Driving Results With Location Intelligence: The Auto Buyer Journey
- May 19, 2023
Understand how macroeconomic events such as inflation and car shortages have affected consumer behavior in recent months.
Amidst rising economic and environmental concerns, Americans are becoming more particular when it comes to buying a car. Auto brands need to stay on top of changing consumer preferences in order to stay in consideration.Foursquare analyzed offline & online consumer behavior to uncover the trends auto brands need to know about prospective buyers.
Here are the top things to know about the auto industry:
The auto industry is going green
Hardships in 2022, such as supply chain shortages and heightened interest rates, have led automakers with a need to bounce back in 2023. In an effort to attract new customers, automakers are shifting towards a greener approach to appeal to environmentally-conscious consumers.
Electric vehicles are on the rise
Interest in electric vehicles is on the rise, as 26% of Americans in-market for a new car intend to shop for an electric vehicle, and the top 5 most-visited auto brands in 2022 all offer EVs. However, affordability may serve as a deterrent for many prospective buyers.
Spring & Fall are the busiest seasons
Auto dealership chains see a slightly higher percentage of Americans visiting during Spring (April & May) and Fall (October & November), as compared to the rest of the year, with January and July seeing the lowest percentage of any month in 2022 (18%).
Price & quality are top of mind
FSQ survey data shows that price is the top factor for 21% of prospective auto buyers in 2023, while another 18% are primarily motivated by vehicle quality.
Older Americans are searching online
Americans 55+ are the most likely to search for auto content online and visit dealerships in-person, as retirement provides them with more time to hit the road.
Online interest turns into real world visits
Of the people who expressed online interest in auto care in late 2022, 67% ended up visiting an auto shop in Q4 2022.