Are you in the market for a new car in 2023? If so, you're not alone. According to a recent survey by Experian, the average new car price rose from $41,335 to $47,077 between December 2020 and December 2021. With prices on the rise, it's important to consider who is buying cars in the US this year and what demographic considerations should be taken into account when marketing cars.
The first demographic to consider when marketing cars in 2023 is Millennials. Millennials are the largest generation in the US and are more likely to purchase cars than other generations. They are also more likely to purchase electric cars, with nearly half of the Millennials saying they are likely to buy an electric car in the next five years.
The second demographic to consider is Gen Z. Gen Z is the second largest generation in the US and is the most diverse generation in the country. Gen Z is also the most tech-savvy generation and is more likely to research and purchase cars online than other generations.
The third demographic to consider is Gen X. Gen Xers are the most experienced drivers and are more likely to purchase luxury cars than other generations. They are also more likely to purchase used cars than other generations.
In conclusion, car dealerships should focus on marketing their cars to the largest generations in the US, which are millennials and Gen Z. Millennials are more likely to purchase electric cars, while Gen Z is more likely to research and purchase cars online. Gen Xers, on the other hand, should not be overlooked, as they are the most experienced drivers and are more likely to purchase luxury and used cars.
To effectively market to these generations, car dealerships should prioritize their online presence, offering easy-to-navigate websites and robust online car-buying options. They should also consider offering incentives for electric and luxury car purchases, as well as used cars. Additionally, car dealerships should prioritize customer service, as positive experiences and word-of-mouth recommendations can go a long way in attracting and retaining customers.
By taking these considerations into account and tailoring their marketing strategies accordingly, car dealerships can successfully target the demographics most likely to purchase cars in the US this 2023. Learn more about how Quickride can help you grow your dealership.