There’s nothing quite like the freedom of owning your own car. Having the ability to get from point A to point B without having to rely on anyone or public transportation creates feelings of both independence and pride. People are passionate about car ownership—whether new or used—and findings from Nielsen show how this passion will drive auto sales in the Philippines.
Affordability and need are central to the automotive purchase decision-making process, but changing population trends, rising wealth accumulation and growing aspirations are also helping to fuel new demand. This expansion represents good news for automakers, but understanding the motivational factors driving this demand is critical to reaching the right consumers for your products.
According to Nielsen’s global online survey of automotive purchase intent76 percent of Filipino respondents plan to buy a new or used car in the next two years.
More than nine in 10 Filipino car owners (96%) intend to upgrade their vehicle when they are financially able, the highest level of intention to upgrade globally.