Following last month’s news that the number of Australians planning to buy a new car in the next four years had slipped to its lowest point since November 2012, the latest figures from Roy Morgan Research reveal that this downward trend has continued in August. In fact, the market has decreased from 2.17 million potential new car buyers to 2.07 million, a decline of more than 400,000 potential buyers since May.
Intention has also slumped further among people planning to buy a new car in the next 12 months, falling from 608,000 people as of July 2014 to 523,000 in August.
New car buying intention
Source: Roy Morgan Single Source (Australia), April 2002 – August 2014, n= 683,572 (average quarterly sample n=13,482).
Jordan Pakes, Industry Director – Automotive, Roy Morgan Research, says:
“Despite Consumer Confidence starting to stabilise in recent weeks, this has yet to have an impact on our new car buying intentions.
“Long-term intention now sits at its lowest level since August 2011, while short-term intention hasn’t been this low since February 2010. The Federal Budget in May has certainly impacted peoples’ economic optimism, and ongoing international uncertainty only serves to heighten this sense of gloom.”
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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