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How Affluent Millennials are Changing the Finance Industry

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How Affluent Millennials are Changing the Finance Industry

How Affluent Millennials are Changing the Finance Industry

We previously showed a set of nine charts that show the views of Millennials on debt, banking, and investing. We also recently showed what Millennials want in a first home.

Today’s infographic follows a similar thread, looking at the values of the 15.5 million affluent Millennials in the United States, and what the finance industry will have to do to appeal to this group.

Probably the most important fact worth considering is the sheer wealth that this group will command as they inherit money from the Baby Boomer generation. To start, they already control $2 trillion of spending power each year. However, it is estimated that when it is all said and done, they will command an additional $59 trillion in net worth with inheritances.

Through a survey conducted by LinkedIn and Ipsos Reid, the biggest finding about this group was that they view finance and banking differently. Most Millennials (69%) are open to non-traditional finance brands, while 32% view the future as being a cashless society and 27% hold a view that big banks will not be the primary financial institutions in the future. (Note: we previously also looked at the tech startups that are aiming to disrupt these dinosaur institutions.)

Even more important is that Millennials made it clear they are looking for a social connection to these institutions. They want a brand that they believe does good for the world, rather than just raking in bank fees and profits. For this, finance will have to change: it’s not just about being good with money anymore.

Millennials want their brands to align with their purpose and to be a part of their self-actualization.

Original graphic by: LinkedIn

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Misc

Charted: Car Brand Loyalty in 2024

This ranking of car brand loyalty shows what percentage of owners would buy from the same brand for their next vehicle.

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Car Brand Loyalty in 2024

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

This graphic visualizes the best and worst car brands in terms of brand loyalty. This is measured by the % of current owners who would buy from the same brand for their next vehicle.

Data comes from Consumer Reports’ owner satisfaction survey, which includes responses from owners of more than 330,000 vehicles.

Car Brands With the Most Loyal Customers

Rivian takes the top spot in this ranking, with 86% of owners saying they would buy from the brand again. The EV startup has carved an interesting niche for itself with its outdoor adventure-focused models, and despite several recalls, appears to have won the hearts of its early customers.

Company% who would buy again
🇺🇸 Rivian86
🇩🇪 Mini77
🇩🇪 BMW76
🇩🇪 Porsche76
🇺🇸 Tesla74
🇰🇷 Genesis73
🇯🇵 Lexus73
🇯🇵 Subaru70

It’s interesting to note that Tesla held the #1 spot in last year’s ranking.

Car Brands With the Least Loyal Customers

At the other end of the spectrum we have brands with the least loyal customers, suggesting that owners are less satisfied with their purchase.

Company% who would buy again
🇺🇸 Cadillac61
🇺🇸 Chrysler60
🇩🇪 Mercedes-Benz59
🇩🇪 Audi59
🇺🇸 Jeep58
🇯🇵 Nissan55
🇩🇪 Volkswagen51
🇯🇵 Infiniti43

At the bottom of this table is Nissan’s luxury marque, Infiniti, with only 43% of owners saying they would revisit the brand for their next car.

Infiniti dealerships are aware of this alarming trend, and have attributed it to the brand’s aging lineup. In a recent interview, Steve Lapin, Chairman of the Infiniti National Dealer Advisory Board, said: “Product is king. Infiniti doesn’t have the right products right now to compete in the marketplace.”

Interested in learning more about the automotive industry? Check out this graphic, which ranks the world’s top 10 exporters of automotive products.

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