European Generation Y consumers like to have trendy vehicles and project their social status through their vehicle. However, they also give a lot of importance to the value proposition, a Frost & Sullivan end-user survey revealed. The educated, affluent Generation Y consumer in France, Germany, Italy and the UK has a preference for new technologies and the personalisation of the vehicle. In-car systems related to entertainment are clearly preferred over information systems.
A ‘Voice of the Customer' study conducted by Frost & Sullivan (automotive.frost.com), EU "Generation Y" Beliefs and Attitudes Towards Environment, Personal Mobility Needs, and Vehicle Preferences based on age, gender, country, and education level, among others, revealed the most desired vehicle and related features, as well as preferred technology attributes in this consumer group.
"The personalisation rate is very high, specifically among the technology enthusiasts," explains Frost & Sullivan Growth Consulting Vice President, Franck Leveque. "More than 50 per cent of the respondents indicated, that they would like to have voice/speech control of traffic/weather information, hands-free phone, fuel efficiency information, and MP3 player in the car. Other technologies, accepted to a lesser extent but still welcome, are vehicle health diagnosis, GPS services (yellow pages, local news), and news, if read aloud."
At the same time, more than half of the respondents indicated an interest in being able to personalise the exterior and interior colour, air conditioning, MP3 player/connection, brake & tyre pressure monitoring. If the personalisation has to be paid for however, the most popular choice would be air conditioning, and exterior colour and blind spot assistance would come next.
Regarding car ownership, 14 per cent of the surveyed Generation Y consumers demonstrated a preference to drive their own cars. "Many would participate in car pooling/ car sharing, if it reduced costs significantly and helped the environment, despite the drawbacks of being dependent on other participants of the scheme," Leveque continues.
Nevertheless, the survey revealed significant differences in opinions on green values across European countries. Italy and France have higher shares of customers belonging to the environmentally friendly group, than Germany and the UK, a result which is clearly at odds with the high standards of German environmental policies. The Italian and the French more often declared a willingness to pay more for green cars, in comparison to the German or British interviewee.
If a European Gen Y member was able to build his or her own car, he/she would opt for a medium-size plug-in hybrid car with features such as an MP3-capable system and wired USB. "Generation Y is the new defining generation with different values, beliefs, and attitudes compared to previous generations," says Mr. Leveque. "The automotive industry needs to fully understand the environmental attitudes, transportation needs, and vehicle preferences of the Generation Y, as these are the future vehicle buyers who will be significantly different from present day drivers," he concludes.
If you are interested in more information on this study, please send an email with your contact details to Katja Feick, Corporate Communications, at katja.feick[.]frost.com.
EU "Generation Y" Beliefs and Attitudes Towards Environment, Personal Mobility Needs, and Vehicle Preferences is part of the Automotive & Transportation Growth Partnership Service programme, which also includes research in the following markets: Analysis of Connectivity, App Stores and Cloud-based Delivery Platforms, Strategic Analysis of the Global Automotive Market for IT Mobility Platforms and Strategic Analysis of the European Market for Telematics-enabled Usage-based Insurance. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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EU "Generation Y" Beliefs and Attitudes Towards Environment, Personal Mobility Needs, and Vehicle Preferences (M79C)
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