New Vehicle Accessory Spending Dips

ROCHESTER, Mich., May 22, 2012 /PRNewswire/ -- Foresight Research has released the results of its syndicated 2012 Automotive Accessory Market Report. Based on a study of 7,851 recent US new car and truck buyers, the report found:

• Despite a 2% drop from last year a whopping 42% of all buyers install accessories within the first two years of ownership.
• The highest accessory installers (Pickup truckers) declined 2%.
• The average accessory buyer now spends $1,662, an 8% decline from a year ago.
• Declines in installation rates and spending were most prevalent among younger and middle class buyers; those hardest-hit by the recent recession.
• Availability of accessories was influential to selecting a dealer by 29% of accessory buyers.
• Half of all accessory sales occur at or immediately after vehicle delivery, yet dealers cut back on accessory sales effort: 35% of salespeople attempted to sell accessories, and only 41% of dealers had accessorized vehicles on display.
• Sales efforts do pay off: when accessory sales efforts did take place, the total average accessory spending increased by $531 per unit.
• Electronics, comfort and convenience accessories top the installation rate charts.

"Despite a recovering auto industry, accessory sales to new vehicle buyers declined this past year," said Steve Bruyn, CEO of Foresight Research. "Contributing factors include the economy's impact on shifting demographics, consumer restraint on spending and dealers dialing back accessory sales efforts.  These trends should reverse themselves as the industry continues to improve, younger accessory-conscious buyers come back into the market, the mix of pickup trucks improves and dealers refocus on the substantial accessory opportunities.  This report shows how manufacturers and dealers can fully capitalize on the expanding sales opportunity of the accessory market." 

The 2012 Automotive Accessory Market Report compares vehicle brands, segments, geography and accessory type (appearance, performance, comfort/utility and protection), and the information sources used to shop and buy accessories. It quantifies the already installed and plan to install rates of 55 accessory categories.    

Established in 1998, Foresight Research specializes in studies focusing on the key influencers of purchase decisions in the automotive, marine, advertising, public relations, experiential marketing, healthcare, government, and industry association sectors.

SOURCE Foresight Research