The Changing Nature of Mobility
Exploring Consumer Preferences in China
China has over 300 million Gen Y consumers, who will be the main purchasing power in the next five to ten years. Deloitte surveyed more than 2,000 consumers in China on their mobility needs and choices. The research findings will help the automakers, dealers, and the rest of auto companies to understand the changes in the consumer's demand and provide the foundation for their strategic business decisions. Below are the key findings on China Gen Y consumers:
- Gen Y consumers in China are interested in owning or leasing vehicles with 90% planning to purchase or lease a vehicle within the next five years.
- Gen Y consumers in China are interested in driving, with more than half of them choosing their personal car as their preferred mode of transportation. They are also loyal to their vehicles.
- Almost two-thirds of Gen Y consumers in China would prefer to be driving an alternative vehicle five years from now, with strong preference for hybrid electric vehicles.
- Consumers in China believe there are significant benefits from new vehicle technologies and advancements. Consumers desire safety technologies more than cockpit technologies, they want in-vehicle technologies that will let them know when they exceed the speed limit, automatically block them from engaging in dangerous driving situations, and recognize the presence of other vehicles on the road.
- Majority of consumers spend more than10 hours researching and consider 3 or more brands before they purchase or lease a vehicle. More than three-quarters of Gen Y consumers in China are influenced the most by family and friends when making their purchase decision.
- When choosing a vehicle to purchase or lease, the cost and quality of the service bundle highly influences consumers’ purchase decision.