By: Robert O'Hara, VP Strategic Alliances, GrooveCar
Credit unions are in an enviable position to be of service to the largest generation in U.S. history. This group of 80 million strong is estimated to have an annual $200 billion spending habit forecasted to reach over $1 trillion during their lifetime. They also have some very interesting views on the world shaping their buying preferences. The buying power is impressive and every business on the planet wants to get in front of them.
As digital natives, they prefer to receive information via social channels and the Internet on their phones. This group is helping to fuel auto loan growth and mortgages. They are already having an impact nationally on auto buying, especially leasing, in select markets across the United States. The LA Times, in a recent article, cited up to 35% of millennials intend to purchase a car in the next year. As a credit union, I recommend reviewing your offerings and how those offerings are being served to this savvy group. Credit unions will need a thorough understanding of what motivates them in order to create a positive member experience. A good first step is to gain a better understanding of what shaped them during the years of 1980 and 1999.
I recently had the opportunity to be interviewed by Mike Lawson of CU Broadcast at NAFCU last month. In the video, I discuss many points credit unions should consider when reaching this emerging market.