The Millennials just passed the Boomers as the biggest buyers of pickup trucks. The generation known for avoiding purchasing new vehicles altogether now leads one of America’s most popular segments. The Boomer generation has long-adored pickup trucks, so Millennials taking the lead is a surprise. Especially with the state of the current automotive market, it’s surprising that the younger generation leads both pickup truck and EV purchases.
Millennials pass boomers as most frequent pickup truck buyers
According to CNBC, for the first time ever, Millennials have overtaken both Boomer and Gen X as the biggest pickup truck buyers in the United States. The irony comes from Millennials being labeled as the generation that’s uninterested in driving. It’s actually exactly the opposite. Not only is the younger generation in the lead of pickup truck purchases, but they’ve also overtaken previous generations in record time.
In an interview with CNBC, vice president of data analytics for J.D. Power Tyson Jominy had this to say; “Demographic information moves very slowly, but last year Millennials took over in April during the peak of the coronavirus pandemic. We thought it was kind of a blip, but it’s only increased since then. It shifted overnight, and it has gotten faster every month.”
For the first time ever, Millennials bought more full-size and heavy-duty pickup trucks than any other generation. They represented 2.85 million sales or 20% of the U.S. new-vehicle market for 2020. That easily makes them America’s most frequent pickup truck buyers.
Millennials vs. Boomers
Boomers, or Baby Boomers, are those who were born between 1946 and 1964. Secondly, Gen X came as those born between 1965 and 1976. Finally, Millennials are the next generation. They’re born between 1977 and 1994, according to CNBC. This isn’t the first type of vehicle Millennials have overtaken from previous generations.
Millennials are the biggest electric vehicle and pickup truck buyers
J.D. Power reported that the largest buyers of EVs, in general, are Millennials. The group represents 35% of new EV sales this year, beating Boomers’ 29% and Gen X’s 26%. The younger generation continues the same pattern and dominate a total of 17 different segments. There is 27 segments total, so it’s only a matter of time before Millennials come for the remaining 10.
The segments where Boomers still buy more than anyone else are all luxury vehicle segments. Jominy told CNBC, “The higher the price the vehicle the more likely we are to see Boomers in it”. Evidently, Millennials tend to purchase more affordable, practical vehicles without all the extras. Despite that fact, EVs and pickup trucks can get rather pricey.
Many of the changes in the automotive market are due to Millennials growing up. The generation has gotten to a point where they’ve been promoted, bought a house and settled down, and now can afford a more expensive vehicle. One of the most convenient vehicles to own in America is a pickup truck. With the recent and incoming releases of multiple electric pickup trucks, we’d expect Millennials to continue to dominate both segments. That’s why Millennials are now and will remain, America’s most frequent pickup truck buyers.