For reporters attending the Canadian International Auto Show's media day this week, there was more than a sense of déjà vu being felt after many automakers' presentations.

Words kept being repeated ad nauseum by auto executives: "fun to drive," "Gen Y," "environmentally conscious," "compact -- made for city driving."

Clearly, there's a new battleground in the increasingly competitive auto sector, and it's for the wallets of Generation Y – 19- to 31-year-olds.

Toyota, Ford, Chrysler, and Hyundai are all making serious efforts to win over young buyers, showcasing affordable, compact and subcompact vehicles that fit their lifestyles.

Even Acura -- Honda's upscale brand -- said it's trying to keep prices low on a new model to garner "aspirational" young people.

As I heard one older gentleman of the media say to another older gentleman at the auto show: "We've been marginalized. If you have grey hair, no one is interested."

According to a recent survey by Deloitte, Gen Y will make up 40 per cent of auto buyers in North America over the next 10 years, and automakers are scrambling to build cars for them.

The majority of Gen Y wants to purchase electric cars (59 per cent) or hybrids (57 per cent), the survey said.

And what Gen Y wants, Gen Y gets. Toyota and Ford are going head-to-head in the hybrid market, with Ford bragging its new 2013 Fusion has better gas mileage than Toyota's Camry.

Virtually every manufacturer at CIAS mentioned they were making efforts to improve the environmental impact of their vehicles, as 71 per cent of Gen Y says that's important.

Another aspect that sets Gen Y apart from other demographics is their fondness for "cockpit technology" -- a car's ability to act as an extended version of a person's smartphone. Gen Yers want their cars to be a "personal technology cocoon" with the ability to access their own digital music and social media, according to Deloitte.

Automakers have picked up on this, leading to the oddness of a Toyota Canada CEO praising a Prius's ability to play digital music with the same enthusiasm as the impressive hardware under the hood.

It's understandable why automakers are fighting over the Gen Y turf. While Gen Y doesn't have the brand loyalty of their parents and grandparents (nor the same loyalty to domestic vehicles), it's still significant. Nearly 50 per cent is expecting to stick with the same brand in five years.

Get ‘em while they're young, so it goes, and you'll have them for life. Auto companies are thinking the same way.

But there are pitfalls in pushing hard for today's young drivers, with the biggest being young people aren't exactly rolling in the dough.

Gen Y doesn't enjoy the economic buying power anywhere near to what the two generations above them enjoyed in their youth.

About 25 per cent of Americans between the ages of 18 to 34 still live with their parents. In 2010, only slightly more than 55 per cent of Americans between 16 and 29 were employed.

While most of the compact and subcompact cars are aimed at urban dwellers, many young urbanites have other spending priorities. Those just out of university may have car-sized student loans to pay off. In cities such as Toronto and Vancouver, the real estate market has skyrocketed, leaving the dream of owning a home running counter to owning a vehicle.

In 2010, the number of Canadians using public transit grew nearly 5 per cent. High oil prices and a weak economy has made driving a luxury for many people.

According to the U.S. Federal Highway Administration, drivers 21 to 30 accounted for only 14 per cent of all miles driven in 2009, compared to 21 per cent in 1995.

Besides the economy, there are other reasons young people are driving less. They marry later and have children later, pushing off the need for a vehicle to drive the kids to school in the suburbs. Gen Y is increasingly living in downtown urban centres, preferring to pay a premium on rent or a mortgage for the ability to walk or take a short public transit ride to work.

All of these factors mean that Gen Y is a much smaller pot than previous generations.

The compact and subcompact cars coming out of Detroit are as good as those coming out of Asia and Europe, something that could not be said even a few years ago.

For once it's a buyer's market. There's just a lot less buyers.