March 5, 2020—According to a new Lang Marketing report, Amazon was rated the most relevant brand for millennials.
Millennials (Americans born between 1981 and 2000) today range in age from 20 to 39 years. For the next twenty years, millennials will be the key generation driving the U.S. economy, as Baby Boomers fade from the scene and Generation Z consumers began to gain economic traction.
In the report, millennials rate Amazon as the most relevant brand, beating out tech giants like Apple and Google, along with consumer product/service brands like Sony, Starbucks and Nike to name only a few.
Amazon has two features that are pointed directly at key Millennial values: peer to peer ratings of products and wide selection of brands and prices. And in order to attract millennials, you have to have the right tactics.
Amazon's interest in the aftermarket is based largely on the access it can provide to the much bigger mobility market, which in the future will amount to trillions of dollars.
"Amazon's top ranking by millennials has significant implications for the development of auto parts sales by Amazon, which has shown a growing interest in the aftermarket and the access it can provide to the trillion-dollar mobility market," said Jim Lang, president of Lang Marketing.
Not only does it have an impact on auto parts, but motor oil. According to a report from Jalopnik, Amazon has it's very own brand of synthetic motor oil apart of its Amazon Basics self-branded products line. According to the report, Amazon's brand goes for $3.56 per quart, while Valvoline's oil sells for $9.49 per quart, which could pose a threat to other motor oil brands in the future.
While millennials are the key demographic of consumers, Generation Z is another generation you'll want to pay attention to as well.
