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Consumers consider fewer brands before purchase
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New-vehicle buyers in India are considering fewer models before making their final purchase decisions compared with 2007, according to the J.D. Power Asia Pacific 2008 India Escaped Shopper StudySM released today.
Now in its fourth year, the study analyzes reasons why new-vehicle shoppers consider, but ultimately reject, certain models in favor of another and identifies a possible 48 reasons why shoppers may reject a new vehicle.
The study compares the shopping behavior of two groups of customers-buyers of recently launched models and buyers of models that have been on the market for more than two years.
The study finds that 27 per cent of new-vehicle buyers in India in 2008 considered at least one other model before purchasing their vehicle, compared with 38 percent in 2007. This marks the first significant decline in cross-shopping rates since 2005.
The study also finds that the proportion of new-vehicle shoppers who, prior to purchasing their vehicles, had obtained advice from friends or relatives or from another owner of the same make has increased from 77 percent in 2007 to a record high of 84 percent in 2008. In addition, customers who receive word of mouth shopping advice are much less likely to consider other models, compared with those who don't seek vehicle information from friends or relatives.
"The introduction of several new models into the market during the past few years, as well as increased advertising by manufacturers, is likely creating greater dissonance in the minds of shoppers and causing them to turn to friends or relatives for reliable advice," said Mohit Arora, senior director at J.D. Power and Associates, Singapore. "As a result, consumers are being more decisive during the initial stages of the purchase process and fewer car purchasers are considering multiple models. This phenomenon reflects the uniqueness of Indian consumers, who tend to rely heavily on social networks when making purchase decisions, even though they now have greater access to independent sources of information than ever before."
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