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10 Sep 2008
Shanghai
Chinese consumers are adapting their new car plans or are postponing their purchase in view of the escalating fuel prices, according to a recent Nielsen survey.
An online Nielsen study looking at the effect of oil price increases in China’s key cities Shanghai, Beijing and Guangzhou, has found that of the 71 percent of respondents who do not currently own a car; around a third claim to be considering buying one. However, because of the high oil prices, consumers are reconsidering their purchasing decisions. 25 percent will delay their purchase and a further 22 percent are now no longer in the market to buy a car. For those who remain interested in a car purchase, 18 percent are considering a fuel efficient car because of oil price increases. A quarter remains unaffected by the oil price rise.
Among all people surveyed, Shanghai consumers are the least likely to be put off by oil price increases and will go ahead with their car purchase plan soon (33%). Beijingers tend to be more conservative and have chosen to put their car purchases on hold (33%) and Guangzhou consumers are perhaps the most price sensitive among those surveyed, with 31 percent of consumers deciding that they are no longer in the market.
The other least-affected group is high income earners – 52 percent said their car purchase plan remains unaffected or they will consider a fuel efficient model – compared to 57 percent of those lower income groups who plan to delay or put off their car purchase plan.
“Oil price increases have had an impact on some consumer groups, however consumer demand is still quite strong, particularly among the younger, middle class,” said Georgia Zhuang, head of Automotive Research at Nielsen China. “Obviously oil price hikes have had an impact on Chinese consumer’s car buying decisions, including their choice of the types of car they would buy.”
As the survey reveals, 42 percent of those aged 45 - 55 have decided not to buy a car in the near future and 29 percent of females are discouraged from becoming a car owner, Of those intending to purchase a car, more than half indicated that they would purchase a fuel efficient car like a A00 Class (example QQ size-7%), A0 Class (example polo size-16%), A class (example Santana size-26%) and B class (example Passat size-17%).”
The A class car was the type of car most considered for purchasing by consumers in Shanghai (34%) and Beijing (28%).
“Oil price increases are a world wide trend, however there is still huge potential in China for further car sales growth. It is at this critical point where manufacturers need to keep themselves updated on consumers’ needs and come up with offers or models that suit them under such a challenging environment. “said Ms Zhuang.
About The Nielsen Company
The Nielsen Company is a global information and media company with leading market positions in marketing information (ACNielsen), media information (Nielsen Media Research), online intelligence (Nielsen Online and BuzzMetrics), mobile measurement, trade shows and business publications (Billboard, The Hollywood Reporter, Adweek). The privately held company is active in more than 100 countries, with headquarters in Haarlem, the Netherlands, and New York, USA. For more information, please visit, www.nielsen.com
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