Since 2000, SUV and pickup truck sales in North America have seen dramatic increases over time, overtaking sedan sales by far. But who are these buyers?
With a mix of quantitative and qualitative research methods, we surveyed 986 vehicle-owners in Metro Vancouver and conducted six focus groups. Additionally, we examined data from two leading automotive websites as well as other sources.
Millennials
Ford recently conducted a survey that revealed millennials valued having children, purchasing suburban homes and driving large family vehicles more highly than living in cities and relying on public transit. Therefore, more millennials may move toward larger SUVs with three rows of seats that provide sufficient cargo space for strollers and portable cribs.
Lincoln has capitalized on this market by offering the stylish Navigator and Aviator SUVs at competitive price points.
Even though Gen Xers between 35 and 44 are currently the leading purchasers of midsize and larger SUVs, millennials are projected to surpass them within several years. That is why your dealership should stock an array of SUV models so as to appeal to all potential customers; including latest generation SUVs with improved fuel efficiency and lower emissions.
Gen X
Ford reports that Gen Xers are at their peak earning years and show strong interest in family-oriented vehicles such as SUVs with more cargo room. Many prefer trading their smaller sedans or cars for those which offer greater utility for these buyers.
Chevrolet was Gen X’s favorite brand in 28 states and their midsize Chevy Equinox SUV was their ninth most-driven model in 2023, according to Mulcrone’s research. He notes this generation tends to favor premium and luxury brands; however, they may consider SUVs from different manufacturers with similar features for less.
Megacar buyers are often misunderstood, yet in reality their purchasing patterns don’t have an outsized effect on vehicle sales. According to recent data from AAA and The Weather Channel, only 4 percent of truck and SUV owners report hauling big loads for a living while only 1 percent are farmers. Most buyers opt for larger vehicles for transportation of children and friends around town or for errands and leisure trips in suburban areas – many times being driven by women (51% in SUVs). Furthermore, most US populations also favor SUVs over cars as a vehicle choice.
Baby Boomers
Americans tend to picture SUVs as all-terrain vehicles designed for outdoor activities. But most SUVs are simply sedans with higher bodies and bolder looks – which make them easier to navigate in dense traffic while offering easier entry and exit than traditional sedans.
Baby boomers still buy cars at higher rates than either Gen Xers or Millennials, and many prefer specific models such as the Toyota Camry – known for being reliable yet sporty without being overly costly – in particular its high resale value is particularly appealing to seniors looking for cars to pass down to their children.
Ford vehicles are among the top choices among boomers, and specifically their F-Series pickup truck and Ford Escape SUV are favorites among this demographic. Their American origin appeals to boomers’ sense of patriotism as well as providing power, comfort, and luxury features they want in a vehicle. In addition, Hummers H2s with off-roading capabilities and 7,000-pound towing capacity have also proven popular choices among this group of customers.
Middle-Aged Adults
Trucks offer many advantages: they’re great for transporting boats and camping gear on weekend adventures; powerful enough to navigate rugged terrain; stylish interior designs so you can arrive at work comfortably; plus they make for convenient commutes!
Trucks tend to attract a larger proportion of male buyers than SUVs do; therefore it is important that when advertising to this segment of customers. Meanwhile, SUV buyers tend to come from across all age brackets.
SUV drivers of all ages prioritize safety as a top feature when selecting their vehicle, and 84 percent of owners plan to keep their SUV for life. This could be because drivers feel safer riding taller vehicles on bumpy roads due to the larger ride height, according to research from Thomas and Walton; research also confirmed this feeling through interviews conducted with owners about feeling in control and safer with their SUVs.