Gen Y, Z Lead the Way with EVs and Why Brands Need To Do More When Marketing To Hispanics

 

COMMENTARY

Gen Y, Z Lead the Way with EVs

·       by Tanya Gazdik , Staff Writer, Yesterday

It has to be music to the ears of General Motors, Tesla, Rivian and other electric-savvy automakers.

One in four Gen Y and Z auto intenders say electric vehicle technology is a “must-have” in their next car, per just-released research that GfK AutoMobility is sharing first with DriveTime. 

Desire for EVs has grown 150% in just two years among  these key buyer groups. Interest in EVs among Gens Y and Z is 11 percentage points higher than among intenders as a whole (15%). 

Basically, if Gen Y and Z represent the future of auto buying, then electric EVs are positioned for exponential growth in the years to come.

General Motors is on its way to an all-electric future, with a commitment to 30 new global electric vehicles by 2025. 

The GfK AutoTech Insights study also confirms that luxury car intenders are now driving interest in all-electric cars. 

One in three (34%) lux intenders say they are interested in an all-electric vehicle – up from 24% in 2018. By contrast, the non-lux interest level is just 13%, after dropping 2 percentage points (from 15%) in the past two years.   

Even if you are extremely green-friendly, there are practical considerations to be considered, like the ever-present “range anxiety.” How do I get from point A to point B if it exceeds my battery life? 

That’s why fast-charging stations are a key draw for potential EV buyers. Six in ten (59%) intenders who are “mostly interested” in an EV -- and two-thirds (68%) who are “somewhat interested” -- say that the availability of free fast-charging stations would raise their interest levels.

Free installation of fast-charging stations at buyers’ homes is another big draw, appealing to 54% of those who are “mostly interested” in an EV and 62% who are “somewhat interested.” 

GM’s Chevrolet division acknowledges this, and recently announced plans to cover standard installation of Level 2 charging capability for eligible customers who purchase or lease a 2022 Bolt EUV or Bolt EV.

GfK also found that attractive styling and third-row seating were the only features selected significantly more often by the “mostly interested” intenders versus the “somewhat interested” ones.

“There is no question that EVs are powering auto innovation right now,” says Tom Neri, commercial director for marketing and consumer intelligence at GfK North America. “The question is, can they expand beyond the upper echelons of car buyers and gain true mainstream acceptance? Strong interest among younger intenders is definitely a positive sign – but we will have to see if that translates to sales and loyalty in the years to come.”

In some respects, the pandemic-inspired lack of a commute (which could become permanent as more and more businesses reduce their costly office space) could work in an EV’s favor.  

If the majority of trips is around the neighborhood, going to the grocery store, picking up the kids from soccer practice, etc., then an EV makes perfect sense. 

The practicality of road trips in a pure EV remains a concern since it adds an extra element of planning for stops to recharge should the day’s driving exceed the battery range.

If the availability of charging stations continues to expand and if technology continues to lessen the amount of time necessary for recharging, EV ownership should become more and more attractive to more people. Time will tell. 

 

Now here is the other article….

Why Brands Need To Do More When Marketing To Hispanics

• by Isabel Rafferty , 7 hours ago

In 2014, Google labeled the U.S. Hispanic market as marketers’ “Next Big Opportunity.”

Fast-forward seven years, and not much has changed. Brands are still struggling to figure out a winning strategy for reaching Hispanic audiences, despite the fact that a report by Claritas found that total annual spending by Hispanics in 2020 was, at $978 billion, higher than that of any other minority group.

There are over 60 million Hispanics currently living in the United States, according to Pew Research Center, making up 18% of the total population. Yet it would be a mistake to treat them as a homogenous group. Just as no experienced marketer would consider the entire non-Hispanic white population a single audience to advertise to, so too should the nuances of Hispanics be recognized.

Sadly, I’ve seen too many brands take the easy route and partner with companies like Telemundo and Univision. While they certainly play an important role in the Hispanic media ecosystem, far too many marketers see these partnerships as the extent of their Hispanic outreach, instead of as a springboard toward a better understanding of their target audience. Moreover, brands that take this approach are also missing an opportunity to partner with minority-led and operated businesses that have real connections and insight into the nuances of the Hispanic population.

Amid the Black Lives Matter Movement and growing calls for more diversity and inclusion, advertisers have finally seen multicultural advertising for what it is: a necessity that allows them to reach diverse audiences in ways that go beyond the superficial.

But in order to do multicultural advertising right, brands have to think about the entire process -- starting with the companies that will be producing those ads, through to the media channels that they choose to run those campaigns on. Unfortunately, many brands who say they’re supporting Latinos and other minority communities end up spending money with companies who look the same as they do -- that is to say, companies that lack the types of diverse voices needed to successfully appeal to multicultural audiences.

It’s time for brands to put their money where their mouth is, and support communities of color in truly meaningful ways. A good first step would be to look for officially accredited Hispanic-led and owned agencies to assist with campaign planning and strategy. Not only must these companies go through an extensive auditing process before they can be certified, they also provide a level of audience insight that others are unable to provide. For instance, they can advise brands on which cultural cues appeal most to Hispanic audiences, and how those cues differ depending on geographic location, age, and the level of acculturation.

Only 6% of U.S. ad spend is directed towards Hispanics -- a shocking statistic considering the demographic’s purchasing power. While many have taken (much-needed) steps to changing this statistic, the reality is that it’s past time for Hispanics to be taken seriously as an economic and cultural force. An ad on Telemundo just isn’t enough anymore.