Acxiom Finds Non-Luxury Hybrid Vehicles Attracting Luxury ConsumersGeographic Distribution of Ford Escape Hybrid Highest Propens
March 04 2008 - 10:35AM
Business Wire
Luxury consumers don�t typically purchase a non-luxury vehicle -
unless it�s a hybrid version of that vehicle, an Acxiom�
Corporation (NASDAQ: ACXM) study said today. But just because those
consumers are taking a �step down� from their normal luxury
category doesn�t mean they expect anything less in terms of
technology features and advanced amenities such as GPS and other
onboard diagnostics, Bluetooth compatibility and other
technologies. Key findings from the Automotive Consumer Dynamics
study revealed hybrid buyer behavior and discovered consumer trends
in conquesting, technology and geographic location, which can
further improve automotive marketing and distribution of hybrids.
Top findings include: Room at the Top: Upper Rung consumer groups
as defined by Acxiom, which comprise affluent buyers, are fueling
hybrid buying trends and present a large opportunity for hybrid
sales growth Conquesting: Hybrid models are driving brand
switching, or conquesting, by as much as 10 percentage points
higher than their non-hybrid counterparts Technology: Hybrid
technology is causing mid-market hybrid models to make inroads with
tech-savvy, luxury consumers Geographic Differences: Consumers with
a high propensity toward hybrids demonstrate a striking difference
in their geographic location from their non-hybrid counterparts The
study, which focused on U.S. consumers likely to purchase a hybrid
vehicle in the near future, finds that non-luxury brands are
attracting a previously untapped consumer market. These affluent
customers continue to set buying trends for this category of
vehicles, and by reaching only 5 percent of the 17 million
households within this population, manufacturers could double the
number of hybrids sold in 2008 over 2007. �Clearly, these hybrid
buyers are the trendsetters that are helping to shape the modern
automotive landscape,� said Tim Longnecker, automotive industry
executive for Acxiom. �They�re tech-savvy and demand the
performance and amenities of luxury brand vehicles and are willing
to pay for it. This presents an opportunity to position hybrid
vehicles to a very different consumer set.� Furthermore, Acxiom
found that hybrid vehicles drive brand switching, referred to as
conquesting, as buyers choose a different manufacturer when
purchasing hybrids at a greater rate than non-hybrid buyers. For
example, 77 percent of Toyota Highlander hybrid buyers come from
other manufacturers as opposed to 67 percent of Toyota Highlander
non-hybrid buyers. �There is great opportunity for manufacturers of
hybrids to tune into consumers� preferences and grow their customer
base at the expense of the competition,� said Longnecker. �For many
manufactures, hybrids are reaching prospects that their traditional
models could only dream of.� The study also looks at the typical
characteristics of a hybrid buyer and paints a contemporary
portrait of lifestyle traits shared by these consumers. When
comparing buyers of mid-market gasoline-fueled models to hybrid
buyers of those same models, Acxiom found that hybrid buyers are
more interested in science and space, environmental issues, reading
science fiction, music collection and camping, than their
non-hybrid counterparts. Additionally, Acxiom�s research found that
more than 50 percent of consumers with a high propensity for the
hybrid Ford Escape are located along the East and West Coasts,
while traditional Ford Escape prospects are more evenly dispersed
throughout the middle of the U.S., again pointing to the striking
differences among these consumer groups. The implications of these
geographic findings provide further insight into hybrid consumers,
and by understanding these findings, automotive manufacturers can
significantly impact their hybrid sales through strategic
marketing. This is the second in an ongoing series of monthly,
consumer-centric studies of the North American automotive industry,
titled Automotive Consumer Dynamics. To download a copy of the
study, or to subscribe to receive future editions, please visit
www.acxiom.com/automotive (no registration required). About
Automotive Consumer Dynamics Automotive Consumer Dynamics differs
from other studies and analysis available to the industry in that
it focuses on all U.S. consumers versus a sample, is prospective
(what specific vehicles consumers intend to purchase next) versus
historical (what aggregate consumers purchased last, and the
findings are immediately actionable by automotive marketers because
they provide addressability to specific individuals and households
of interest. By exposing the attitudes, behaviors and intentions of
vehicle buyers across the country and slicing them into 10
automotive consumer groups, the study offers predictive, timely
information that can improve automotive marketing effectiveness and
overall business performance dramatically through more timely and
targeted communications to key prospects. About Acxiom Acxiom
Corporation (NASDAQ: ACXM) integrates data, services and technology
to create and deliver customer and information management solutions
for many of the largest, most respected companies in the world,
including nine of the top 10 automotive manufacturers. The core
components of Acxiom�s innovative solutions are Customer Data
Integration (CDI) technology, data, database services, IT
outsourcing, risk mitigation, consulting and analytics, and privacy
leadership. Founded in 1969, Acxiom is headquartered in Little
Rock, Arkansas, with locations throughout the United States and
Europe, and in Australia, China and Canada. For more information,
visit www.acxiom.com.
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