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Black Consumers and the Car Purchasing Process in US 2014: Market Research Report

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Albany, NY -- (SBWIRE) -- 06/24/2014 -- MarketResearchReports.Biz presents this most up-to-date research on "Research Report On Black Consumers And The Car Purchasing Process Market" US - 2014

Encouraging Black consumers to visit a car dealership is the step that can advance the car-buying process toward purchase. Marketers need to form their message to give Black consumers a clear call to action to experience new vehicles in-person. General incentives may work, but specific messaging will also be effective on certain demographics.

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Table of Content

Scope and Themes

What you need to know
Definition
Data sources
Sales data
Consumer survey data
Abbreviations and terms
Abbreviations
Terms

Executive Summary

Market for Black new and used vehicle buyers more than $27 billion
Figure 1: Expenditures by black households on purchase of new and used vehicles, at current prices, 2008-13
Certified pre-owned cars attractive option for Black car buyers
Figure 2: Whether the vehicle in household is owned or leased, by race/Hispanic origin, November 2012-December 2013
Most Blacks expect to take less than one month to research next purchase
Figure 3: Expected time for researching and buying next vehicle, by gender, February 2014
Figure 4: Price expected to pay for next vehicle from respondents who consider both total price and monthly payments to be important, by gender, February 2014
Blacks looking to switch brands for financial reasons
Figure 5: Top reasons for planning to switch vehicle brand, by gender, February 2014
Blacks seriously considering domestics brands
Figure 6: Any choice for vehicle brand seriously considering purchasing, February 2014
Black car buyers rely on in-person experience
Figure 7: Any important resources when shopping for next vehicle, February 2014
Young Blacks more trusting of car dealers
Figure 8: Attitudes toward consideration of car purchasing, by age, February 2014
What we think

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Issues and Insights

What efforts can get Blacks to the car dealership?
The issues
Implications
Are Black women key decision makers?
The issues
Implications
Are young Blacks too tech-savvy for the traditional dealership experience?
The issues
Implications

Trend Application

Trend: Experience is All
Trend: Influentials
Trend: Green and Lean

Market Size and Forecast

Key points
Market of Black new and used vehicle buyers more than $27 billion
Figure 9: Expenditures by black households on purchase of new and used vehicles, 2009-19
Fan chart forecast
Figure 10: Fan chart forecast of expenditures by black households on purchase of new and used vehicles, 2009-19, at current prices, 2009-19

Demographic Profile of US Black Population

Key points
Buying power
Figure 11: Buying power trends among Black consumers, 1990-2018 (projections)
Black buying power is growing at a faster rate than that of White consumers
Figure 12: Changes in buying power, by race, June 2013
Black buying power more than $1 trillion
Figure 13: Top 10 states ranked by share of Black buying power, 2012
Top 10 states with highest buying power represent two thirds of buying power
Figure 14: Top 10 states ranked by value of Black buying power, 2012
Population statistics
Black population growing at a faster rate than Whites
Figure 15: Population by race and Hispanic origin, 2009-19
Black population growth slows
Figure 16: Asian, Black, and Hispanic populations, 1970-2020
Children younger than 18 years old account for 27% of Black population
Figure 17: Black population, by age, 2009-19
Geographic concentration
Majority of Blacks reside in South, a different marketing approach may be needed
Figure 18: Black geographic concentration, by region, 2010
NY, Chicago, Philadelphia, Detroit, and Houston top Black metros
Figure 19: Top 10 cities with the largest number of Blacks, 2010
Generations
iGeneration and Millennials represent nearly half of Black population
Figure 20: Population of generations, by race/Hispanic origin, 2014
Figure 21: Distribution of population by race and generation, 2014
Education
Majority of Blacks seek college, while others may be relying on entrepreneurship
Figure 22: Educational attainment of Blacks aged 25 or older, by age, 2012
Marital status
Only one third of Blacks are married, compared to 50% or more of others
Figure 23: Percentage of married and not married people aged 18 or older, by race and Hispanic origin, 2013
Blacks twice as likely never to marry, may trace back to history in America
Figure 24: Marital status of adults aged 18 or older, by race/Hispanic origin, 2013
Figure 25: Marital status of Blacks, by age, 2013
Figure 26: Marital status of Black adults, by gender, 2013
Employment
Black employment rate is lower than for others, rebounding slowly after recession
Figure 27: Labor-force participation rate of people aged 16 or older, by race and Hispanic origin, 2002-12
Income
Blacks have lower household incomes, attributed to several factors besides occupation
Figure 28: Median household income, by race and Hispanic origin of householder, 2012
Figure 29: Household income distribution by race and Hispanic origin of householder, 2012
Parental status
One third of Black households are headed by women
Figure 30: Households type, by race of householder, 2013
More Black children born to unmarried women in 2012
Figure 31: Fertility rate, by race and Hispanic origin of mother, 2002-12
Figure 32: Percent of births to unmarried mothers, by race and Hispanic origin of mother, 2002 and 2012
Figure 33: Black households, by presence and ages of own children, 2013
Home ownership
Four out of 10 Blacks are homeowners
Figure 34: Homeownership rate, by race of householder, 2001-11

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Marketing Strategies

Lexus produces Verses and Flow TV show aimed at Black audiences
Figure 35: Lexus, Verses and Flow screenshot, 2014
Figure 36: Lexus, television ad, 2014
Chrysler introduces Chrysler 300 Motown Edition
Figure 37: Chrysler, television ad, 2014
Ford sponsors 14th annual BET Awards with contest to win Mustang
Figure 38: Ford, #MustangAndMe ad, 2014

The Black Car Buyer

Key points
Blacks own fewer cars
Figure 39: Number of vehicles owned in the household, by race/Hispanic origin, November 2012-December 2013
Majority of Blacks own conventional cars
Figure 40: Type of vehicle owned in household, by race/Hispanic origin, November 2012-December 2013
Pick-ups owned by some more affluent Blacks
Figure 41: Type of vehicle owned in household, by household income, November 2012-December 2013
Certified pre-owned good option for Blacks
Figure 42: Whether the vehicle in household is owned or leased, by race/Hispanic origin, November 2012-December 2013
CPO vehicles used by variety of household income levels
Figure 43: Whether the vehicle in household is owned or leased, by household income, November 2012-December 2013
Blacks most likely to have vehicles financed for five years or more
Figure 44: Length of total financing, by race/Hispanic origin, November 2012-December 2013
Black car buyers less interested in Asian brands
Figure 45: Future vehicle purchase: expectation of next car bought by origin, by race/Hispanic origin, November 2012-December 2013

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