Toyotas Top-Of-Mind Among Hispanics Looking To Make Future Vehicle Purchase According To GfK Survey
--Hispanic Americans Turn to Smaller Cars to Combat Rising Gas Prices--
NEW YORK, February 27, 2006 – Toyota tops the list of makes that are top of mind among Hispanic Americans looking to the car buying market according to the latest findings from GfK Hispanic OmniTel™. The national telephone survey of Hispanic Americans also found that consumers in this fast-growing segment are turning to smaller vehicle purchases in the wake of the nation’s latest fuel crisis.
Toyota Tops Among Hispanic Americans
While the general population is leaning more toward domestic car makes (65% vs. 58% among Hispanics) for their next purchase, the Hispanic American shows a preference for foreign car makes (59% vs. 50% among the general population). The car make with the highest consideration is Toyota, at 35%. This is not to say Hispanics don’t covet domestic makes at all, as 31% would consider a Ford and 28% would consider a Chevrolet. Other popular makes under consideration by Hispanic Americans are foreign automakers Honda (22%) and Nissan (21%).
Hispanics Find Relief From Rising Fuel Prices In Smaller Vehicles
GfK’s national telephone survey of Hispanic Americans also found that when looking to purchase a car, fuel efficiency is an important factor among this critical consumer segment. Four of five (80%) Hispanic Americans aged 18 or older surveyed indicated they are likely to purchase a smaller sized car with better fuel economy in the wake of recent gasoline price increases. This figure is significantly higher than the proportion found among the general population (70%).
However, despite their willingness to drive smaller vehicles to save on fuel costs, Hispanics are somewhat less likely than the population overall to shop for new alternative engines such as “Hybrids” (41% vs. 49% likely to consider), yet they are as likely to consider a new “clean diesel” engine alternative (39% vs. 38%).
Accelerated Purchase Timeline
Within the Hispanic segment, the car purchasing timeline is also somewhat accelerated versus the general population the GfK Hispanic OmniTel survey reports. On average, Hispanic Americans are planning their next car purchase in two years time while the population in general is operating on two and a half year timeframe.
When it comes to their consideration of a new or used car for their next purchase, Hispanics closely mirror the general population. However, when asked specifically about purchase intent toward “certified used or pre-owned vehicles”, nearly two thirds (65%) of Hispanics were likely to consider the possibility, while seven in ten (70%) of all Americans could make the same claim.
About GfK Hispanic OmniTel™
GfK Hispanic OmniTel is a monthly survey of the Hispanic American market that represents all Hispanic American adults nationwide. Developed by GfK NOP, the survey offers an efficient way to understand trends and issues relating to this rapidly growing market. The Automotive Purchase Study was conducted in in conjunction with GfK Automotive in February 2006 among 500 Hispanic Americans aged 18 and older nationwide via telephone. Respondents were given the choice of completing the survey in English and Spanish.
To ask a question on the next wave of GfK Hispanic OmniTel, contact Bruce Barr, Vice President, Omnibus Services.
To learn more about the Automotive Purchase Study, contact your GfK Automotive representative.
About GfK NOP and GfK Automotive…
New York-based GfK NOP and GfK Automotive, headquartered in Southfield, MI, are companies of GfK Custom Research, North America, part of The GfK Group. With home offices in Nuremberg, Germany, The GfK Group is among the top-three market research organizations in the world. Its activities cover five business divisions: Custom Research, Retail and Technology, Consumer Tracking, Media and Healthcare. In addition to 13 subsidiaries in Germany, The GfK Group has more than 130 subsidiaries and affiliates in 61 countries.