- Average annual spending in 2020 for all consumer units: $9,826
- Under 25 years of age: $7,300
- Age 25-34: $10,277
- Age 35-44: $12,617
- Age 45-54: $12,316
- Age 55-64: $10,287
- Age 65-74: $7,676
- Age 75 years and older: $4,205
The automotive industry has been on a wild ride since COVID-19 struck. In April 2020, U.S. sales dropped by 47%. With in-person restrictions making visits to dealerships difficult, many buyers went online for their purchases. Still, there was the issue of supply versus demand, with supply chain issues and microchip shortages adding to the delays. And with fewer people commuting to work, the necessity for owning a vehicle was not as great for many.
Another trend that sprang out of this was used car sales. Ages 35-44 were the highest spenders in this category with an average annual spend of $3,573. For car rentals, the 45-54 age group came out on top here, spending on average $952 annually.
Despite limitations in terms of access to vehicles, use of public transportation didn’t climb either, potentially due to COVID-19 restrictions. The age group that took public transportation the most was 35-44, spending an average of $335 for the year. During 2020, though, some positive changes also began, including a 43% upturn in electric vehicles.