Having lived through tough economic times and being one of the age groups most impacted by it, Millennials may remain cost-conscious for a long time and, as a result, could represent a new era of DIY repair
(Vocus) October 26, 2010
Millennials, those born between 1980 and 1994 and representing the largest generation of car drivers since the 1960s, have been hard hit by the Recession and are increasingly turning to do-it-yourself (DIY) maintenance and repair to keep their autos running, according to recent automotive aftermarket research by The NPD Group, a leading market research company.
A store level analysis of sales from over 18,000 U.S.-based auto parts stores tracked by NPD’s Aftermarket Industry Monitor, showed that stores in a cluster identified by having a high Millennial population achieved higher dollar sales per store in several key application parts categories. Overall dollars per store for total hard parts in the high Millennial cluster were 11 percent higher than in the cluster of stores with a low Millennial population. In addition to hard parts, the high cluster stores did better in light application categories like filters and spark plugs. The analysis, which was based on retail channel sales reflecting higher levels of DIY activity among Millennials, also found higher sales of hand cleaners and hand tools in high Millennial stores.
“Having lived through tough economic times and being one of the age groups most impacted by it, Millennials may remain cost-conscious for a long time and, as a result, could represent a new era of DIY repair,” said David Portalatin, industry analyst for NPD’s automotive aftermarket business unit. “Gaining a better understanding of what Millennials are likely buying today will enable marketers to position their brands, stores, and services for what could be a lifetime of car care purchasing by 65 million influential young drivers.”
About The NPD Group, Inc.
The NPD Group is the leading provider of reliable and comprehensive consumer and retail information for a wide range of industries. Today, more than 1,800 manufacturers, retailers, and service companies rely on NPD to help them drive critical business decisions at the global, national, and local market levels. NPD helps our clients to identify new business opportunities and guide product development, marketing, sales, merchandising, and other functions. Information is available for the following industry sectors: automotive, beauty, commercial technology, consumer technology, entertainment, fashion, food and beverage, foodservice, home, office supplies, software, sports, toys, and wireless. For more information, contact us, visit http://www.npd.com/, or follow us Twitter at https://twitter.com/npdgroup.