INDUSTRY STUDY FINDS AFFLUENT GEN-XERS FLOCKING TO 365-HORSEPOWER FORD EXPLORER SPORT
Professional
Gen-Xers don’t always drive SUVs, but when they do they drive Ford
Explorer Sport, according to a new vehicle customer study by MaritzCX.
Data
from the study shows the vehicle has the highest percentage of Gen X
buyers of any non-luxury SUV in the United States, reflecting this
group’s preference for exclusivity and performance at a great value.
With its 3.5-liter twin-turbo EcoBoost® V6 engine mated to a six-speed SelectShift® automatic transmission, Explorer Sport delivers 365 horsepower at 5,500 rpm and 350 lb.-ft. of torque at 3,500 rpm.
Explorer Sport has grabbed a significant 15 percent of total nameplate sales since its debut in 2014.
Jim
Mulcrone, director of research services for MaritzCX, says 23 percent
of buyers of other midsize SUVs, on average, are Gen-Xers, but Explorer
Sport attracts nearly 40 percent of those born between 1965 and 1978.
“Ford
has a very interesting customer with this product, and what’s unusual
is that many are buying it without trading anything in,” he says. “Our
study shows that while 17 percent of all non-luxury SUV buyers classify
themselves as ‘specialty professionals,’ that number is closer to one in
four with Explorer Sport. It seems this product is breaking through.”
Peak
earning years for members of Generation X are between 47 and 54 years
old, and these consumers have a more practical, experiential and
family-oriented mindset than baby boomers did at this stage of life,
says Sheryl Connelly, Ford manager of global trends and futuring.
“Boomers felt the need to display their status in more obvious ways than
Gen-Xers do,” she says. “While both groups are hugely important,
automakers need to pay special attention to Gen-Xers. Our Explorer Sport
fits the profile of the successful member of Generation X.”
Average
household income for a buyer of Explorer Sport is $175,000, versus
$112,000 for the average midsize SUV buyer, the study reveals. Mulcrone
says Explorer Sport buyers broaden Ford’s base by attracting more
affluent consumers, including those who have owned premium brands.
Moreover, those Explorer Sport customers who do trade in a vehicle are
twice as likely as average midsize SUV buyers – 12 percent versus 6
percent – to trade in a premium one.
“When
consumers look at Explorer Sport, they see all the style and
performance of a luxury SUV, but at roughly $20,000 less,” says Omar
Odeh, Ford Explorer marketing manager. “Our surveys show Explorer Sport
owners highly rate such attributes as ‘power and pick-up,’ ‘fun to
drive’ and ‘overall performance.’ The best part is they represent
incremental buyers for us, in that some don’t even set out looking at
the Ford brand. Explorer Sport is proving it can stand on its own.”
The
2017 Ford Explorer starts at $31,160, plus destination and delivery,
taxes, title and licensing fees; Explorer Sport starts at $45,205. For
more information on Explorer, please visit ford.com.
