Black Consumers' Loyalty in Automotive: Incl Impact of COVID-19 - US - April 2020
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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."
- Madelyn Franz, Consumer Research Analyst
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