It seems like the common thought that millennials (people born between 1980-2000) don't like cars and aren't going to buy them is simply not true. Car companies have been chasing after millennials and their money for a while now, and it seems like their pursuit is finally paying off. It seems that the recent CUV boom in both production and sales is just the thing that solved this problem.
Car companies have been producing CUVs like crazy recently. Cars like the Chevy Trax, Jeep Renegade and Honda HR-V are coming out soon, and even on the luxury side we have cars like the Audi Q3, BMW X1, Lexus NX and Mercedes-Benz GLA are being produced as entry-level luxury vehicles. So why are all these vehicles being built? Well, its because of the data!
Generally, CUV popularity has been on the rise with millennials. In 2008, 13.2% of millennials said that they were considering a compact car. That number has dropped to 9.7% in the current year. On the other hand, CUVs in 2008 were being considered by 6.4% of Millennials. Now that number has increased to 7.5%. So CUVs aren't quite as popular as sedans, but they are gaining quick.
When you consider that Gen Y (millennials) buys 26% of cars compared to Gen X which buys 24% of cars, you can see why companies have been focusing on CUVs.
Why do millennials like CUVs? Well the thought is that millennials are more active, so they like to be able to fit things like a bike into the back trunk. They are also getting to the age that they may want to start families, which a CUV would be well-suited for.
Are you a millennial? Why do you want a CUV? Do you think the CUV trend will continue to grow stronger?