|HOME | STATS | PUBLICATIONS | REGISTER | ADVERTISE | ARCHIVE | ABOUT US | CONTACT US|
Black consumers not being courted by hybrid, electric car makers
(November 8, 2011) The hybrid and electric vehicle market is having a tough year in 2011. Sales for hybrid vehicles are down 2.7% through August 2011, despite the fact that U.S. vehicle sales are up 10.5%. While automotive companies would suggest that a sluggish economy and lack of supply are hurting hybrid vehicle sales, a recent report from Mintel suggests instead that there is a lack of desirable product for certain demographics.
"Most believe the profile of the hybrid vehicle owner is a person between the ages of 35-55, with a household income over $75,000, and a college education or higher. While this may be the current owner, the biggest potential in the market is with Black consumers," says George Augustaitis senior automotive analyst at consumer research firm Mintel.
Consumer research shows that nearly 12.5% of the Black demographic owns a hybrid or electric vehicle. Furthermore, 36% would be most interested in buying a hybrid or electric vehicle for their next purchase and 26% are unsure about their next purchase. Black respondents were also the most willing to spend an additional $3,000-5,000 to purchase a hybrid or electric vehicle, and 31% said they would spend an additional $1,000-3,000 on a hybrid or electric version of a vehicle. Black individuals were also the highest respondents who would feel proud to own a hybrid or electric vehicle.
"With the low ownership numbers of hybrid and electric vehicles among Black shoppers, the optimistic statements about pride of ownership and willingness to spend more suggest there is pent-up demand amongst Black consumers for hybrids and electric vehicles," adds George Augustaitis. "However, the sales and ownership numbers do not show the same story. This would suggest that there are no hybrid or electric vehicles on the market that are appealing to the Black population."
Mintel research also found that 26% of Black respondents are very concerned about carbon emissions and 30% agree that new electric engines in cars like the Chevy Volt and Nissan Leaf are amazing feats of engineering. Hybrid and electric automobile marketers would be wise to go after this under-targeted demographic.
For more information on Mintel, please visit www.mintel.com.
Go to Target Market News homepage
Fox stations to carry programming from Bounce TV, upping U.S. coverage to 70%
Essence iPad app lets readers try on 300 celebrity hair styles
Black Cable TV Ratings for Week of Oct. 24-30 Disney dominates cable's Top 25 for black viewers with big weekend lineup
Real Times to publish second edition of DRIVEN honoring blacks in auto industry
The One Club holds boot camp in Atlanta on getting a job in advertising
Black TV Ratings for Week of October 24 - 30 Football, baseball occupy the Top 25 chart of black households' TV favorites
NABOB applauds 4As policy statement on nondiscrimination in advertising
Bounce TV strikes carriage deal with WUSA in Washington, DC market
Interactive One posts largest number of unique visitors in its history in September
Chrysler Group appoints new head of Talent Acquisition and Global Diversity
Soul of the South, regional African-American TV network to debut early 2012
Radio One replaces Houston's KROI-FM's gospel format with 24 hour news
Click here for more recent news stories and our news archive
Return to top of page
TARGET MARKET NEWS
228 S. Wabash Ave.
Chicago, Il 60604
Copyright (c) 2011 All rights reserved
email@example.com Supplier Services