How Your Dealership Can Zoom Into Generation Z’s Newfound Buying Power
By Anthony Valdelamar
As we come to the light at the end of the pandemic, an increasing number of consumers are ready to begin expending capital after a year of sheltering at home and saving money. Of these consumers, Generation Z (“Zoomers”) is in the limelight. Generation Z is graduating college, entering the workforce by the millions, and exiting years of eclipsed young adulthood. How can your dealership appeal to this technologically savvy generation?
To maximize revenue opportunities from this generation, you need to learn their history. Generation Z grew up with computers and electronics readily accessible at home. This generation was wearing diapers during the 9/11 attacks, but they can recall growing up with the effects the Great Recession had on their relatives. They saw their older Millennial/Generation X relatives drown in credit card and student debt and grew up exposed to the environmental and political protests that fuel their digital and economic activism. Since this generation’s spending habits are shaped by the economic and geopolitical events of this 21st century, dealerships must be forward thinking in how to appeal to this slightly more frugal generation. According to an article published by ViacomCBS in 2020, Youth Decoded survey results revealed that 64% of Zoomers have already made smart decisions with their money and almost nine out of ten say they always research before purchasing to get the best prices on new purchases.
Zoomers may not seem like it, but they are excellent at conducting research and why wouldn’t they be? Most grew up having the internet at their fingertips for their entire academic careers. The following are key points that can help your dealership appeal to this generation without undermining them when they walk through your door:
Online Dealer Experience
Zoomers will do their extensive research before they walk into your dealership with their money. By investing into a seamless and intuitive online to showroom experience, you will be providing a customer friendly look into your inventory to not only Zoomers, but to just about anyone who prefers to navigate on an online platform before coming into the dealership.
Generation Z are a generation that is more risk-averse and would prefer a $15K debt rather than a $30K debt. Increasing your high mileage sedan inventory will serve the Zoomers who just want something practical enough to get from point A to point B as they are entering into their entry level jobs. Maintaining real-time updates to your online inventory will enhance visibility to Zoomers who are shuffling through websites looking for the best deals.
Highlighting New Technology in New Vehicles
Zoomers grew up with their smartphones always attached to them. They want a seamless Bluetooth pairing experience or auxiliary cord for them to connect and shuffle through their Drake and Ariana Grande filled playlists on their Apple Music and Spotify subscriptions. A cool touchscreen radio experience or any other technology features will surely entice the Generation Z consumer who is able to afford or take on a larger loan for a higher end vehicle.
Quick and Friendly Transparency
Zoomers do not want to be waiting for hours trying to close the deal with finance. The quicker, more honest, and friendlier your personnel are throughout the entire process of closing the deal, the better chance your dealership has of locking a relationship with a generation who is not afraid to tweet about your business and have 10,000 retweets within hours.
It is time we embrace the traits and quirks that make up Generation Z. They may be known to be too shy to ask for ketchup from the waiter at a restaurant, but they take their big-ticket purchases very seriously and dealers can benefit from appealing to this generation that is starting to transition from infrequent driving needs and ride sharing services to a serious market with impending transportation needs.