Buying a car is the most important experience for millennials

Published On : 04/26/2018

• Millennials would rather buy a car than travel the world
• For baby boomers, a new car is the third highest spending priority, after seeing their favourite bands and visiting Europe

Younger generations are now more likely to prioritise buying a new car than travelling the world, new research has revealed¹.

The research, conducted by short term loan provider Wonga, asked 18-34 yearolds and baby boomers (55+) to rank a series of key life experiences to determine the differences between generations.

More than one in five (21%) millennials said that buying a new car is the top experience everyone should have at least once in a lifetime, beating other typical bucket list items, such as seeing their favourite bands (11%) and taking gap years (3%).

The appeal of buying a new vehicle appears to transcend age categories, as nearly one in six (16%) of the baby boomer generation also listed the experience as the most important thing people should do in life. When asked to rank 13 different experiences, over 55s gave buying a new car the third highest average position, beaten only by visits to Europe and seeing their favourite bands.

Despite more millennials saying that buying a new car is the number one life experience, it is the over 55s who are more likely to make such a purchase within the next year. When asked what they expected to buy over the next 12 months, 7% of the baby boomer generation said a new car, compared to 6% of 18-34s^[1].

 The most important experiences for 18-34 yearolds and baby boomers are:

James McMaster, Head of Marketing in the UK at Wonga, said: “After looking into which life experiences generations value the most, we were surprised to find that buying a car tops the list for millennials. Though differences between the two generations are widely documented, the two groups share a love of live music as both rank seeing their favourite band in second place.”

To read more about how the older generation look after their money, visit Wonga’s Cash Smart hub:

https://www.wonga.com/cashsmart/articles/image-articles/saving-tips-from-the-older-generation/

Wanda Rich

Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.