Car Buyer Journey Study: Pandemic Edition - Cox Automotive Research.pdf

Pandemic Edition (February 2021)

This study analyzes car buying behaviors of 3,016 recent vehicle buyers (September 2020 – mid-March to September 2020) who utilized the internet during their purchase process.

Key Findings:

Demographics:

Age: Average age of buyers is 50 years old, with Gen X (38%) and Millennials (24%) being the largest demographics.
Gender: Male buyers slightly outnumber females (51% vs. 49%).
Income: Majority fall within the <$75K household income bracket (42%), followed by those earning $75K+ (58%).
Ethnicity: 88% are White/Caucasian, with 11% Hispanic, 3% Asian, and 7% African American or Black.

Buying Behavior Changes (2020 vs. 2019):

Market Share: Pickups saw a +3% increase, SUVs were up +2%, while cars experienced a -4% decline in market share.
Buyer Segments:
"The Straight Shooter" (pragmatic, experienced buyers) increased significantly, likely due to economic uncertainty.
"The Guarded" and "The Experiencer" (cautious and novice buyers) saw a decrease in market share.

2020 Pickup Truck Trends:

Male buyers showed a +14% increase in pickup truck purchases compared to 2019, with a +7% surge among Hispanic buyers.

Consumer Segments:

Cox Automotive identifies five consumer segments based on buying behavior and attitudes:

The Guarded: Inexperienced and cautious shoppers, often single Millennials with lower household income.
The VIP: View their car as a status symbol and put minimal effort into the shopping process. More likely to be male Millennials.
The Informed: Practical and budget-conscious, likely to research extensively before purchasing. Gen Xers are most common.
The Experiencer: Enthusiastic about cars and view buying as a learning opportunity. Often older Millennials, Urbanites, and higher income males.
The Straight Shooter: Experienced buyers who prioritize financial responsibility. Predominantly Gen Xers or Boomers in suburban areas with lower to middle household incomes.