Black Consumers' Loyalty In Automotive: Incl Impact Of COVID-19 - US - April 2020

Black Consumers' Loyalty In Automotive: Incl Impact Of COVID-19 - US - April 2020

  • Mintel
  • April 2020
  • Automotive
  • 0 pages

Report Description

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The automotive industry will be one of the hardest hit by the COVID-19 outbreak and the economic downturn. Past recession periods show that new car sales plummet when the economy contracts. Meanwhile, Black consumers are also disproportionately impacted by job losses and experience greater financial insecurity relative to the total population.

However, under normal conditions, Black consumers are more likely than the average to be in car shopping mode, and their automotive aspirations and needs haven’t gone away – though they are likely to delay purchasing. With this in mind, it’s more vital than ever before for automakers to open lines of a communication in.

Most advertisers, automotive or otherwise, are taking steps to align their messaging with consumer priorities during this changing landscape. However, it isn’t enough to say “we’re here for you.” Brands need to clearly communicate what they’re doing differently in light of the crisis, and how they are helping

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OVERVIEW
What you need to know
Key issues covered in this Report
Scope
EXECUTIVE SUMMARY
Figure 1: Short, medium and longer term impact of COVID-19 on auto and Black consumers’ loyalty, April 2020
Market overview
Top takeaways
Automotive loyalty and the Black consumer
Black car buyers are almost always in the market . . .
Figure 2: Black consumers’ purchasing time frame, December 2019
. . . but they’re not all shopping the same way
Figure 3: Blacks’ loyalty in automotive attitudinal segments, December 2019
The issues
COVID-19 hurts carmakers and car buyers
Auto brands are failing to capture the loyalty of Black drivers
Figure 4: Post-purchase loyalty, Black vs White, December 2019
Black consumers switch brands for advanced tech features
Figure 5: Reasons for switching auto brands, Black vs White, December 2019
The opportunities
A car is more than a car
Figure 6: Attitudes toward car culture, Black consumers indexed to total, December 2019
Give the people what they want
Figure 7: Types of vehicles, Black vs White, December 2019
What it means
APPENDIX – THE CONSUMER
Figure 51: Vehicle ownership, by race, October 2018-December 2019
Figure 52: Number of vehicles in Black households, indexed to total, December 2019
Figure 53: Black consumers’ purchasing time frame, indexed to total, December 2019

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