Post-lockdown car buying boom could be driven by Gen Z
Many in this age group consider sustainability important from car brands.
The post-lockdown car buying boom could be largely down to younger consumers who have stockpiled cash over the past year.
New research from online car marketplace Auto Trader indicates that 17-24-year-olds have saved an average of £2,000 with lockdown restrictions limiting how they spend their cash.
With their new savings, 61 per cent of these ‘Gen Z’ buyers plan to buy a car and make the most of their newfound freedom.
As part of the study of 500 17-24-year-olds, people in this age group said a car manufacturer’s role in combating the climate crisis was more important than anything else, with 27 per cent putting this as their top consideration.
Auto Trader says this echoes previous studies that found 77 per cent of Gen Z believe lockdown made them more sustainability focused, compared with 54 per cent of 55-64-year-olds.
After a manufacturer’s sustainability commitments, the other most important factors when considering a car were that it must reflect the buyer’s personality (24 per cent), have a good satellite navigation system (23 per cent) and have a good sound system (22 per cent).
Lockdown restrictions meant driving tests were put on hold, with government data revealing that young driver numbers are at their lowest level ever recorded. With tests now allowed again and young people having plenty of savings, it’s perhaps no surprise to see so many considering a new vehicle.
