Millennials overtake Boomers, Gen X as biggest buyers of pickup trucks in U.S. for first time

The largest generation of new car buyers in the U.S. are people who are not interested in driving.

According to Tyson Jominy, J.D. Power vice president of data & analytics, the generation born between 1977 and 1994 have done it at an astonishing rate.

The peak of the coronaviruses epidemic last year saw the rise of the young people, who took over in April. He told CNBC that they thought it was a blip, but it has increased since then. It has gotten faster every month.

For the first time this year, young people will be the largest buyers of pickup trucks. Light-duty trucks are segments. They made up 20% of the US new vehicle market in 2020.

Baby Boomers, who were born between 1946 and 1964 and are known as the "Boomerangs", were the top buyers of mid-size and compact pickup trucks last year, but this year they are being replaced by the younger generation, known as the "Millennials".

Jominy said that it was a coming-of-age story for the young people and they were getting promoted in their jobs and getting married and moving to the suburbs.

Jominy says that the rise of the young generation to become the largest demographic of U.S. car buyers is related to another generation shift.

Baby Boomers were the largest buyers of the Ford mustang when it was popular in the 1960's and 70's. The introduction of the first all-electric mustang mach-E vehicle has overtaken the younger generation.

Jominy said you have this mustang for each generation.

J.D. Power reports that Gen Xers are the most likely to buy an electric vehicle. J.D. Power says they have represented 34% of new EV purchases this year compared to Baby Boomers at 29% and Gen X at 26%.

Millenials are the top buyers in 17 of 27 vehicle segments, while Baby Boomers are the top buyers in more expensive vehicle segments.

Jominy said that the higher the price, the more likely they are to see boomers in it.