Consensus is building that U.S. auto sales will rebound in 2010, but just which brands and models attract buyers will continue to evolve amid lingering economic pressures, according to the latest Automotive Consumer Dynamics study from Acxiom® Corporation. The report gives manufacturers and dealers insights to win business in the post-“Cash for Clunkers” era.
Among the findings:
• Discontinued brands Pontiac and Saturn are gaining favor with five out of 10 Acxiom consumer groups, likely a result of deep discounts.
• The Mini-Cooper is gaining traction with singles, but losing favor with “singles in the city.”
• Lincoln is gaining with city dwellers, but losing with suburbanites.
• Buick is gaining with rural, blue-collar buyers – but losing with the “married with children” segment.
• Kia has emerged as a “top 4 brand” gaining favor among blue-collar buyers, who previously gravitated toward brands that have gone bankrupt (Dodge, Chevrolet) or been eliminated (Pontiac).
When studying the purchase motivators of recent buyers, Acxiom found interesting reasons why people chose certain brands:
• Tech Toys – Purchasers of Ford, which features Sync, and Chrysler/Chevrolet with satellite radio, selected these features as their top reason to buy.
• Incentives – Kia buyers selected financing options and incentives “too good to pass up” as their reasons to buy.
“Last year’s economic downturn will surely have a longstanding effect on consumer expectations and behavior, and vehicle purchases are no exception,” says Jeff Hood, automotive industry executive for Acxiom. “For the third consecutive year, we’re excited to continue providing this up-to-the-minute look at what consumers are doing and thinking, because in an age where brand loyalty is becoming less and less relevant, auto manufacturers and dealers need to constantly learn and adjust their approach to be successful in targeting buyers’ sweet spots. We hope our next study brings a continued positive outlook for the automotive industry.”
In addition to the above key findings, Acxiom’s latest study also explores:
A portrait of the 2010 post-“Cash for Clunkers” consumer
Social networks to leverage in targeting new vehicle purchasers
Automotive Consumer Dynamics is the industry’s first comprehensive, consumer-centric view of the U.S. automotive market.
This last issue combines the past year’s consumer behaviors with a post-“Cash for Clunkers” snapshot of purchase behaviors.
Developed from the world’s largest repository of up-to-date consumer intelligence, InfoBase-X®, and Acxiom’s industry-leading PersonicX® life-stage segmentation, the study applies sophisticated modeling and analysis to deliver a powerful combination of hindsight, insight and foresight that spans more than 200 million U.S. consumers representing more than 128 million households and more than 40 million vehicle purchase/trade-in transactions.
For a copy of the study, go to www.acxiom.com/automotiveconsumerdynamics.
