Table of Contents
Overview
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- What you need to know
- Definition
Executive Summary
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- The issues
- There are five brands Hispanics see positively
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- Figure 1: Hispanics’ perceptions of auto brands, February 2017
- Value and reputation influence Hispanics’ perceptions of car brands
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- Figure 2: Main factors influencing Hispanics’ perceptions of car brands, February 2017
- Hispanics want a car that is reliable and durable
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- Figure 3: Hispanics’ reasons for most recent auto acquisition – Reliability and reputation vs advanced technology, February 2017
- The opportunities
- Showing that a brand is more than the car it makes
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- Figure 4: Hispanics’ attitudes toward car brands – Car appeal and current brand future purchase intent, February 2017
- Using car dealerships to manage expectations
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- Figure 5: Hispanics’ attitudes toward car brands – Expectations and dealerships, February 2017
- Leveraging online sources to manage reputation
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- Figure 6: Trusted information sources for Hispanics, February 2017
- What it means
The Market – What You Need to Know
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- If needed, Hispanics aim to get a car as soon as they can afford one
- Five brands get most of Hispanics’ attention
- Maintaining a relationship with purchasers of used cars is important
- Latest technology may not win new Hispanic drivers
- Hispanics’ biculturalism and youth creates new opportunities to connect
The Market
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- Hispanic households less likely to own cars
- A note on public transportation
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- Figure 7: Vehicle ownership, by Hispanic origin and household income, July 2015-August 2016
- Figure 8: Vehicle ownership, by Hispanic origin and region, July 2015-August 2016
- Hispanics gravitate toward brands they know
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- Figure 9: Make and origin (domestic or imported) of vehicle Hispanic households most recently acquired, indexed to all, July 2015-August 2016
- Experience based on used cars may impact perceptions negatively
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- Figure 10: Brand and condition (new, used, or leased) of vehicle Hispanic households most recently acquired, July 2015-August 2016
Market Perspective
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- Hispanics less likely to see improvements in American cars’ quality
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- Figure 11: Attitudes toward American auto manufacturers, by language spoken at home and Hispanic origin, July 2015-August 2016
- Expectations may differ when comparing domestic and foreign brands
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- Figure 12: Attitudes toward quality – Foreign cars vs domestic cars, by language spoken at home and Hispanic origin, July 2015-August 2016
- Hispanics less likely to be impressed by extras in cars
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- Figure 13: Attitudes toward safety, special options, and having a fun car, by household income and Hispanic origin, July 2015-August 2016
Market Factors
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- Hispanic market is young and bicultural
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- Figure 14: Population by Hispanic origin and generation share, 2017
- Hispanics’ larger households don’t necessarily mean larger cars
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- Figure 15: Average household size, by race and Hispanic origin, 2016
- Lower median household income drives pragmatism when choosing cars
- Median household income for Hispanics significantly below national median
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- Figure 16: Median household income, by race and Hispanic origin of householder, 2015
- Figure 17: Median household income, by race/Hispanic origin of householder, in inflation-adjusted dollars, 2005-15
- Improving labor market can give Hispanics confidence to proceed with large item purchases
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- Figure 18: Hispanic unemployment (seasonally adjusted), January 2007-January 2017
- Gas prices remain low
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- Figure 19: US gasoline and diesel retail prices, January 2007-February 2017
Key Players – What You Need to Know
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- Reputation matters
- Some attributes build reputation
- Other attributes help create differentiation
Brand Perceptions
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- There are two groups of auto brands…
- …and two sets of attributes
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- Figure 20: Hispanics’ perceptions of auto brands, February 2017
- Toyota
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- Figure 21: Hispanics’ perceptions of Toyota, February 2017
- Honda
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- Figure 22: Hispanics’ perceptions of Honda, February 2017
- Ford
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- Figure 23: Hispanics’ perceptions of Ford, February 2017
- Chevrolet
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- Figure 24: Hispanics’ perceptions of Chevrolet, February 2017
- Nissan
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- Figure 25: Hispanics’ perceptions of Nissan, February 2017
- The rest of the brands
The Consumer – What You Need to Know
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- Value and reputation matter
- Do not assume repeat purchases
- Hispanics know what they want: reliability, durability, and quality
- Hispanics rely on third parties for information they trust
Factors Influencing Hispanics’ Perceptions of Car Brands
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- Price and reputation are key for brand to be in the consideration set
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- Figure 26: Factors influencing Hispanics’ perceptions of car brands, February 2017
- Younger Hispanic men more likely to be influenced by subjective factors
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- Figure 27: Factors influencing Hispanics’ perceptions of car brands, by gender and age, February 2017
- Unacculturated Hispanics less concerned with brand reputation
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- Figure 28: Factors influencing Hispanics’ perceptions of car brands – Reputation, by level of acculturation, February 2017
Hispanics’ Attitudes toward Car Brands
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- Brand ownership doesn’t mean brand retention
- Managing expectations key for satisfaction
- Trusting the dealership is not the norm
- Pragmatism trumps image
- The role of advertising
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- Figure 29: Hispanics’ attitudes toward car brands, February 2017
- Hispanic men 35+ more confident about their car brand knowledge
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- Figure 30: Hispanics’ attitudes toward car brands, by gender and age, February 2017
- Acculturated Hispanics have more confidence in the brands they like
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- Figure 31: Hispanics’ attitudes toward car brands – Expectations, by level of acculturation, February 2017
- Unacculturated/bicultural Hispanics more likely to value appearances
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- Figure 32: Hispanics’ attitudes toward car brands – Image, by level of acculturation, February 2017
Reasons for Most Recent Auto Acquisition
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- Hispanics want a car that is reliable and durable
- Hispanics open to seeing what else is out there
- Style, bells and whistles are not deciding factors
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- Figure 33: Hispanics’ reasons for most recent auto acquisition, February 2017
- Younger Hispanics more open to experimentation
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- Figure 34: Hispanics’ reasons for most recent auto acquisition – Reputation, by gender and age, February 2017
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- Figure 35: Hispanics’ reasons for most recent auto acquisition – Looks and technology, by gender and age, February 2017
- Bicultural Hispanics more likely to embrace advanced technology
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- Figure 36: Hispanics’ reasons for most recent auto acquisition – Looks and technology, by level of acculturation, February 2017
- Less-affluent Hispanics play it safe
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- Figure 37: Hispanics’ reasons for most recent auto acquisition, by household income, February 2017
Trusted Information Sources
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- Hispanics rely on information they read online
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- Figure 38: Trusted information sources for Hispanics, February 2017
- Younger Hispanic men more likely to trust social media
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- Figure 39: Trusted information sources for Hispanics, by gender and age, February 2017
- Hispanics’ trust in car-related websites increases with acculturation
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- Figure 40: Trusted information sources for Hispanics, by level of acculturation, February 2017
Appendix – Data Sources and Abbreviations
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- Consumer survey data
- Terms
- A note on acculturation
Appendix – Market
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- Figure 41: Make and origin (domestic or imported) of vehicle Hispanic households most recently acquired, indexed to all, July 2015-August 2016
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