The Hispanic new vehicle market in the US is larger than previous industry estimates, according to a study by CNW Marketing Research, Inc.
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CNW says that until now, the Hispanic share of new vehicle sales has been estimated at about 8%.
CNW’s most recent ‘Native-Language Study’ showed actual Hispanic purchase share of 13.3% or roughly 2.3 million units in 2001. That share is forecast to increase to 13.6 percent in 2002.
Other CNW findings:
Hispanic new vehicle shoppers rely more on family and friends for vehicle recommendations than non-Hispanics.
Hispanic new vehicle owners are three times more loyal to a brand than their non-Hispanic counterparts.
When Hispanics select a market segment from which to buy a vehicle, they are more than twice as likely to actually buy a vehicle in that segment. Most non-Hispanics will bounce from segment to segment before finally choosing a car or truck.
First-generation Hispanic emigres find Spanish-language ads, brochures and other marketing material to be extremely or very important. That falls to about 41 percent among second or later generation Hispanic households.
