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The financial recession has had a varied effect on car buyers around the world, according to recent Tipping Point study by Synovate Motoresearch, the automotive division of leading global market research company Synovate.
Anger, frustration, greed, and a lack of trust are a few of the many sentiments expressed by consumers and future car buyers globally. This came to light in a global qualitative study between March and April this year. It involved 120 dedicated focus groups in 16 countries: Brazil, Russia, India, China, US, UK, France, Germany, Spain, Japan, Thailand, South Korea, the UAE, Turkey, Australia and South Africa.
Respondents were asked for their views and opinion towards global corporations, product brands and motor companies. Interestingly consumers across the 6 countries fell into three distinct groups.
The study revealed that future car buyers in SA, US, UK, Spain, Russia and France are expressing dissatisfaction towards global corporation. Many are shocked and frustrated with institutions and brands that have let them down. However, they also accepted some of the blame for fuelling the fire by excessive spending and living beyond their means.
They now feel that they are bearing the lion’s share of the risk associated with large purchases, both from the financial and product integrity perspectives. Motor companies need to connect with these customers by mitigating this perceived risk with a focus on their own company’s integrity and genuine, lasting value, as well as building stronger personal relationships with these customers.
Car buyers in these six countries will eventually develop a desire for change, adopting a balance in their lives, while practising greater self-control and responsibility when it comes to spending their money.
Future buyers across China, India and Thailand were quick to point out that they were less susceptible to the “greed and consumerism” they feel is practised in the West, but admitted that they had also felt the effect of the recession within their borders, Generally they seem to continue to have faith in automotive manufacturers and their brands. They expect these companies to act responsibly.
Japanese, Australian, Brazilian, South Korean and car buyers from the UAE were also vocal and highly critic al, focussing their anger and frustrations towards the US, believing it is the major cause of the economic slump felt around the world. However, respondents in these countries expressed a greater degree of optimism for the future.
A definite change in discretionary spending is expected among car owners and future car buyers in these markets. This could well mean some belt-tightening and smart shopping. There could also be a significant shift in attitudes towards companies and brands.
“The paradigm has certainly shifted and motor companies should embrace the current situation by focusing more on understanding consumer psyche. In doing so they will be prepared when the tide eventually turns. People will return to car buying; it is just a matter of time. Being prepared for it now will make all the difference tomorrow,” said the CEO of Synovate Motoresearch, Scot Miller.
