New Delhi, Oct. 12
SOME two out of five (38 per cent) new vehicle buyers consider at least one other model before making the purchase, according to the J.D. Power Asia Pacific 2005 India Escaped Shopper Study SM released on Wednesday.
The inaugural study analyses the reasons why shoppers of a particular vehicle initially consider, but ultimately reject it in favour of a competitive product. The study also serves to gauge shopper perceptions of vehicle deficiencies and efficiencies compared to the competition.
"The Escaped Shopper Study provides critical insights on the shopping habits of new vehicle buyers to brand and product managers for the first time in India," said Mr Mohit Arora, India Director at J.D. Power Asia Pacific.
"Furthermore, the information provided enables marketers to quantify the impact of a loss of sale due to various rejection reasons measured in the study."
The study finds that Maruti Suzuki and Hyundai are among brands most often considered by new vehicle buyers in India. Further, buyers of midsize and premium midsize cars tend to shop multiple brands more than the buyers of small cars.
The study, which also examines the reasons new vehicle shoppers reject vehicles they consider, finds that shoppers are most concerned with price and finance-related factors. Following the price, the vehicle's fuel economy is the second most often cited reason for rejection. "Vehicle affordability, both in terms of initial and running cost, is a key consideration for the new-vehicle buyer in India," said Mr Arora. "Both existing and new manufacturers planning to become significant players in the Indian market need to understand and incorporate these considerations in their product planning initiatives."
The study is based on responses from more than 2,000 potential customers of new cars and utility vehicles.