Millennials, a generation that some disregarded as not being interested in driving, have rapidly become the largest generation of new car buyers in the U.S.
While it’s traditional for each generation to eventually overtake the previous one, Millennials – born between 1977 and 1994 – have done it at an “astonishing” rate, according to Tyson Jominy, J.D. Power vice president of data and analytics.
“Demographic information moves very slowly, but last year Millennials took over in April during the peak of the coronavirus pandemic. We thought it was kind of a blip, but it’s only increased since then,” he told CNBC. “It shifted overnight, and it has gotten faster every month.”
Most impactful for the current U.S. market is that Millennials for the first time this year will be the largest buyers of midsize, full-size and heavy-duty pickups. The segments are known as light-duty trucks. They represented 2.85 million sales, or 20 percent, of the U.S. new vehicle market in 2020.
Click here to view the full report from Michael Wayland at CNBC.
