After hitting an all-time high just shy of 2.5 million Australians in August, long-term new car buying intention softened in September while short-term intention continued to fall, the latest research from Roy Morgan shows.
2,380,000 Australians (14+) are now looking to buy a new car in the next four years, a decrease of 58,000 since August.
Suffering its fifth monthly decline since peaking six months ago, short-term intention is now at 621,000—matching the average since 2002. Compared with the March 2013 high, 120,000 fewer people intend to buy a car in the next 12 months.
New Car Buying Intention
Source: Roy Morgan Single Source (Australia): April 2002 – September 2013, n=637,392 (avg. quarterly sample n = 13,561).
Jordan Pakes, Group Account Director – Automotive, Roy Morgan Research, says:
“Despite a change in government, short term new car buying intentions have declined for the third straight month, with September the lowest result since mid-2012. Most major makes suffered a setback, with only Audi, Mercedes-Benz, Kia, Toyota and Subaru showing gains in September.
“In the long-term, car buying intentions remains well above the average, with close to 2.4 million consumers in the market with a four-year horizon. The SUV segments continue to grow in popularity, with more than 370,000 people now in the market for either a Small or Medium SUV—an increase of 26% on a year ago.”
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.
P: 03 9224 5332