April 12, 2022
Posted by: Jorge Platero
Category: Faconauto News
Research from University College London has analyzed how customers’ feelings evolve in the face of the political, social and economic context.
If something has already been demonstrated, it is the great volatility of the automotive market in the face of exogenous events. Any factor outside the sector affects the consumer’s purchase decision. A recent study by University College London has analyzed how customer confidence evolves in the current economic situation. They indicate that the confidence of the consumer continues to fall and that it has gone from concern about the pandemic to concern about the economy.
Researchers at University College London explain that almost 4 in 10 people (38%) are now more worried about their finances than the pandemic situation (33%). These results are extracted from surveys carried out on more than 30,000 people during the month of March.
“Concerns about money have been on the rise, and now people are more worried about finances than COVID-19. This suggests that new psychological stressors are becoming dominant in people,” explains lead researcher Dr. Daisy Fancourt.
It is not the only research that warns of this trend. According to Barclaycard, rising prices are beginning to affect consumer spending patterns. José Carvalho, head of consumer products at Barclaycard, indicates that “increasing fuel prices and household bills are clearly starting to influence consumer behaviour, with many changing their travel and shopping habits to save. money”.
sales are not improving
The truth is that these movements in demand are already being noted. In fact, vehicle sales in Europe during the month of March have left very negative results.
The 5 main markets have reduced their registrations compared to March 2021. The most significant drop has occurred in Spain with a market decrease of more than 30.2%. Although in the United Kingdom there has been the worst March in 24 years; in Germany the market drop has approached 20%; and in France and Italy they also do not notice the recovery with decreases of 20% and 24.4% respectively.
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