The Cadillac Lyriq Is Bringing in Younger Buyers at a Critical Moment
The electric Lyriq crossover is more popular with Gen X and Y than Boomers.
For decades, Cadillac has battled an age problem. In an attempt to attract younger buyers, it put out cars like the CTS-V, the recent CT5-V Blackwing, and now, even an Escalade V. Still, a large portion of Cadillac customers put their teeth in jars at night. However, that might be changing, as Cadillac may have finally remedied its issue with the new electric Lyriq.
According to GM Authority, during a conference call with the media on May 16, Cadillac claimed that 68 percent of Lyriq buyers are from Gen X (born between 1965-1980) or Gen Y (1981-1995).
Admittedly, many Gen Xers are nearing their 60s now, so there will still be a lot of Lyriq customers rocking white New Balance sneakers and dad jeans. But, they didn't get their driver's license during the Johnson administration. What's more, Gen Yers are beginning to make up more and more of Cadillac's customer base, and the Lyriq looks to be the biggest reason why.
Potentially even more interesting than that, a whopping 70 percent of Lyriq customers are new to Cadillac. This means Lyriq buyers are likely jumping ship from other premium brands, either for its sharp new styling or because their previous brand didn't offer an electric SUV in the Lyriq's size or price range. Interestingly, 30 percent of those Lyriq customers are from the West Coast, which—outside of Escalade-loving Beverly Hills—isn't an especially strong selling region for Cadillac.
We don't have access to Cadillac's surveys and data, so we can't pinpoint exactly what about the Lyriq is bringing in a younger audience. That said, it isn't too hard to guess why. The Lyriq just ain't your granddaddy's Caddy. It's an electric SUV with razor-sharp styling, a flashy front "grille," a modern design, and the most high-tech cabin Cadillac has ever made. It's not exactly Boomer-friendly.
This is exactly what Cadillac wanted, too. Not only did it want to bring in a younger audience, but it also wanted to steal customers away from brands like Tesla, BMW, and Mercedes-Benz. With the Lyriq, Cadillac is apparently doing both.
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