With an ever-burgeoning middle-class in South Africa, here are the 5 most popular automotive brands the hierarchical category spends its money on.
Looking for your next new or used vehicle? Find it here with CARmag.
Based on data from market research company KLA, South Africa has experienced significant growth in its middle-class population, having a major impact on the country’s economy and consumer market. With this growth of the middle market, there is an increased demand for consumer goods. Cars are at the forefront of this burgeoning class boom and data analysts have used new car sales as a strong measure of the middle class’s financial health and purchasing power.
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Data further confirms that 30% of middle-class consumers have bought a car in the past 12 months with 50% of these consumers planning on buying a new car in the next 12 months, both significantly higher than the national population. Two of the defining characteristics of middle-class car buyers are functionality and value for money. When it comes to value for money, many middle-class buyers prioritize fuel efficiency, over premium car features such as high-performance engines.
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Further market research has proved that this buying segment further prioritises a vehicle equipped with as many safety features as possible and is suitable for the whole family, over luxury features such as heated seats and blind spot monitoring. This is particularly true for those who are buying their first car, as they are more likely to be using the car more frequently – 47% of these consumers use their car every day of the week, significantly higher than the national population.
The rise of the middle-class consumer in South Africa has had a significant impact on the country’s automotive industry. Additionally, buying behaviour has shifted, with consumers using online platforms as a first point of contact to conduct research prior to purchasing. Find your next set of wheels here with CARmag.
Top 5 Automotive Brands Chosen by Middle-Class
- BMW – 16%
- Volkswagen – 12%
- Toyota – 12%
- Mercedes-Benz – 9%
- Hyundai – 8%
