TRAVERSE CITY, /PRNewswire/ — Despite Great Recession forecasts the American romance with automobiles and driving was waning, millennials and Gen Zers today report they’re more likely — less – to desire to get a classic or classic car than their parents and parents, based on this 2020 “Why Driving Matters” poll of 10,000 U.S. drivers.
Key findings comprise:
- Gen Z and millennials are likely to report now possessing a classic or classic car or truck. Classic automobile possession by production:
- Gen Z: 22percent
- Millennial: 25percent
- Gen X: 19percent
- Boomers: 13percent
- Silent: 11percent
- Younger generations of automobile owners who don’t yet have a classic or classic automobile are more interested in owning one than older generations, signaling a solid future for your hobby:
- Gen Z: 53percent
- Millennials: 57percent
- Gen X: 49percent
- Baby Boomers: 33percent
- Silent: 19percent
That finding is consistent with Hagerty data suggesting that, because 2018, millennials and Gen Zers have hunted classic car insurance quotes and automobile values through Hagerty’s Valuation Tools more frequently than older generations. Given current tendencies, Millennials, that the country’s biggest, is now the hobby’s most single biggest group in the not too distant future.
Hagerty commissioned TRUE Global Intelligence, the research clinic of the communications company FleishmanHillard, to poll 10,000+ Americans ages 18+, and information were weighted according to the United States Census Bureau’s Continuing Population Survey’s statistics for sex, age, region, education and race/ethnicity. The “Why Driving Matters” poll also found considerable evidence that the country’s longstanding love of automobiles and driving remains powerful.
- Nearly three of each four Americans (73percent ) like driving, irrespective of generation.
- 38% describe themselves as busy “driving enthusiasts,” described as belonging to some vehicle club, participate in off-road or race track flying and driving automobiles auctions and shows.
- Every production rated freedom as the reason that they like driving.
An evaluation of the accumulated data by TRUE Global Intelligence discovered: “Much of the ‘death of driving’ handwringing from the media in the wake of the Great Recession was based on data showing younger generations were getting their license later, buying their first vehicle later, and buying fewer vehicles compared to previous generations at the same age. This conflated buying power with demand. The recession hit younger generations harder and delayed a host of major purchases and life milestones. As millennials aged into greater buying power and started families, their purchase behavior looked more and more like other generations. The lag was due to the disproportionate blow the generation took in the recession and the unique burden of student debt. It took them longer to recover their buying power, but not as long as it has taken the myth of car-hating young people to die.”
Hagerty is an automotive lifestyle manufacturer. Hagerty is home to Hagerty Drivers Club, Hagerty DriveShare,Hagerty Valuation Tools, Hagerty Drivers Club magazine, Hagerty Media, MotorsportReg, Hagerty Garage + Social and much more. Hagerty is the world’s biggest provider of specialty insurance for enthusiast vehicles also supports maintaining automobile culture alive through childhood programs, the Historic Vehicle Association (HVA), the RPM Foundation and much more. For more info, call (800) 922-4050 or see www.hagerty.com.
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