From being a symbol of freedom to a way to get from point A to point B, cars capture the heart of millions. In fact, 65 percent of Internet respondents across 60 countries are planning to buy a new or used car in the next two years, according to findings from a recent Nielsen global survey.
Purchase intent is highest in Latin America and the Middle East/Africa, where three out of four online consumers (75% in each region) expect to acquire a new or used car over the next 24 months. Asia-Pacific reported the strongest intent to buy a new car at 65 percent, driven by high expectations in China (76%) and India (77%). Meanwhile, only 56 percent of North Americans are planning to buy new (34%) or used cars (22%) in the next two years.
“Gauging intent from online consumers provides a leading indicator for what to expect in terms of purchase trends as they often represent a younger and more affluent demographic, which is especially true in developing markets,” explains Pat Gardiner, president of Nielsen Automotive. “Asia-Pacific represents a large area of growth opportunity for the automotive industry, and we believe the consumer focus on new vehicles will continue to be unique in this region.”
Nearly eight out of 10 global new car purchase intenders (79%) already own cars. In Asia-Pacific, 76 percent of those intending to buy a car already own one.
“The demand for new vehicles is coming from car buyers that are more experienced as the majority is buying for the second or even third time, which is true even in developing markets,” said Sallie Hirsch, senior vice president, Research for Nielsen Automotive. “This level of experience will be reflected in the reasons for buying a new or used car and it will help drive purchase decisions.”
The findings in this survey are based on respondents with online access across 60 countries. While an online survey methodology allows for tremendous scale and global reach, it provides a perspective only on the habits of existing Internet users, not total populations. In developing markets where online penetration has not reached majority potential, audiences may be younger and more affluent than the general population of that country. Additionally, survey responses are based on claimed behavior, rather than actual metered data.