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2021 insight report on China’s new generation people’s interest in automobiles From A great deal of arithmetic

The following is the 2021 insight report on China’s new generation people’s interest in automobiles From A great deal of arithmetic recommended by And this article belongs to the classification: Automobile industry, User Research, research report.

Just past 2020, despite the obvious recovery in the second half of the year, the narrow sense retail sales volume of China’s auto market is still fixed at 19.29 million, which is 6.8% lower than that of 19 years. This is also the third consecutive year that the sales volume of China’s auto market has declined. After the rapid growth in the first 10 years of the 21st century, the stock age of China’s automobile industry has come.

Under the challenge, the young people who represent the main increment of the automobile market naturally become the focus of attention of automobile manufacturers and brands. As a participant and witness of the development of China’s automobile market, we hope that through such a research focusing on the young people, we can help the automobile enterprises in the Chinese market to further understand the attitude of the young people towards automobiles, and take the lead in the fierce competition in the future automobile market.

01. The 10 billion market of the new generation of young people

According to the data released by the traffic administration of the Ministry of public security, by the end of 2020, there will be more than 40 million license holders aged 18-24. This figure symbolizes the huge scale of potential car buyers in China’s auto market. For China’s auto industry, the trend of younger car buyers is irresistible.

The consumption potential of young people in the automobile market mainly comes from the low car ownership rate. 75% of young people have not owned their own cars at present, which is far lower than that of people over 24 years old who are interested in cars. As more and more young people begin to gradually release their consumption potential in the direction of automobile, the era of automobile consumption belonging to young people is coming.

70.4% of Chinese young people who are interested in cars plan to buy cars under their own name within five years, and the proportion of planned car purchase is significantly higher than that of people over 24 years old. Based on the data of the driver’s license holders and the average purchase price of 150000 yuan, the volume of China’s auto market, which belongs to this group of young people, will probably exceed 10 billion yuan in the next five years only in terms of new car sales.

02. Auto companies need to grasp the golden 30 days to buy short chain

According to the survey data, collecting and obtaining information through the online platform, and then starting the test drive and experience of the offline scene are more used to the car purchase process of the current Chinese young people. More than 70% of the young people follow this way in the process of car purchase.

Short decision-making link is the most significant feature of Chinese young people when they buy a car. Short chain purchase path means more important information input link and more decisive first-time store entry for automobile enterprises. In order to harvest more young consumers, the “golden 30 days” starting from information channel selection is very important.

The key findings among the five nodes are as follows

Young people prefer vertical content

44.5% of the young respondents will influence their car purchase decisions because of the information they get from the auto vertical platforms, and they are obviously in the leading position in the rich online platforms. Short video media is closely followed. Social platforms, news and information platforms, including long video platforms, have relatively low influence on potential car buyers.

Live broadcast is expected to become the third pole of China’s automobile information

At present, graphic form is still the most commonly used content type for Chinese young people before buying a car, and long and short videos and live broadcast of cars have become important sources of information for them. Among the young respondents with car purchase plans in the short term, the proportion of those who plan to include live broadcast information in car purchase reference has risen to 17.5%, and live broadcast is becoming the third pole of China’s car information.

Promotion of preference and attention of independent brands

Young people have a high preference for information acquisition of their own brands, accounting for 18.2% of the total users, which is higher than the average level. In the top 10 of young group’s auto brand attention, independent brands occupy 4 seats, and 7 seats in the top 20.

The attention of new energy vehicles is on the rise

Young people’s attention to new energy vehicles is growing rapidly, especially in Beijing and Shanghai, where special measures are formulated for the implementation of new energy vehicles. As the two development difficulties of charging and endurance are gradually overcome, new energy vehicles will more and more enter the mainstream vision of Chinese young people’s vehicle selection.

Luxury car market has great potential for young people

Among young people who are interested in cars, 6.9% have an annual family income of more than 500000 yuan, which is higher than 6.2% of those over 24 years old. Recently, compared with people over 24 years old, a larger proportion of young people choose vehicles with a total price of more than 500000 yuan.

03. The relationship between people and vehicles is changing, and the era of self satisfaction is coming

Young car owners are ushering in the era of self satisfied consumption with China’s automobile industry. The core of business success in Yueji consumption era is to fully respect consumers’ personality and differences, and to meet consumers’ material and spiritual demands to a greater extent. Therefore, the fine understanding and targeted expression of young consumers’ needs may eventually become the key to the success of all participants in China’s automobile industry.

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