While the peak of 741,000 short-term new car intenders in March 2013 gave strong indications of the record sales year ahead, over 150,000 fewer Australians are now in the market for a new car in the next 12 months, Roy Morgan Research shows.
The latest New Car Intention figures for February show 583,000 Australians intend to buy a new car in the coming year—the lowest number of intenders since September 2010, and the lowest proportion of the population (3.01%) since July 2002.
An estimated 2,306,000 Australians intend to buy a new car in the next four years, down marginally since January. This result remains on par with February 2013 and comfortably above the long term average of 2.1 million.
New Car Buying Intention:
Source: Roy Morgan Single Source (Australia): April 2002 – February 2014, n=656,524 (avg. quarterly sample n = 13,493).
Jordan Pakes, Group Account Director – Automotive, Roy Morgan Research, says:
“Sales of new cars have started softly in 2014, with both January and February results down on their 2013 equivalent.
“The fall in new car sales and the number of Australians intending to purchase over the next 12 months coincides with a steady decline in consumer confidence and a continued rise in unemployment.
“Consumer confidence is down due largely to consumers’ rising concern over economic conditions in the year ahead. This short-term worry is possibly causing some buyers to delay their purchase by a year, with the number looking to get a new car between one and two years from now actually rising.
“One make to buck the trend is Audi, with the number of Australians looking to buy an Audi in the next 12 months increasing by 42% since February 2013.”
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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