The auto industry seems to slowly give up on ideas of returning to the heydays of 17 million car sales per year. And the industry already fingered a guilty party: Young people just don’t buy enough cars. “Financially pressed young people who connect online instead of in person could hold down peak demand by 2 million units each year,” says Bloomberg in a long feature article.
Auto sales to 18-to-34-year-old buyers hovered at 11 percent in April 2012, down from 17 percent in April 2007, before the recession, says R.L. Polk & Co.
The 80 million U.S. consumers born from 1981 to 2001 are more interested in 4G than in V-8 for, says consultancy Deloitte LLP.
Dan Luria, a labor economist at Michigan Manufacturing Technology Center in Plymouth, Michigan says that a combination of lower wages and the generation’s tendency to favor gadgets over cars may cap average U.S. auto sales at about 15 million annually.
What do you think? Stop distracted driving by not driving a all?