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Buyer intention to power growth
By Jin Jing |
July 20, 2011, Wednesday
|
Print Edition
Print Edition
DESPITE the slower auto sales in China, Chinese consumers' intention to buy a car remained strong and that may power the long-term growth of the world's largest auto market, according to an industry report.
A recent study by Nielsen China showed that nearly 94 percent of Chinese consumers say that they intend to buy a car in either the short- or long-term future.
The survey was conducted on 1,800 consumers from big cities such as Shanghai and Guangzhou as well as second-tier cities in April this year.
More than a quarter (27 percent) of respondents said that they plan to purchase a car within a year while 39 percent say they expect to buy a car in the next one to two years.
"The intention for buying a car is strong because it means improved quality of living, sense of social belongings/peer pressure, and individual lifestyle and image reflection," said Georgia Zhuang, executive director of consumer research, Nielsen China.
"The growth engine is from younger generations and lower-tier cities," he added.
The study also found that 60 percent of consumers said that they ranked safety as their top consideration when making a car purchasing decision, followed by price and vehicle quality.
For the new generation of Chinese consumers, who were born after 1990, they rank exterior design higher than any other age group, just behind safety, according to Nielson. They care the least about comfort and convenience.
A recent study by Nielsen China showed that nearly 94 percent of Chinese consumers say that they intend to buy a car in either the short- or long-term future.
The survey was conducted on 1,800 consumers from big cities such as Shanghai and Guangzhou as well as second-tier cities in April this year.
More than a quarter (27 percent) of respondents said that they plan to purchase a car within a year while 39 percent say they expect to buy a car in the next one to two years.
"The intention for buying a car is strong because it means improved quality of living, sense of social belongings/peer pressure, and individual lifestyle and image reflection," said Georgia Zhuang, executive director of consumer research, Nielsen China.
"The growth engine is from younger generations and lower-tier cities," he added.
The study also found that 60 percent of consumers said that they ranked safety as their top consideration when making a car purchasing decision, followed by price and vehicle quality.
For the new generation of Chinese consumers, who were born after 1990, they rank exterior design higher than any other age group, just behind safety, according to Nielson. They care the least about comfort and convenience.
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