Asian-born Millennials and younger Asian-born Gen Zs in Australia are more likely to plan to buy a new car in the next four years than the average Australian in these generations.
That’s the findings of a Roy Morgan single source survey.
Car companies looking for an edge on their competitors would be well-advised to closely examine the fast-growing market of young Asian-born Australians, Roy Morgan chief executive officer Michele Levine says.
“Millennials attract a considerable amount of media attention these days and it’s no wonder given the generation born between 1976-1990 is moving into their prime purchasing years, now aged between 28-42.”
Nearly 14% of Millennials born in Asia plan to buy a new car in the next four years and these figures increase when focusing on Millennials born in China (14.9%) and Millennials born in India (15.3%) compared to the 12.5% of all Millennials.
Now 13.5% of Gen Z born in Asia plan to buy a new car in the next four years and this rises to 16.3% of Gen Z born in India and over a fifth (20.3%) of Gen Z born in China. This is clearly more than double the rate of Gen Z as a whole of 8.5%, the poll says.
“The Australian automotive market has undergone a profound shift in recent years with the closure of large-scale local automotive manufacturing and this means precisely identifying and targeting your potential consumers is more important than ever to improve new car sales,” Levine says.
Asian-born Millennials favour different manufacturers and brands than the average Australian Millennial, the poll shows.
“Asian-born Australians are looking to buy cars such as Toyotas, Volkswagens, Audis, BMWs and Hyundai’s,” Levine says. “These are all popular choices for young Asian Australians – although priorities differ depending upon whether we look at Chinese-born, Indian born or Asian-born in general which brings in immigrants from countries such as Pakistan, Malaysia, Indonesia, the Philippines and elsewhere.”
While Asian-born Millennials may be more likely to plan to buy a new car in the next four years, they are also far more likely to be undecided as to what type of vehicle they want to buy, creating a large opportunity for automotive brands to target, the poll says.
One-in-five Millennials in Australia were born in Asia, more than double the comparable figure from 10 years ago of 9%.
Close to one-in-three (31%) Millennials in Sydney and Melbourne were born in Asia and almost one-in-four (23%) of Gen Zs in Australia’s two biggest cities were born in Asia.
