Upfront price is the most important priority for U.S. and European consumers when buying a new vehicle. For Chinese consumers, however, ride and handling are most important.
That is according to a new report from market intelligence and consulting company, Strategy Analytics.
For younger age groups, however, safety and infotainment features have been rising in importance as they begin the search for a new vehicle. Their interest in autonomous features is also increasing.
For respondents in the United States, Western Europe, and China, the top five most important factors are upfront price, fuel efficiency, ride/handling, and workmanship/visual appeal.
Although upfront price was the most important priority for U.S. and European consumers, the importance of upfront price and fuel efficiency fell across all regions.
The importance of automated driving features showed an increase for all regions.
Strategy Analytics director of syndicated research, UXIP and report author Chris Schreiner said in a news release that the consistent de-emphasis on upfront price and fuel efficiency in the vehicle purchase decision was a key trend in the research.
“This could be a general trend, but it is also likely that a strong global economy over the past few years combined with more fuel-efficient vehicles has placed less importance on these factors,” Schreiner said.
But Schreiner added that in the United States and Europe, upfront cost remains the most important feature. Cost is also the most important factor for current premium vehicle owners in the United States.
Schreiner notes, however, that the U.S./China trade wars, along with the impact of Brexit, could bring about a downturn in the global economy, which could reverse the upfront cost trend in 2019.
Strategy Analytics vice president, UXIP Kevin Nolan said in a news release that vehicle purchase priorities in China are much different because of the different demographics of new vehicle owners.
“In general, younger consumers are placing relatively more emphasis on vehicle features and UX than others,” he said. “Given the average age of new car buyers, this is of considerable importance today for China, and will be a future trend to watch in the West.”