2024
9
US Black and Hispanic Car Consumers Market Report 2024
2024-04-04T09:03:45+01:00
REPFB3CF6F6_65A8_4DEA_83D8_7B95EA5E11BC
3695
172054
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Report
en_GB
Black and Hispanic car buyers – a growing segment of car buyers – prioritize cultural identity and value, often seeking reliable and economical vehicles.Gabe Sanchez, Automotive Analyst…

US Black and Hispanic Car Consumers Market Report 2024

£ 3,695 (Excl.Tax)

Report Summary

Black and Hispanic car buyers – a growing segment of car buyers – prioritize cultural identity and value, often seeking reliable and economical vehicles.

Gabe Sanchez, Automotive Analyst

Table of Contents

  1. Executive Summary

    • What you need to know
    • Consumer trends: key takeaways
    • Consumer trends: key takeaways (cont.)
    • Market predictions
    • Opportunities
    • Opportunities (cont.)
  2. Market Dynamics

    • Market context
    • Consumer confidence is at its highest point in over two years
    • Graph 1: consumer sentiment index, 2021-24
    • Consumers' financial outlooks are increasingly optimistic
    • Graph 2: opinions on financial future, 2023
    • Lower income brackets are naturally the most pessimistic about their financial futures
    • Graph 3: % of consumers that believe they will be worse off, by household income, 2023
    • New and used vehicle prices remain elevated
    • Average age of vehicles on the road has increase
  3. Consumer Insights

