Multicultural consumers are shopping more and comprising more of the auto brand customer base than ever before, with the Hispanic segment taking the lead. Between 2010 and 2016, the number of vehicles sold to Hispanic consumers doubled. When it comes to vehicle purchases, these consumers buy earlier in life, and are driven by their values and aspirations.
Young Hispanics are the growing subgroup of the U.S. population, increasing affluent, and resourceful when shopping so understanding their consumer characteristics is imperative to any car brand. Below are three consumer trends on young Hispanic car buyers that can help you build your auto brand marketing strategy:
Hispanic consumers buy more vehicles in their lifetime than non-Hispanic White consumers. Why? Hispanics are younger than the non-Hispanic White consumer segment by 12 years, yet, buy new cars at the same rate: every 3.4 years. Not only will they buy three more vehicles in their lifetime, but they’ll also buy luxury auto brands at their first car purchase.
Hispanic shoppers will buy new autos compared to the total population. They typically pass on used cars at the dealership as they plan on passing their vehicle down to their children or other family members. Purchase price ranks high on a Hispanic consumer’s list of priorities, and they will usually put more money down for a vehicle to minimize or avoid financing altogether.
Hispanics are more likely to employ comparison shopping and search inventory on their mobile device when at the dealership. According to a Today’s Auto Shoppers study, 48% of Hispanic consumers used a mobile device to research reviews and rankings while in-store, or in-dealership. Like the general market, they put quality and reliability at the top of their list but differ in that they prefer brand reputation as their second top factor.
Sources: Media Village, Auto Remarketing, Dealer Marketing