Automotive: Newly minted millennials and Gen Z now make up 40% of new Ferrari buyers
- InsightTrendsWorld
- Mar 17
- 6 min read
Why it is the topic trending:Â The increasing percentage of new Ferrari buyers who are under the age of 40 has significantly risen in the past two years, indicating a notable shift in the luxury carmaker's customer base and sparking interest in understanding this demographic change.
Overview:Â The article discusses how Ferrari is successfully attracting a younger generation of buyers, with those under 40 now representing 40% of new clients, a significant jump from 30% in 2023. This trend highlights the evolving demographics of luxury car ownership and offers insights into the future of the brand.
Detailed findings:
New Ferrari buyers under 40 have increased from 30% in 2023 to 40% in 2025.
Ferrari CEO Benedetto Vigna attributes this achievement to the company's team.
Waiting lists for new Ferraris are currently around two years.
In 2024, Ferrari shipped 13,663 cars with profits of €1.25 billion.
81% of new cars were sold to existing Ferrari owners, and 48% to those owning multiple Ferraris.
Over 90% of Ferraris ever made are still on the road, supported by a strong resale market.
Like other luxury brands, Ferrari recognizes the need to attract younger customers for long-term success.
Other brands like Jaguar Land Rover are experimenting with rental and subscription models to appeal to younger drivers.
Customization is a key priority for attracting new luxury car buyers, with Ferrari generating a fifth of its revenue from personalization.
Ferrari is considering predefining color combinations to protect resale value.
New Ferrari clients are, on average, 10% younger than their overall customer base.
Key takeaway:Â Ferrari is successfully engaging and selling to a younger demographic, suggesting a shift in who aspires to and can afford ultra-luxury vehicles.
Main trend:Â Youthful Luxury Adoption
Description of the trend:Â The "Youthful Luxury Adoption" trend signifies the increasing propensity of younger generations, specifically millennials and Gen Z, to purchase high-end luxury goods, in this case, Ferrari automobiles. This indicates a change from traditional luxury consumer demographics, which were often dominated by older, more established individuals.
What is consumer motivation:Â The primary motivation for these younger consumers appears to be a combination of aspiration, status signaling, and the allure of owning a prestigious and iconic brand like Ferrari. The willingness to wait two years suggests a strong desire for this specific brand.
What is driving trend:Â Several factors are driving this trend, including the increasing wealth and earning potential of younger generations (some newly minted), effective marketing and brand positioning by Ferrari that resonates with this demographic, and potentially the influence of social media in showcasing and normalizing luxury consumption.
What is motivation beyond the trend:Â Beyond simply owning a luxury item, the motivation might stem from a desire for self-expression, a celebration of achievement, and the experience associated with owning a high-performance and exclusive vehicle.
Description of consumers article is referring to:
Age:Â Under 40 years old, specifically mentioning newly minted millennials and Gen Z.
Gender:Â Not explicitly stated, but likely includes both male and female consumers.
Income:Â High income, as Ferrari is an ultra-luxury brand with a high purchase price.
Lifestyle:Â Likely a lifestyle that values high-end possessions, possibly influenced by trends seen on social media, and potentially includes individuals who have achieved financial success relatively early in their careers.
Conclusions:Â Ferrari is successfully adapting to changing consumer demographics by attracting a younger customer base. This is crucial for the brand's long-term sustainability and indicates a potential broader shift in the luxury market. The importance of personalization and the considerations around maintaining brand exclusivity are key challenges and opportunities for Ferrari.
Implications for brands:Â Luxury brands should pay close attention to the evolving preferences and purchasing power of younger generations. Understanding their motivations and adapting marketing strategies and product offerings to resonate with them is crucial for future success. Balancing exclusivity with accessibility for this demographic will be key.
Implication for society:Â This trend might reflect a broader societal shift in wealth distribution or at least in the aspirations and spending habits of younger affluent individuals. It could also indicate a changing perception of luxury, making it more appealing and attainable for younger generations.
Implications for consumers:Â For younger consumers, this trend suggests a growing desire and ability to participate in the ultra-luxury market. It may also influence their financial priorities and aspirations.
Implication for Future:Â The increasing adoption of luxury goods by younger consumers signals a potential reshaping of the luxury market in the future, with brands needing to cater to the preferences and values of this demographic, including areas like digital engagement and sustainability.
Consumer Trend (name, detailed description):Â Aspirational Luxury for the Young:Â This trend describes the increasing desire and purchasing power of millennials and Gen Z to acquire high-end luxury goods like Ferrari, driven by personal achievement, status, and brand admiration.
