And while they weren’t more likely to buy used, rather than new, Millennials were significantly more likely to be trying alternatives to ownership.
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“… This year, we found that the percentage most often buying used has increased to 26% and that 12% of Americans are actively taking part in the share-it, swap-it, rent-it economy. The primary driver? Saving money. But what’s surprising is that those most often buying used and seeking alternatives to ownership are not just lower-income consumers who can’t afford new. Rather, this behavior was found across all income brackets and seems to be a personal preference driven by fiscal conservatism, regardless of household income.
And while they weren’t more likely to buy used, rather than new, Millennials were significantly more likely to be trying alternatives to ownership. Having seen parents lose homes, struggled to find jobs after college and generally come of age in tough economic times, the Millennials— who comprise the largest age cohort ever — seem to be rethinking the mindless consumption that has driven the American economy since the Baby Boomers bought their first BMWs. …”