Ford is the No1 brand of vehicle that Generation Z (ages 16-21) most seriously consider – according to a MaritzCX Study.
MaritzCX is based out of Salt Lake City, so yeah, this study applies only to the US market. Still, it’s no small feat, considering the fact that currently Gen Z represents 25% of the US’ entire population.
MaritzCX VP for strategic consulting, Chris Travell, said that “Making decisions based on fuel economy and value explains why these buyers tend to shop brands like Ford, which builds vehicles that prioritize these attributes”.
Ford tops the list of vehicles most considered by those between the ages of 16 and 21, at 8.2%, ahead of Toyota with 7.2% and Chevrolet with 6.4%. The types of cars they prefer are small and midsize cars, as opposed to utility vehicles or trucks.
In fact, Gen Z buyers opt for compact cars at 41.1% such as the Ford Focus, while 14.7% go for midsize sedans like the Fusion and 11.6% buy subcompact like the Fiesta.
“The youngest new vehicle buyers tend to have less money than older folks, so it’s no surprise they overwhelmingly shop cars rather than more expensive utilities or trucks,” added Travell. “Gen Z shoppers are driven largely by financial constraints, and car segment offerings tend to be most affordable.”
While you may think that young buyers shouldn’t matter as much as adult buyers, because of obvious reasons, statistics paint a different story. Globally, there are about 2 billion people born between 1993 and 2001 – making them the largest single age cohort in the world. Gen Z also represents 21% of the world’s entire population and by 2020 their purchasing power will be equal to GDP of over $3.2 trillion.
Just something to think about.
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