Consumer Sub Trend (name, detailed description):Â Experience-Driven Ownership:Â While owning the physical product is important, a sub-trend could be the value these younger owners place on the entire experience of Ferrari ownership, including customization, exclusive events, and the community associated with the brand.
Big Social Trend (name, detailed description):Â The Rise of the "New Affluent":Â This broader social trend reflects the increasing number of younger individuals achieving significant financial success, often through entrepreneurship, technology, or new forms of wealth creation, enabling them to participate in luxury markets.
Worldwide Social Trend (name, detailed description):Â Globalization of Luxury Aspirations:Â With increased global connectivity and exposure through digital platforms, aspirations for luxury goods like Ferrari are no longer limited to traditional markets but are expanding among younger affluent individuals worldwide.
Social Drive (name, detailed description):Â Status and Achievement Signaling:Â The desire to showcase success and status through visible luxury goods remains a strong social driver, and for younger generations, brands like Ferrari offer a powerful symbol of achievement.
Learnings for brands to use in 2025:
Understand younger demographics:Â Conduct thorough research to understand the specific values, preferences, and motivations of millennial and Gen Z consumers.
Balance exclusivity with accessibility:Â While maintaining the aura of luxury, explore ways to engage and attract younger audiences without diluting brand prestige.
Embrace customization:Â Offer personalization options that allow younger consumers to express their individuality.
Leverage digital platforms:Â Utilize social media and digital channels to effectively reach and connect with younger, tech-savvy consumers.
Strategy Recommendations for brands to follow in 2025:
Develop targeted marketing campaigns:Â Create campaigns that resonate with the aspirations and lifestyles of younger affluent individuals, possibly featuring younger influencers or highlighting the experiences associated with the brand.
Explore new engagement models:Â Consider events, partnerships, or digital experiences that appeal to this demographic.
Maintain brand heritage while innovating:Â While attracting new customers, ensure that the core values and prestige of the brand are upheld to maintain appeal across all generations.
Final sentence (key concept) describing main trend from article:Â The growing appetite for ultra-luxury automobiles among millennials and Gen Z signifies a notable shift in the high-end automotive market, driven by evolving wealth demographics and aspirations.
What brands & companies should do in 2025 to benefit from trend and how to do it:Â Brands should actively engage with younger affluent consumers through digital platforms, offering personalized experiences and products that align with their values of individuality and achievement, while carefully balancing brand exclusivity with broader appeal through targeted marketing and innovative engagement strategies.
Final note:
Core Trend:
Name:Â Youthful Luxury Ascent
Detailed Description:Â An increasing number of individuals under 40, particularly millennials and Gen Z, are entering the market for ultra-luxury goods, exemplified by the rising proportion of younger Ferrari buyers. This signals a shift in the traditional demographic of luxury consumers.
Core Strategy:
Name:Â Targeted Engagement & Personalization
Detailed Description:Â Brands should implement marketing and engagement strategies specifically tailored to the preferences and digital habits of younger affluent consumers. Offering extensive personalization options allows these buyers to express their individuality and connect more deeply with the brand.
Core Industry Trend:
Name:Â Demographic Shift in Luxury Consumption
Detailed Description:Â The luxury goods industry is experiencing a significant demographic shift with younger generations becoming increasingly important consumer segments. This necessitates a re-evaluation of traditional marketing approaches and product strategies.
Core Consumer Motivation:
Name:Â Aspiration and Status Validation
Detailed Description:Â The primary motivation for younger consumers entering the luxury market is the desire to achieve and signal their success and status. Owning prestigious brands like Ferrari serves as a visible marker of their accomplishments.
Final Conclusion:Â The influx of millennials and Gen Z into the Ferrari customer base underscores a fundamental change in the luxury market. Brands that understand and adapt to the motivations and preferences of this younger demographic will be best positioned for success in the coming years.
Core Trend Detailed (words on Core Trend):Â The core trend identified is the Youthful Luxury Ascent, which describes the significant increase in luxury purchases, specifically Ferrari automobiles, by individuals under the age of 40. This trend is marked by a rising proportion of millennial and Gen Z consumers entering the ultra-luxury market, demonstrating a departure from the historically older demographic that dominated this sector. The "Youthful Luxury Ascent" is fueled by the growing financial power of these generations, their aspiration for high-status goods, and the effective marketing strategies of luxury brands that resonate with their values and lifestyles. This shift necessitates a fundamental understanding of younger consumers' preferences and a strategic adaptation by luxury brands to cater to this increasingly influential segment.
