Brands that invest in social causes – expending precious time, energy, and money – often genuinely feel that they want to make a difference. But, like...
Auto brands and their purchasers face extraordinary uncertainty today – but their realities are quite different. As the average cost of a car approaches $50,000 in the US, auto makers find themselves blamed for a phenomenon largely created by dealers – and by the vehicle shortages that have been a direct outgrowth of chip scarcity.
But regardless of who is responsible, the cost of new cars is transforming how consumers think – and what they buy. Economic uncertainty and a lack of available credit are feeding into an environment where new cars seem to simply be unreachable for more and more potential buyers.
We also know that Americans – especially Millennials and Gen Z – increasingly want the brands they buy to support the causes they believe in. Sustainability in particular has become a hot-button issue, and car makers are in the thick of it – with EVs seen as big wins for the environment, but also financially unreachable for many people.
Finally, the COVID pandemic has left us a world in which work/home life patterns have shifted dramatically, with important ramifications for the auto industry. GfK has found that a WFH (work from home) lifestyle is associated with very different vehicle wants and decisions.
Take a look as we shed light on these and other important issues facing car buyers – and the auto industry – today.