NPD Study Sees Aftermarket Consumer Market Softening Next Year

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New car sales have tak­en off this year in rela­tion to used car trans­ac­tions, and it’s like­ly to con­tin­ue into next year. US con­sumers have held their cars longer than usu­al, and want to replace them with a new mod­el. That means , accord­ing to NPD Group’s 2013 After­mar­ket Con­sumer Out­look Sur­vey. NPD Group expects new vehi­cle sales to be at a sim­i­lar vol­ume as in 2012, while used cars may decline. If the econ­o­my wors­ens, 37% of the sur­vey respon­dents said they will put a hold on their new vehi­cle pur­chase trans­ac­tions. There will con­tin­ue to be a large chunk of aging cars need­ing ser­vice, but the mar­ket size of old­er vehi­cles need­ing repairs is get­ting small­er.

Mil­len­ni­als, the gen­er­a­tion of 80 mil­lion con­sumers aged 16–35, has a poten­tial for being the next biggest mar­ket for the after­mar­ket busi­ness­es, accord­ing to NPD. The chal­lenge here is that Mil­len­ni­als dri­ve less than old­er gen­er­a­tions and are going through a high­er unem­ploy­ment rate. This is caus­ing a good deal of fru­gal­i­ty for younger con­sumers.

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