Carmakers Go After Young Market, But Older Buyers Yield Bigger Profits: CNW Study
It's a shame, it's been said, that youth is
wasted on the young.
Automakers hell bent on catering to youth may be aiming at the wrong target, according to a CNW Marketing/Research study analyzing buying patterns based on age.
Age groups with the most money can be counted on to buy the most new vehicles. That means those in their 40s, the study found, buy 3.7 new vehicles between 40 and 49 years of age.
Next most prolific buyers are those in their 50s, who buy about 3.3 new cars between 50 to 59. Then comes those in their 60s, who buy about 2.7 cars between 60 and 69.
"In an analysis of new vehicle buying habits, it's clear that auto company, vehicle marketing and retailer fixation on 'young' consumers is partially misplaced," said CNW's Art Spinella.
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