Automakers are constantly trying to appeal to millennials but a recent study suggests luxury and prestige is the key to their heart.
Citing an EquiTrend Study from The Harris Poll, The Detroit Bureau is reporting millennials have a love affair with Mercedes. The German automaker boasted the highest equity score among automakers, but other luxury brands weren’t far behind as millennials also like BMW, Genesis, Lexus, and Porsche.
Despite their preference for the finer things in life, millennials aren’t exactly flush with cash. As a result, Harris notes “millennials are much less likely to actually own luxury cars than older generations.”
That brings us to mainstream manufactures which millennials are more likely to buy vehicles from. According to the study, Toyota was the top brand favored by the age group and it was followed by Honda, Chevrolet, and Ford. Other brands that ranked high with millennials include Subaru, Nissan, GMC, and Mazda.
According to Joan Sinopoli, vice president of brand solutions at The Harris Poll, “The flirtation with cars as part of our culture is alive and well with younger generations. Millennials aspire to luxury, and this is nowhere more evident than in the automotive industry, where they are behind Mercedes-Benz’s equity strength.”
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