Automotive: New car spend and information gathering
Particularly high proportion of Chinese new car buyers willing to spend big
Of those in the major European markets looking to buy a car in the next two years, it is in Germany and Britain where you will predominantly find people willing to spend the most. 14% of those in Germany looking to buy a car anticipate spending €30,000 or more, compared to just 5% in Spain and 4% in France - perhaps a reflection of how Germany’s economy leads the rest of the Eurozone. Another economy performing strongly is Australia and here 10% are willing to spend the equivalent of over €30,000 on their next car.
In Britain too, 10% of those looking to buy a car would be willing to spend the equivalent of around €30,000 upwards. In China, however, a huge 41% car would willingly spend the equivalent €30,000 or more on a new car, which again underlines the value potential amongst the BRICS to the automotive industry. Many cars in China are imported and consequently their cost can spiral.
The sources of information used by those looking to buy a new car also fluctuate globally, and this can inform the most efficient way to target new car buyers. For example, showroom visits are the most popular ways of gathering information in the major European countries, apart from in France where it is going online.
By the same token, websites are a key means of information gathering in Britain, but less so in Germany and Spain. In China too, going online is the most relied upon means of information when buying a new car, followed by recommendations from friends and relatives.