Lexus Sets Their Sights on Millenials and Generation X in 2015
According to Lexus Vice-President Jeff Braken, the combination of great new products and energetic performance from dealers has made 2014 a very successful year for the brand and the luxury market as a whole.
But as we embark on a new year, and a new segment of buyers are responsible for nearly one third of luxury vehicle sales, Lexus sets their sights on Millenials and Generation X.
Back in 1989, Lexus catered to the burgeoning demographic of Baby Boomers, a generation comprised of roughly 76 million Americans that was once a force to be reckoned with.
Ten years ago, British Boomers controlled 80 percent of the country’s wealth and roughly 80 percent of luxury automobile sales, with an affinity for Mercedes, BMW, and Cadillac. They were brought up in a more “privileged” environment, reaping the benefits of housing, education, and post-war government subsidies. The thought of the day was that Boomers rejected the status quo and were the most active and hard working group of their time.
Those Boomer-esque work ethics led to exponential financial wealth, and with the economic uptick many countries experienced after the war, global industries spent countless marketing dollars in an attempt to reach this generation.
But just as Baby Boomers once commanded the undivided attention of auto makers both domestic and abroad, Generations X and Y now fill in the marketing void once consumed by their post-war predecessors, and it shows.
Lexus’ latest commercial works hard to target the Japanese car maker’s newest audience. And while the automaker’s newest 30 second spot may appeal to younger buyers, it’s also left some long-time Lexus customers wondering if the car maker had started to abandon the values it was once founded on.
But according to Bracken, a brand that never takes risks, never grows.
He also was quick to point out that Lexus prides itself on superior customer service. This way Lexus still retains its original customer base, while also reaching a younger group of customers.
This year, Millennials were responsible for 26 percent of new car sales, surpassing Generation X at 24 percent, and by 2020, it’s expected that Millennials and Generation X will comprise the largest segment of luxury car buyers.
As successful as the brand may have been this year, the company, as well as all of us here at Lexus of Highland Park, never forget that our drivers are the reason for our success, so let us return the favor and get you into the right Lexus today.
