Marketing implications of the changing age composition of vehicle buyers in the U.S.

Show simple item record Sivak, Michael en_US 2013-05-29T18:52:52Z NO_RESTRICTION en_US 2013-05-29T18:52:52Z 2013-05
dc.identifier Accession Number: 102946 en_US
dc.identifier.other UMTRI-2013-14 en_US
dc.description.abstract This study examined the differences in the probability of licensed drivers purchasing a new light-duty vehicle (car, pickup truck, SUV, or minivan) as a function of their age. Data analyzed were for 2007 and 2011. Both relative and absolute probabilities were examined. The main results are as follows: In 2007, the peak probability of buying a new vehicle per driver was for those between 35 and 44 years of age. In 2011, the peak shifted to those between 55 and 64 years of age. Overall, in 2011, one vehicle was purchased for every 19.7 drivers. However, this probability varied greatly by age, with the highest probability (one vehicle per 14.6 drivers) for those aged 55 to 64, and the lowest probability (one vehicle per 221.8 drivers) for those aged 18 to 24—for a 15-fold difference in the probability. The present findings suggest that marketing efforts that focus on drivers 55 to 64 years old should have the highest probability of success per driver. The emphasis on this relatively older age group is further supported by the expected continuation of the graying of the general population and the consequent continuation of the increase in the number of older licensed drivers. en_US
dc.description.sponsorship The University of Michigan Sustainable Worldwide Transportation en_US
dc.format.extent 11 en_US
dc.language English en_US
dc.publisher University of Michigan, Ann Arbor, Transportation Research Institute en_US
dc.subject.other Age en_US
dc.subject.other Automobile Ownership en_US
dc.title Marketing implications of the changing age composition of vehicle buyers in the U.S. en_US
dc.type Technical Report en_US
dc.subject.hlbsecondlevel Transportation
dc.subject.hlbtoplevel Engineering
dc.owningcollname Transportation Research Institute (UMTRI)
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