Premium consumers offer a glimmer of hope to struggling car industry – Porsche tops the list

Original article by Roy Morgan
Market Research Update – Page: Online : 24-Jun-20

The latest analysis of Roy Morgan’s automotive buying intentions data shows that Australia’s premium consumers are set to drive new vehicle sales in the next four years. According to Roy Morgan data a new economic order of premium consumers (NEOs) could breathe life into the nation’s struggling car industry. One-in-seven NEOs (14.9%) intended to buy a new vehicle in the next four years during the March 2020 quarter – 54% above the comparable figure for all Australians (9.6%). Notably, the top 50% of NEOs – known as Super NEOs – are almost 80% more likely than the average Australian to buy a new car in the next 4 years. Conversely, Australia’s 10 million traditional consumers are 30% less likely than the population to buy a new car in the next 4 years. Aspiring NEOs, with the NEO mindset but not the buying power, are more likely than Traditionals, but less likely than NEOs, to be planning to buy a car in the next four years.

CORPORATES
ROY MORGAN LIMITED

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