Car Retailing - China - March 2014
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“New car sales exhibited positive growth in 2013, with almost 22 million units sold and representing a 13.9% year-on-year increase versus the previous year. As the car market posted a surprising double digit growth rate in 2013, following the much slower growth in 2011 and 2012, there is more to look forward to in the China market, for both car manufacturers and dealers.
Car purchasing intentions are still strong; a positive sign which is supported by Mintel’s volume forecast that total volume sales of new cars will continue to grow, and are expected to keep growing by an estimated CAGR of 9.4% over the 2013-18 period.
Online information channels are the new favourites for information gathering: They are mostly used by consumers aged 30-39, the age group housing the bulk of current car owners and those consumer with the strongest car buying intentions for the future.
Family function in cars is a crucial factor in car usage; hence it shapes the focus of manufacturers’ products and dealers’ distribution significantly.
It is imperative to apply different strategies to different target groups as they are different in their attitudes towards car purchasing and retailing. The 4S model needs to change if it is to remain competitive in this ever changing market environment, where online purchasing is starting to emerge as a viable sales channel.”
– Can Huang, Senior Research Analyst
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