There’s no debate about it, times are changing. And with changing times comes changing demands for some of the products that used to be considered essential by older generations.
Millennials, the age group born between 1981 to 1996, are pumping the brakes on buying cars and, with that, purchasing gas. Many millennials are even deciding not to get their driver’s license all together. In fact, in the last eight years, the number of American drivers age 18 to 25 was down nearly 25%. Now that is a reversal.
Market experts point to a ton of reasons for why millennials are deciding to leave the cars in the lot. In urban areas, young drivers would rather take public transportation than take the time to find parking, a sometimes painstaking task.
Youngsters are also deciding to use ride-sharing apps to get them from Point A to Point B. Either way, millennials are driving down automakers’ bottom lines.