In recent years, two generational groups that have garnered a lot of attention are Millennials and Gen Z. Both groups are large in numbers and have been studied extensively for their purchasing habits and preferences. In this blog post, we will compare and contrast these two generations in terms of their purchasing habits related to motorcycles.
Millennials and Motorcycles:
Millennials, born between 1981 and 1996, are often credited with the rise of the gig economy and the sharing economy. They are also known for their digital savviness and their preference for experiences over material possessions. However, when it comes to motorcycles, the data suggests that millennials are not buying as many motorcycles as previous generations.
According to a report by the Motorcycle Industry Council, the number of new motorcycles sold to millennials (ages 18-34) decreased by 30% between 2009 and 2015. Additionally, the median age of motorcycle owners increased from 32 to 47 between 1990 and 2018, suggesting that younger generations may not be as interested in motorcycles as previous generations were.
There are various reasons why millennials may not be buying motorcycles as much as previous generations. Some experts point to the high cost of owning a motorcycle, including insurance, maintenance, and gear. Additionally, the rise of ride-sharing services and other alternative modes of transportation may make owning a motorcycle less necessary or appealing for some millennials.
Gen Z and Motorcycles:
Gen Z, born between 1997 and 2012, is the youngest generation currently entering the workforce and the consumer market. This group is known for being digital natives and for their preference for authenticity and individuality. When it comes to motorcycles, the data suggests that Gen Z may be more interested in owning motorcycles than millennials.
According to a survey by the Motorcycle Industry Council, Gen Z is more likely to be interested in motorcycles than millennials. The survey found that 26% of Gen Z respondents were interested in owning a motorcycle, compared to 15% of millennials. Additionally, the same survey found that Gen Z respondents were more likely to be interested in adventure motorcycles and electric motorcycles than other types of motorcycles.
Why is Gen Z interested in motorcycles?
There are several factors that may be contributing to Gen Z’s interest in motorcycles. One factor is the rise of social media and the popularity of influencers and content creators who showcase motorcycle culture and adventure. Additionally, Gen Z’s preference for authenticity and individuality may make them more attracted to motorcycles as a form of self-expression.
Conclusion:
In conclusion, while millennials are not buying as many motorcycles as previous generations, Gen Z may be more interested in motorcycles than their older counterparts. The reasons for these trends are multifaceted and may be influenced by factors such as the rise of alternative modes of transportation and the influence of social media. As these generations continue to shape the consumer market, it will be interesting to see how their preferences and habits related to motorcycles and other products evolve over time.