After rising throughout the first half of 2016, the number of Australian new car buyers in the market contracted in the latest quarter to October 2016, new automotive currency data from Roy Morgan Research shows.
The number of Australians who intend to buy a new car within the next 12 months has fallen to 563,000 in the latest quarter to October 2016. The recent decline has undone nearly all the steady growth in near-term new car purchase intention throughout the first half of 2016.
Total intention to buy a new car within the next four years has also eased from the July peak, although it remains in positive territory year-on-year. There are now 2,264,000 new car buyers in the market.
New car buying intentions:
Source: Roy Morgan Single Source (Australia), January 2002 – October 2016, average quarterly sample n=13,366 Australians 14+ rolling monthly
Jordan Pakes, Industry Director – Automotive, Roy Morgan Research, says:
“Heading into the final part of 2016, the industry looks set to hit another all-time record for sales of new cars – currently up by 2.4% year to date, despite October sales declining marginally compared with 12 months ago.
“In line with this period, short-term private buying intentions also declined marginally in October, with 563,000 Australians looking to buy a new car in the next 12 months, down from 590,000 this time last year. At a brand level, Toyota still leads the way, with 117,000 potential buyers considering a new Toyota, although this is down from 138,000 in October 2015. Of the other volume brands, the biggest mover over the past year has been Honda, up from 31,000 last October to 41,000 now. This is good news for Honda: despite marginally softer sales this year to date, a strong 2017 is on the cards.
“The SUV boom looks likely to continue in 2017, with 225,000 people intending to purchase a high-riding alternative. Passenger car purchase intention declined over much of 2016 and now sits below the total SUV category on 218,000. Much of this is the result of decreased intentions to buy Small passenger cars such as the Mazda3 and Corolla – a potential casualty of Australians’ increasing appetite for SUVs, and in particular the ‘Smaller’ variants.”
Roy Morgan Research
Roy Morgan Research is Australia’s best known and longest established market research and public opinion survey company. Roy Morgan Single Source is thorough, accurate, and provides comprehensive, directly applicable information about current and future customers. It is unique in that it directs all the questions to each individual from a base survey sample of around 55,000 interviews in Australia and 15,000 interviews in New Zealand annually - the largest Single Source databases in the world. The questions asked relate to lifestyle and attitudes, media consumption habits (including TV, radio, newspapers, magazines, cinema, catalogues, pay TV and the Internet), brand and product usage, purchase intentions, retail visitations, service provider preferences, financial information and recreation and leisure activities. This lead product is supported by a nationally networked, consultancy-orientated market research capability.
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