COX AUTOMOTIVE CAR BUYER JOURNEY STUDY: PANDEMIC EDITION ...
Research & Market Intelligence
COX AUTOMOTIVE CAR BUYER JOURNEY STUDY: PANDEMIC EDITION Media Summary / February 2021
Study Background & Methodology
Background
? Cox Automotive has been researching the car buying journey for 11 years to monitor key changes in consumer buying behaviors
Goal
? Inform strategic decisions for Cox Automotive and OEM & Dealer clients
In-Field Dates
? September 10 ? September 22, 2020
Respondents
? Buyers/Lessees that took ownership between mid-March and September 2020 ? Used the internet during the shopping/buying process ? Results are weighted to be representative of the buyer population
3,016
Recent Vehicle Buyers
2,010
New Buyers
1,006
Used Buyers
2
2020 Buyer Profile
Male Female Avg Age Gen Z (1996-2011) Millennial (1982-1995) Gen X (1965-1981) Baby Boomer (1946-1964) Pre-Boomer (Pre-1946) White/Caucasian African American or Black Hispanic
Asian
Total
51%? 49%?
50 2% 24% 38% 30% 6% 88% 7% 11%? 3%
New (A)
62%B? 38%?
53 1% 20% 34% 37%B 9%B 89% 4% 13%? 5%B
Used (B)
48%? 52%A?
49 2% 25%A 39%A 29% 5% 88% 8% 11%? 3%
*Ethnicity/Race & Income excludes prefer not to answer.
Letters indicate significant difference between New and Used at the 95% confidence interval. Arrows indicate significant difference to prior year at the 95% confidence interval.
Income Under $75K Income $75K+ Have Children
Total
42% 58% 51%?
New (A)
30%? 70%B? 47%?
Used (B)
45%A 55% 53%A
2020 Pickup Truck Purchase
(among Male Buyers)
59% (+14)?
2020 Pickup Truck Purchase
(among Hispanic Buyers)
11% (+7)?
2020 Segment Market Share
(Change from 2019)
Pickups +3%? SUVs +2% ? Cars -4% ?
Source: Cox Automotive CaEr dBiut yMearsJtoeur rtneextys-ty2l0e2s0
3
Our Consumer Segments
The Guarded
Inexperienced and cautious about car shopping Practical and sticks to budget
The VIP
View their car as a reflection of their social status Put limited effort in their car shopping
The Informed
The Experiencer
Prefers the finer things in Enthusiastic about cars
life
View car buying as
Meticulous and maximize opportunity to learn
effort in their car shopping
The Straight Shooter
Well-versed in vehicle buying process Would never buy a car they felt they couldn't afford
More likely to be Millennials More likely to be single Gender neutral More likely to have $75K HHI
More likely to be Gen X Most likely to be a Suburbanite More likely to be male More likely to have >$75K HHI
More likely to be older Millennials Most likely to be Urbanite More likely to be male More likely to have >$75K HHI
More likely to be Gen X or Boomers More likely to be a Suburbanite Gender neutral More likely to have ................
................
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