“I don’t want just another car”
It’s all about the experience
Millennials have the highest buying power, and for them, the brands they associate with reflects their values and beliefs. Experience is key for millennials, and brands need to get that right to get their mindshare. Technology is a key piece of this puzzle. From dealerships with virtual test drives to automobiles with collision avoidance systems to an electric+autonomous future of mobility, millennials are constantly pushing brands to do better. Interestingly, despite owning and driving cars, a substantial portion of this demographic prefer autonomous vehicles (IHS Automotive survey) indicating the level of comfort and trust millennials have with technology. Automakers on the other hand have already implemented AR/VR in their operations, and are seeing real-world results. Hyundai for example has implemented virtual showrooms with options for consumers to configure their model, buy online, and get the car delivered home. The same is extended to bike/car configurators to personalize their product – either at the time of purchase or for aftermarket parts thereby creating a whole new revenue channel. In summary, experience drives demand, and automakers should be ready for this new reality.