NEW YORK, July 14, 2020 /PRNewswire/ --
Key takeaways
Why this matters
With U.S. figures staying worryingly consistent since April, consumer distress regarding near- and longer-term financial well-being may outlast current health concerns, directly impacting the automotive supply and demand chain. According to Deloitte's study titled "How the pandemic is changing the future of automotive," U.S. consumers are rethinking their relationship with personal vehicles, digital transactions and transportation, including mobility services. The growing use of digital tools could be supportive of overall demand, but a growing affordability issue may cause consumers to stay out of the market longer than expected. At the very least, consumers may be recalibrating their expectations relative to which new vehicle segment and/or option package they can afford.
As a global health crisis starts to morph into an economic one, Deloitte is conducting a series of biweekly surveys around the globe to better understand the interplay between personal safety and economic vulnerability as a driver of purchase decisions and consumer behavior. The multi-wave "Deloitte State of the Consumer Tracker" first launched on April 19, 2020, draws insights from over a dozen countries and queries 1,000 consumers in each market ? with insights available on an interactive dashboard.
Financial well-being is shaping relationships with personal and public transportation
Key quotes
"Automotive companies should maintain manufacturing discipline, focusing on the vehicles consumers want to buy. Exploring strategic partnerships will also be increasingly necessary to maintain key innovation programs while deploying enhanced digital capabilities to identify and prioritize critical cost-saving opportunities. Clearly, industry stakeholders that can use this situation to significantly restructure their operations will likely be in the best position possible to thrive going forward."
- Joe Vitale, principal and global automotive sector leader, Deloitte Consulting LLP
"Although the full impact will remain unclear for several months, the global automotive sector was already experiencing a downshift in demand. As the focus of public concern continues to shift from health to financial well-being, understanding how consumer expectations are changing will be critically important for auto companies to remain engaged. Moreover, there is a clear need for industry stakeholders, including manufacturers, suppliers, retailers, financial institutions and governments, to come together in a focused dialogue to understand exactly what actions are needed to tackle the incredibly complex issues faced by the sector and get the global automotive engine running smoothly again."
- Karen Bowman, vice chairman, Deloitte LLP and U.S. automotive sector leader
Are consumers changing the way they think about mobility?
Connect with us on Twitter at @DeloitteCB or on LinkedIn @JoeVitale @KarenBowman.
About the Center
Deloitte Consumer Industry Center provides a forum for innovation, thought leadership, groundbreaking research and industry collaboration to help companies solve the most complex industry challenges.
Technology is changing at a rapid pace, and so are consumers. How will these changes impact the way our clients do business in the future? The Center provides premiere insights based on primary research on the most prevalent issues facing the Consumer industry to help our clients run effectively and achieve superior business results.
The Center is your trusted source for information on leading trends and research that connect insights, issues, and solutions for Deloitte's four Consumer sectors: automotive; consumer products; retail; wholesale and distribution; and transportation, hospitality and services.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 5,000 private and middle market companies. Our people work across the industry sectors that drive and shape today's marketplace ? delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Now celebrating 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's more than 312,000 people worldwide make an impact that matters at www.deloitte.com.
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SOURCE Deloitte
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