Cyril Huze. Baby Boomers have long been the generation that defined how Americans spend, save and borrow money. Now Millennials, born between 1980 and 2000, have taken over as the largest living generational group. How do you think Millennials have already started to influence and will continue to redefine the motorcycle industry?
Bob Kay. Well, first off you need to appreciate there are still a large number of boomers but in terms of a buying force their influence has been reduced because their buying habits are set and hard to change and they are either not buying or selling down their holdings, motorcycles in this case. Millennials by their sheer numbers are the new economic force and they are less interested in their father’s Harley than previous generations. Now they do appreciate vintage custom styling, the camaraderie of riding together and gathering to celebrate the achievements of their peers.
In terms of industry relevance many new companies and events are now structured around social media communication which equals the power of the millennials to be better and instantaneously informed. They can be involved in a broader experience, including what they purchase, from sharing their personal ride preparation to keeping track of their favorite builders progress.
Cyril Huze. Millennials are notoriously more educated that the Baby Boomers and even than the GenXers but with less buying power. Also, there are consciously refusing to do things that preceding generations were doing. So, how to go around these issues and expose more of them positively to the sport of motorcycling?
Bob Kay. We are all aware of shrinking disposable income and of growing college debt. But what we tend to forget is that when millennials decide to buy they have done their research and their brand/product choice has already been made. They probably know more about the product than most salespeople and know how much they should pay. And most of the time there is no human interaction as the transaction is conducted through the internet. Their fingers on the keyboard or mobile device do the shopping and negotiating. Heavy social media presence is almost exclusively the only way to connect with Millennials, but as a vendor you better off understanding the web communication rules or they will reject your offers and move quickly to another source that can satisfy the quality, price and service they demand.
When you think about it, motorcycles are an experiential offering that fits well into the millennial lifestyle. Easy access to training, practical customization, group awareness and peers appreciation through team work, lifestyle events that incorporate motorcycles with games and competitions and that can be amplified via internet are sure fire ways to promote motorcycling to this ever more influential demographic.
Cyril Huze. Millennials are wired differently. From the way they get their information and share it online, to their obsession with environment and wellness, to their strong belief in work/life balance. They value experience over material possessions and over climbing the corporate ladder. I agree with you that motorcycling is inherently experiential. Riding, customizing, meeting and sharing experiences on the road, in a garage or in a rally are perfect ways to satisfy such aspirations. So, practically what OEM’s, show organizers, parts vendors, builders should do differently to reach a younger generation?
Bob Kay. You are right on target with the experiential aspects of motorcycling being a perfect fit to the values of this younger generation. You might say wired differently, but I tend to believe it is the environmental influences of the time that have given this generation a big advantage over previous generations. Baby Boomers struggle with technology that millennials just consider a way of life because they were born into it. That easy access to massive amounts of information has given them a broader view of life at an earlier age. Their preference for urbanization and indifference to automobile ownership is a further indication of motorcycling evolving in this country.
As you know, because of the importance of this segment to the future of the industry, at the upcoming Orlando AIMExpo in October we are building a collaboration of key builders, of industry leaders and other stakeholders who are or who want to be directly involved with this emerging community. This “Custom Culture” segment is decidedly very different from the still very-important legacy V-Twin segment that has powered the motorcycle business for so many years. During the 2016 AIMExpo edition and to help the industry recognize and digest this new “Custom Culture”, we are hosting “Our Changing Industry, A Millennial Roundtable” as a trade attendee forum about understanding and relating to the needs of the Millennials. I invite dealers, OEMs, parts vendors, aftermarket manufacturers and builders to join us to participate in this industry shaping event. It will take place Thursday afternoon, October 14th. Continue reading ‘The New Custom Culture. Cyril Huze Interviews Bob Kay, Industry Veteran And V-Twin Director Of AIMExpo’
Since I don’t know any other company offering this type of warranty on chrome, it’s worth mentioning it. This lifetime warranty covers all parts you want to chrome (or re-chrome) on all 2000 & later Harley-Davidson models and on all American-made aftermarket aluminum motorcycle wheels & parts.
