Survey reveals 66% of new car buyers in UAE are 18-29 years old
According to a New Vehicle Buyer Survey, 66% of new car buyers in the UAE are between 18-29 years old. The annual survey is conducted by Tetrahedron Consulting, a management consulting firm dealing with advanced analytics, data mining and modeling in the automotive sector in the region.
The survey reveals that there is a predominance of first-time buyers (61%) in the UAE, which is reflective of the younger demographic profile of the country. The high first-time- buyer ratio may also result from attractive promotions and discounts offered by manufacturers to aggressively market their vehicles.
While the Internet is the most popular source of information, family or friends and word-of mouth recommendations formed top sources of influence (62%). For the UAE car buyers, comfortable ride and seating ranked among the top reasons for brand choice along with exterior styling, reliability and durability. In addition to style and excitement, customers also place great significance on safety, functionality and manufacturer reputation.
“A car is a visible expression of one’s personal identity and the Middle East has always been a dynamic market for the automotive industry,” said Satish Singh, Chief Executive Officer and founder of Tetrahedron Consulting. “Yet remarkably little is known about consumers’ decision making process and attitudes toward the major car manufacturers. The New Vehicle Buyer Survey provides incisive insights into importance drivers, high potential segments and brand imagery association.”
The survey also revealed that 64% of the new vehicle buyers have high education level, indicating sophisticated decision making process. The UAE customers have shown a preference towards quick and reliable service and not just the cost of servicing.
While buyers use their cars primarily to drive to work, they also seek vehicles that are enjoyable to drive.
Singh concluded: “These findings have tremendous implications not just for manufacturers but also for the entire spectrum of the automotive industry.”
The New Vehicle Buyer Survey is the first ever such survey conducted in the region.
