Car ownership is a top priority among Millennials, reveals study.
An Uber investor recently claimed that millennials don’t care about cars.This raises the question: how important is owning a vehicle to the youths of UAE? It turns out car ownership is a top priority among Millennials, according to the latest study by Carmudi, an online car classified. 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).
Data from the company’s office in UAE reveals that 49% of all sessions in May 2015 came from the millennial age bracket, followed by 35-44 year olds (23%). This does not come as a surprise as convenience is key for younger buyers. The rise of the cheap smartphone is enabling more millennials, despite their lesser income, to gain access to the internet. It is now more convenient than ever before for them to determine car prices and specifications 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.
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Mohamed Noweir, Managing Director at Carmudi Middle East 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 are willing to spend more money on consumer goods, and are 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.”