CNBC. And they are also the largest buyers of midsize, full-size, and heavy-duty trucks.
“They represented 2.85 million sales, or 20%, of the U.S. new-vehicle market in 2020,” CNBC wrote.
As Tyson Jominy, J.D. Power vice president of data & analytics, noted, it’s normal for each generation to overtake the one before. Still, this time, it happened at a surprisingly fast rate.
“Demographic information moves very slowly, but last year Millennials took over in April during the peak of the coronavirus pandemic,” he said.
“We thought it was kind of a blip, but it’s only increased since then. It shifted overnight, and it has gotten faster every month.”
Jominy adds that not only is the pandemic a factor, but it also has to do with Millennials maturing, getting promoted, and doing everyday things like moving to the suburbs.
But although Millennials are overtaking other generations to become the largest buyers, Boomers still dominate when it comes to pricey luxury vehicles.