More and more American consumers are choosing to wait for the exact car model, the features they want – GfK
In just two months, major consumer groups have become more likely to ‘stand firm’ when out of stock – GfK study
NEW YORK, NY, UNITED STATES, October 20, 2021 /EINPresswire.com/ – With microchip shortages and auto production downturns continuing to rock the auto industry, a growing number of American consumers are adopting a strategy of extreme patience – waiting for the exact model and features to be met. had planned to be available.
New research from GfK AutoMobility™ shows awareness of shortages rose from 49% in June to 63% in September, a jump of 14 percentage points. The notoriety jump was most pronounced among older age groups, increasing by 16 points (to 66%) for consumers aged 45 to 64 and by 18 points (to 77%) for those aged 65 and over .
Of those who are aware of the shortages, almost a third (31%) continue to cite the lack of inventory as having affected their plans to buy or lease a new car. Age continues to make a huge difference in purchasing plans, with 48% of those 18 to 29 reporting having changed their plans, compared to just 24% for those 45 to 64 and 17% for those 65 and over.
Auto “stewards” – consumers who are considering buying or leasing a new car – have very different reactions to shortages, depending on when they intend to buy. three months changed their plans. The proportion drops slightly, to 42%, among those who intend to buy a new car in the next two years, and levels drop sharply from there. (See Table 1.)
Table 1. Auto demanders and vehicle shortages
Source: GfK AutoMobility ™ – September 2021
Among consumers who have changed their plans, about a third – 35%, up 8 points from June – say they will wait until the exact model and features they were hoping to purchase are available again. (See Table 2.) Older Americans are more than twice as likely to adopt this strategy as the 18-29 age group, and women are also more likely to wait until current stocks run out.
Table 2. Decide to wait for the exact model / features
Source: GfK AutoMobility ™ – September 2021 … * – June to September 2021
Even ‘short-term’ applicants – those who plan to buy or lease in the next three months – are now more likely to wait for their dream car, with 26% saying they will adopt this strategy, up from 18% in June. The same option for applicants with a buying window of up to two years increased by 12 points, from 37% to 49% – although levels remained stable in many demos from August to September.
GfK AutoMobility ™ is the definitive ongoing study of verified automotive candidates, derived from approximately 23,000 interviews each month with US consumers who have declared their intention to buy or lease a new vehicle. Because it is based on more than previous website visits or car purchases, GfK AutoMobility ™ research captures those with strong intentions and those who may be new to the vehicle market.
The research on responses to the vehicle shortage is based on around 47,000 interviews per month – from June to September 2021 – with verified automotive candidates representing around 50% of the sample.
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