    • Consumer fast facts
    • Consumer fast facts (cont.)
    • Black and Hispanic consumers by the numbers
    • Black and Hispanic population is on the rise
    • Black and Hispanic consumers indicate limited household incomes
    • Black and Hispanic consumers possess the lowest median incomes
    • Unemployment highest among Black and Hispanic consumers
    • Vehicle ownership
    • Black consumers indicate the most limited ownership
    • Graph 4: vehicle ownership – Black and Hispanic consumers, 2024
    • Black and Hispanic consumers believe alternate transportation is more economical
    • Graph 5: alternate transportation (eg trains, bus) is more economical than buying a car (% agree) – Black and Hispanic consumers, 2024
    • Income limits ownership
    • Graph 6: vehicle ownership – Black consumers, by household income, 2024
    • Graph 7: vehicle ownership – Hispanic consumers, by household income, 2024
    • Income presents significant barriers to ownership
    • Car ownership is a necessary part of parenthood
    • Graph 8: vehicle ownership – Hispanic consumers, by parental status, 2024
    • Graph 9: vehicle ownership – Black consumers, by parental status, 2024
    • Parenthood leads black and Hispanic consumers to ownership
    • Purchase intent
    • Target Black and Hispanic consumers in the shorter-term
    • Graph 10: purchase intent – Black and Hispanic consumers, 2024
    • Younger Black and Hispanic consumers drive interest in short-term purchasing…
    • Graph 11: purchase intent – Black consumers, by age, 2024
    • Graph 12: purchase intent – Hispanic consumers, by age, 2024
    • …while older consumers choose to delay
    • Income delays purchasing plans…
    • Graph 13: purchase intent – Hispanic consumers, by household income, 2024
    • Graph 14: purchase intent – Black consumers, by household income, 2024
    • …among Black and Hispanic consumers
    • Find ways to fit into these consumers' budgets
    • Graph 15: attitudes toward budget and flexible leasing (% any agree) – Black and Hispanic consumers, 2023
    • Highlight the overall cost of the vehicle to align with consumers' budgets
    • Graph 16: attitudes toward total cost of vehicle (% agree) – Black and Hispanic consumers, 2024
    • Parenthood is a catalyst in purchase intentions
    • Graph 17: purchase intent – Black consumers, by parental status, 2024
    • Graph 18: purchase intent – Hispanic consumers, by parental status, 2024
    • Target Black and Hispanic parents for short term purchasing
    • Develop trade-in promotions to appeal to current owners
    • Graph 19: plans to trade in a vehicle – Black and Hispanic consumers, 2024
    • Consideration of car types
    • Black and Hispanic consumers indicate a heightened interest in used vehicles
    • Graph 20: vehicle type consideration – Black and Hispanic consumers, 2024
    • Multicultural consumers' interest in used vehicles is driven by affordability
    • Graph 21: used vehicles are affordable (% agree) – Black and Hispanic consumers, 2024
    • Interest in used vehicles skews younger
    • Graph 22: vehicle type consideration – Hispanic consumers, by age, 2024
    • Graph 23: vehicle type consideration – Black consumers, by age, 2024
    • Used vehicles appeal to younger consumers
    • Hispanic consumers are more concerned with current market conditions
    • Affordable offerings are most considered by Black and Hispanic consumers
    • Graph 24: car type consideration – Black and Hispanic consumers, 2024
    • Black and Hispanic men and women indicate varying considerations
    • Graph 25: car type consideration – Hispanic consumers, by gender, 2024
    • Graph 26: car type consideration – Black consumers, by gender, 2024
    • Varying interests lead to different considerations
    • Younger Black and Hispanic consumers are drawn to appealing designs and performance
    • Graph 27: car type consideration – Black consumers, by age, 2024
    • Graph 28: car type consideration – Hispanic consumers, by age, 2024
    • Bridge aspirations and affordability for younger consumers
    • Kia recreates its brand
    • Alternative energy vehicles appeal to Black and Hispanic consumers…
    • Graph 29: electric or hybrid consideration – Black and Hispanic consumers, 2024
    • …especially the youngest of these segments
    • Graph 30: electric or hybrid consideration – Black consumers, by age, 2024
    • Graph 31: electric or hybrid consideration – Hispanic consumers, by age, 2024
    • Appeal of alternative fuel vehicles skews younger
    • Factors in choosing car types
    • Target Black and Hispanic consumers with aspects of value
    • Graph 32: most important factors when making next vehicle purchase decision (any rank) – Black and Hispanic consumers, 2024
    • Financing and incentives hold importance
    • Graph 33: it's important to research the best financing and incentives before going to the dealership (% any agree) – Black and Hispanic consumers, 2024
    • Black women emphasize safety
    • Graph 34: most important factors when making next vehicle purchase decision (any rank) – Black consumers, by gender, 2024
    • Ford highlights various lifestyles
    • Highlight lifestyle to younger consumers; previous experience important to older consumers
    • Graph 35: lifestyle and previous experience with brand as factors when making next vehicle purchase decision (any rank) – Black consumers, by age, 2024
    • Hispanic women emphasize gas mileage
