Millennials, also known as Generation Y, are the first generation of digital natives and the youngest generation buying cars. They have witnessed our landline phones become wireless cell phones, which have since turned into mini computers and portable encyclopedias. Online shopping has become mainstream. They are the generation of social media. Our newspapers and books are their smartphones and tablets; our note pads are their text documents and our pens, their keypads.
Millennials, unlike previous generations, are not wary of the digital age. They embrace new technology and naturally integrate them into there daily lives. Howie Leibach from Singularity Hub believes they will be the first early adopters of Virtual Reality (VR). As such, they will be the leaders into the future of VR technology and the new age for consumers. According to Laura Albert, Market Data Analyst, The VR Industry is predicted to generate $30 billion dollars in revenue by 2020, as headsets become more affordable and adoption rates increase and more compatible content is created.
Based on a report from Millennial Marketing, the millennial generation currently represents 25% of the population and 56% of them claim to be one of the first to try new technology. This year alone they are expected to spend $2.45 trillion dollars—a percentage of which will be spent on personal VR headsets.
This century has been built around convenience, having everything you desire at the tips of your fingers. Millennials haven't known anything other than having information, communication and shopping readily available. Demonstrating that Virtual Reality will be the perfect solution for the tech savvy millennial to fulfill all of their immediate needs and allow them to be an immersed shopper. When it comes to car shopping, VR is a natural platform extension for them to adopt.
What better way to advertise cars to millennial consumers, than to let these digital natives get into their dream car from the comfort of their living room, take it for a virtual test drive, and connect to a dealer with a touch of a finger. The technology behind EVOX's Virtual Reality solutions allows VR car shopping to be a reality.
Howie, Leibach, Meet the Consumers that will Make or Break Virtual Reality Next Year, Singularity University, (12/17/2015)
Albert, Laura, Virtual Reality Headsets and Millennial Men, Freefly VR, (6/30/2015)
Millennial Marketing, Who are Millennials, Future Cast, 2016