Loading...

Growing thin-file millennials

Published: December 18, 2015 by Guest Contributor

Millennials, now the largest generation in the United States, are taking longer to establish credit than earlier generations of young people. Bankcards make up only 27% of recently opened accounts for millennials, compared with 46% for Generation X counterparts at the same age. While the delay means lower debt exposure for millennials, it could also mean they are less engaged and less able to obtain higher-priced consumer items given their limited credit history.

Millennials are poised to shape the economic landscape. With the right strategies and investment, financial institutions can become trusted partners and establish profitable, rewarding relationships with this up-and-coming population.

>> Video: Growing Thin-File Millennials

Related Posts

Download our infographic to explore industry trends and practical solutions to unlock growth and take steps toward a more profitable future.

Published: January 22, 2025 by Laura Burrows

  As the evolution of the automotive industry continues to unfold, certain vehicles retain their prominence, offering not only versatility but adaptability. In particular, vans have long embodied myriad lifestyles and needs—painting an intriguing picture of consumer preferences and economic trends. For instance, data from Experian’s Automotive Consumer Trends Report: Q4 2023 found there are currently more than 18 million vans in operation in the United States. Furthermore, there were over 245,000 new van retail registrations in the last 12 months—with mini vans such as the Honda Odyssey accounting for 79.4% of new van retail registrations and full-size vans including the Mercedes-Benz Sprinter making up the remaining 20.5%. Diving into the details, Honda comprised 27.3% of the market share by make in Q4 2023, followed by Toyota (19.3%), KIA (16.7%), Chrysler (13.7%), and Mercedes-Benz (9.0%). When looking at the most sought after vans, the Honda Odyssey led the market share by model this quarter—coming in at 27.3%. The Toyota Sienna trailed behind at 19.3%, followed by KIA Carnival at 16.7%, Chrysler Pacifica (13.5%), and Mercedes-Benz Sprinter (9.3%). While understanding the broader trends in van registrations is important for automotive professionals, exploring the demographics more in depth will help tailor marketing strategies effectively and personalize guidance to those who are in the market for a vehicle. For example, Gen X made up the largest portion of retail van registrations in Q4 2023 at 36.0%, followed by Millennials at 27.6%, Boomers (25.3%), Gen Z (7.5%), and Silent (3.3%). In order to align their strategies with the needs and preferences of van buyers, professionals throughout the automotive industry should delve into the nuances of who is buying and the models they’re interested in. This will also enable them to sustain the foundation for success in the dynamic automotive landscape. To learn more about vans, view the full Automotive Consumer Trends Report: Q4 2023 presentation.

Published: April 4, 2024 by Kirsten Von Busch

View our digital lending trends report for a full analysis on origination volume trends, delinquency trends, and consumer behavior insights. Read more!

Published: June 1, 2023 by Laura Davis