Car Makers Target Gen Y

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Car Makers Target Gen Y Yolanda Collier Dr. Bao International Marketing 505 May 13, 2012 Introduction Generation Y, also known as the Millennials are individuals born between 1977 and 1994; they make up over 20% of today’s population. This is the largest generation since the baby-boomers. Generation Y will and is having a huge social and economic impact. The major characteristics of this grouping are as follows: * They are racially and ethnically diverse * They are extremely independent because of divorce, day care, single parents, latchkey parenting, and the technological revolution that they are growing up alongside * They feel empowered; thanks to overindulgent parents, they have a sense of security and are optimistic about the future. Explain the strategy behind Asian automakers targeting Gen Y. Asian automakers know that Generation Y is less rooted in tradition then their parents. This generation is an easier target because they have grown up in a culture of consumerism and see buying as part of life. Additionally, Generation Y is has greater exposure to multimedia which create better and more opportunities for Asian automaker advertisers to reach them (Benton, 2006). Generation Y is also very eco conscience, and they are looking for are small reliable and fuel efficient vehicles. Asian automakers also understand that this generation is feeling the strain of the fair to hard economic times and that young people in particular are looking to get further and more for their hard earned money. Asian automakers also know that Generation Y has been exposed to the highest gas prices in history and that the likelihood of them decreasing is minimal. With that being said, the Asian automakers introduce lines of vehicles that are not only fuel friendly but are wallet friendly as well. As stated by consumer affairs “There are 64 million Gen Y

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