Description

“In the eyes of female consumers, auto brands and retailers leave much to be desired when it comes to female friendliness, inclusivity, social responsibility and transparency. This should raise alarm bells, as more than half of women are looking to buy a car within the next three years – further highlighting the need for improvements in order to drive appeal and consideration. Moving forward, it will be critical for brands and retailers to improve perceptions through communication efforts, as well as through their own internal practices and initiatives.”
– Gabe Sanchez, Automotive Analyst

This Report looks at the following areas

  • The impact of inflation, supply chain constraints and other market factors on female consumers’ car purchasing intent and timeframe
  • Female consumers’ car purchasing involvement, and issues they’ve experienced
  • Brand perceptions and consideration amongst female consumers

Table of Contents

  1. Overview

    • What you need to know
      • This Report looks at the following areas
        • Definition
          • Market context
          • Executive Summary

              • Top takeaways
                • Market overview
                  • Figure 1: Female car consumer outlook, 2022-27
                • Opportunities and challenges
                  • Economic influences, chip shortage are likely to drive consumers away from car purchasing at this time
                    • Empower women both internally and externally
                      • Bring portions of the sales process online to appeal to female consumers
                        • Go beyond the car to improve perceptions
                          • Key consumer insights
                            • Millennial women are the most interested in purchasing a car in the short term
                              • Women indicate significant involvement in the car purchasing process
                                • Multicultural women indicate past issues in the purchasing process
                                  • Millennial women are the most likely to have experienced issues when shopping for a car
                                    • Brands that represent a high share of US sales drive positive perceptions amongst female consumers
                                    • The Female Car Consumer

                                      • Amongst female consumers interested in purchasing a car, Millennials make up the largest portion
                                        • Figure 2: Audience breakdown, purchase intent – within the next three years, by generation, 2022
                                      • Financial situations and rising car prices will be key factors in approaching car buying
                                          • Figure 3: Audience breakdown, purchase intent – within the next three years, financial situation, 2022
                                        • White and Hispanic women should be key target audiences for the auto industry
                                          • Figure 4: Audience breakdown, purchase intent – within the next three years, race and Hispanic origin, 2022
                                      • Market Factors

                                        • Supressed consumer confidence drives female consumers to tighten their budgets
                                          • Figure 5: Consumer Sentiment Index, 2007-22
                                        • Increasing cost of new and used vehicles continues to drive consumers away
                                          • Figure 6: Consumer Price Index, new vehicles and used vehicles, 2017-22
                                        • US government aims to increase domestic chip production; foreign brands have an opportunity
                                          • Biden introduces tax credit for electric vehicles
                                            • Rising gas prices raise concerns amongst consumers
                                              • Figure 7: US gasoline and diesel retail prices, 2010-22
                                          • Competitive Strategies and Market Opportunities

                                            • Auto brands partner with LEGO to drive consideration
                                              • The opportunity: explore partnerships with brands across categories to spark interest
                                                • Figure 8: Ford, Jeep partner with LEGO
                                              • Ford, Nissan leverage female celebrities
                                                • The opportunity: leverage female personalities to drive positive perceptions
                                                  • Figure 9: Ford, Nissan partner with female spokeswomen
                                                • Evolve the traditional sales process; provide elements of online car shopping
                                                  • Go beyond the car to improve perceptions
                                                    • Improve the ownership experience for female consumers
                                                    • The Female Car Consumer – Fast Facts

                                                      • Purchasing Time Frame

                                                        • Female Millennials are the most interested in purchasing a car in the short term
                                                          • Figure 10: Planned timing of next vehicle purchase, by generation, 2022
                                                        • Financial situations influence consumers’ interest in purchasing a vehicle, especially in the current market
                                                          • Figure 11: Planned timing of next vehicle purchase, by financial situation, 2022
                                                        • Mothers are most interested in purchasing a car in the short term
                                                          • Figure 12: The Car Mom reviews the Hyundai Palisade
                                                          • Figure 13: Planned timing of next vehicle purchase, by parental status, 2022
                                                        • Black, Hispanic women are the most interested in purchasing a car within the next year
                                                          • Figure 14: Planned timing of next vehicle purchase, by race and Hispanic origin, 2022
                                                      • Purchase Involvement

                                                        • Majority of women identify as sole decision makers
                                                          • Figure 15: CarMax highlights the ability to shop/research from anywhere
                                                          • Figure 16: Purchasing responsibility, 2022
                                                          • Figure 17: Involvement in purchase process, 2022
                                                        • Younger women are less involved in aspects of purchasing
                                                          • Figure 18: Purchasing responsibility, by age, 2022
                                                      • Frustrations with Car Purchasing Process

                                                        • The majority of women have had a bad experience purchasing a car
                                                          • Figure 19: Car shopping grievances, by generation, 2022
                                                        • Multicultural consumers indicate bad experiences
                                                          • Figure 20: Cadillac unveils the “audacity of blackness” campaign
                                                          • Figure 21: Car shopping grievances, by race and Hispanic origin, 2022
                                                      • Female Brand Perceptions

                                                        • Toyota, Honda are highly perceived amongst female car consumers
                                                          • Figure 22: Toyota features female Olympic athletes
                                                          • Figure 23: Kia featured on WNBA social media channels
                                                          • Figure 24: Brand perceptions, 2022
                                                        • Brands have work to do when it comes to female friendliness and inclusivity
                                                          • Figure 25: Jeep features the Detroit Black Jeep Hers Club
                                                          • Figure 26: Nissan celebrates Hispanic Heritage Month, 2021
                                                          • Figure 27: Brand perceptions, by generation, 2022
                                                          • Figure 28: Brand perceptions, by race and Hispanic origin, 2022
                                                      • Brand Consideration

                                                        • Generations’ perceptions drive consideration
                                                          • Figure 29: Volkswagen leverages its partnership with US Soccer
                                                          • Figure 30: Brand consideration, by generation, 2022
                                                        • Income drives consideration
                                                          • Figure 31: Brand consideration, by household income, 2022
                                                        • Brands must find ways to differentiate to reach Black and Hispanic consumers
                                                          • Figure 32: Honda highlights its commitment to next generation of black leaders
                                                          • Figure 33: Toyota hosts alternate social media pages to connect with Hispanic consumers
                                                          • Figure 34: Brand consideration, by household income, 2022
                                                      • Appendix – Data Sources and Abbreviations

                                                        • Data sources
                                                          • Consumer survey data
                                                            • Marketing creative
                                                              • Abbreviations and terms
                                                                • Abbreviations
                                                                  • Terms

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