Millennials Who Ride
The motorcycle industry is looking for a new population of riders to unleash on the open road. After seeing a decrease in sales during the 2008 global financial crisis, motorcycle dealers were left with a huge void to fill. For this same reason, Millennials are in tough financial situations seeking ways to make their dollars stretch. This convergence of circumstances has made Millennials the new target for motorcycle dealers working to strengthen their industry.
In recent years, Millennials have significantly increased in the purchase of motorcycles. According to Fox News Auto, insurance quotes from 2011 - 2016 reveal that motorcycles from the 1970s are popular among Millennials, and the most popular brands include Honda, Harley, Yamaha, Kawasaki, and Triumph. Other than the sheer excitement of riding, most of the reasons for the trend towards motor bikes are economical. Millennials seek low-cost, reliable, and low-maintenance alternatives to driving cars.
Motorcycle companies are taking advantage of the Millennial desire for additional transportation options by offering lower prices and retro designs. Every company in the industry is offering new motorcycle models that check off the boxes on the Millennial motorcyclist list --- small, inexpensive, and reliable. Attracting first-time riders hasn’t been an easy task. The challenge of creating simpler designs relevant to urban environments and within the price range of Millennials is tough to do while maintaining a profit margin. Also, the fact that Millennials still aren’t purchasing at the rate of their parents and grandparents makes it difficult to close the gap.
However, this demographic shift is an option worth exploring for a group with such a large market share and increased life expectancy. While it is too early to say whether or not Millennials will invigorate the motorcycle industry, it is safe to say it’s a good match that is worth exploring.