    • Graph 36: most important factors when making next vehicle purchase decision (any rank) – Hispanic consumers, by gender, 2024
    • Go beyond price to reach younger consumers
    • Graph 37: most important factors when making next vehicle purchase decision (any rank) – Hispanic consumers, by age, 2024
    • Opportunity to go beyond price when targeting Hispanic parents
    • Graph 38: most important factors when making next vehicle purchase decision (any rank) – Hispanic consumers, by parental status, 2024
    • Hyundai showcases bilingual ‘¿Viste?’ ad
    • Purchase motivators
    • Black and Hispanic consumers look to upgrade
    • Graph 39: purchase motivators – Black and Hispanic consumers, 2024
    • Provide economical trims, appeal to Black and Hispanic consumers
    • Graph 40: "I don't mind driving a vehicle without the latest technology" (% any agree) – Black and Hispanic consumers, 2024
    • Black men seek better fuel economy, alternative fuel…
    • Graph 41: purchase motivators (select) – Black consumers, by gender, 2024
    • …but costs uplift barriers
    • Black and Hispanic age groups have similar motivations…
    • Graph 42: purchase motivators (select) – Hispanic consumers, by age, 2024
    • Graph 43: purchase motivators (select) – Black consumers, by age, 2024
    • …shaped by evolving life stages
    • Appeal to Black and Hispanic consumers' interest in personalization
    • Corporate social responsibility
    • Black and Hispanic consumers call for brands to go beyond supporting only sustainability efforts
    • Graph 44: important causes of support – Black and Hispanic consumers, 2024
    • Female multicultural consumers call for support beyond the top causes
    • Graph 45: important causes of support – Hispanic consumers, by gender, 2024
    • Graph 46: important causes of support – Black consumers, by gender, 2024
    • Highlight cause support to resonate with women drivers
    • Subaru aids its retailers' local communities
    • Younger Black consumers show limited interest in supporting causes
    • Graph 47: important causes of support – Black consumers, by age, 2024
    • Hispanic consumers look beyond DEI
    • Graph 48: important causes of support – Hispanic consumers, by age, 2024
    • Attitudes toward retailers
    • A large share of Black and Hispanic consumers distrust dealerships
    • Older Black consumers lean on purchasing experience
    • Graph 49: attitudes toward retailers (% any agree) – Black consumers, by age, 2024
    • Hispanic consumers share similar beliefs
    • Graph 50: attitudes toward retailers (% any agree) – Hispanic consumers, by age, 2024
    • Black and Hispanic consumers seek education on vehicle financing
    • Attitudes toward advertising
    • Black and Hispanic consumers call for brands to do more…
    • Graph 51: attitudes toward representation (% any agree) – Black and Hispanic consumers, 2024
    • …especially younger segments
    • Graph 52: attitudes toward representation (% any agree) – Hispanic consumers, by age, 2024
    • Graph 53: attitudes toward representation (% any agree) – Black consumers, by age, 2024
    • Reaching younger consumers of each segment
    • Black and Hispanic consumers call for partnerships, improved social media presence
    • Graph 54: attitudes toward advertising (% any agree) – Black and Hispanic consumers, 2024
    • …especially the youngest of the segments
    • Graph 55: attitudes toward advertising (% any agree) – Hispanic consumers, by age, 2024
    • Graph 56: attitudes toward advertising (% any agree) – Black consumers, by age, 2024
    • Younger multicultural consumers have higher expectations
    • Attitudes toward automotive innovations
    • Black and Hispanic consumers display comfortability with automotive innovations…
    • Graph 57: attitudes toward future innovations (% any agree) – Black and Hispanic consumers, 2024
    • …especially the youngest of the segments
    • Graph 58: attitudes toward future innovations (% any agree) – Black consumers, by age, 2024
    • Graph 59: attitudes toward future innovations (% any agree) – Hispanic consumers, by age, 2024
    • Opportunity for insurance companies reach younger Black and Hispanic consumers
    • General Motors plans expand subscription services
    • Black and Hispanic consumers indicate a degree of openness to self-driving cars
    • Graph 60: "I would trust riding in a self-driving car" (% agree) – Black and Hispanic consumers, by age, 2024
  4. Competitive Strategies

    • Ford celebrates Black men of change
    • General Motors delays shift at Flint assembly plant
    • Toyota aims to build authentic connections with Hispanic consumers
    • Hyundai leverages TikTok to connect with Black consumers
    • Hyundai USA's "Choose the IONIQ 5"
    • Tesla announces affordable EV
    • Opportunities
    • Partner with ridesharing services
    • Explore flexible leasing programs
    • Infuse the desirable design features into economical models
    • Go beyond sustainability to appeal to Black and Hispanic consumers
    • Highlight trade-in or first-time buyer promotions to appeal to budget-conscious segments
    • Leverage artificial intelligence to pair consumers with vehicles
    • Improve perceptions of dealers to resonate with multicultural consumers
    • Develop authentic partnerships with mutlicultural influencers
  5. Appendix

    • Market definition
    • Consumer research methodology
    • Generations
    • Abbreviations

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