Source: Roy Morgan Single Source (Australia), January 2002 – May 2017, rolling monthly, average quarterly sample n= 13,325 Australians 14+.
After starting the year with record numbers of Australians intending to buy a new car, car buying intention in Australia has softened. Roy Morgan’s research shows that Consumer Confidence is often a key driver of car buying intention – and Australians are less confident about their finances now than they were at the beginning of 2017.
While intention may have gone down recently, the automotive industry remains in great shape. An estimated 622,000 Australians plan to buy a new car in the next 12 months.
Overall 2,279,000 Australians intend to buy a new car in the next four years—down from a record of 2,490,000 in February, but almost 15,000 ahead compared to the result last year.
New Car Purchase Intention: May 2017
Source: Roy Morgan Single Source (Australia), January 2002 – May 2017, rolling monthly, average quarterly sample n= 13,325 Australians 14+.
Michele Levine, CEO, Roy Morgan Research says:
“Australia’s new car market started 2017 by setting new records for the number of new car intenders. Some of that momentum has since stalled – following a decline in the ANZ-Roy Morgan Consumer Confidence index – especially amongst those with plans to buy in the next four years.
“Market analysis using Roy Morgan’s Helix Personas segmentation shows that one of the biggest drops in buying intention has been amongst the most affluent groups – Leading Lifestyles. This affluent group traditionally makes up the largest portion of new car intenders, with a strong preference for Japanese brands such as Toyota, Mazda and Subaru.
“The recent downturn has been reflected in lower numbers of passenger and commercial vehicles intenders, but SUV intention has continued growing, adding another 30,000 intenders since January. If Australia’s love affair with SUV’s continues at this pace, we could see SUV’s overtaking passenger vehicles as the nation’s favourite vehicle, within the next 12 months.”
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