Generation Z transform mobility
Generation Z’s distinct attitudes and preferences are set to dramatically transform the mobility sector.
For instance, preference among the post-millennial age group for access to, rather than ownership of, assets are compelling automotive manufacturers to reassess long-established strategies centred on car ownership.
While traditional approaches have proven successful with earlier generations, they are less likely to resonate with Gen Zers, who are driven by a different set of needs and motivations.
Acknowledging this seismic shift, one of the key topics for discussion at the Frost & Sullivan flagship event on Intelligent Mobility will revolve around ‘Gen Z and Mobility: Consumer Attitudes and Preferences towards Mobility and Vehicle Ownership’.
Gen Z, the ‘digitally native’ demographic group born between 1994 and 2010, accounts for about 24% of the world’s population, or 1.8 billion people. This age cohort is expected to be the most ethnically diverse and tolerant generation yet. It is also socially and environmentally aware, and fiscally conservative.
For vehicle manufacturers, these characteristics will have far-reaching impacts. Brands will no longer be the focal point for a generation that is shaped by constant connectivity and ready access to information, and receptive to non-formal channels of communication.
It also means that financially conscious Gen Zers are likely to be primarily concerned with vehicle price and safety. Gen Z customers will be more comfortable with the idea of autonomous vehicles and more focused on their function (represented by the vehicle’s interior design) rather than their form (as showcased by their exteriors).