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New buyers opt for thriftier cars, says Nielsen

By Zhou Yan (China Daily)
Updated: 2009-04-21 08:02

Chinese people have slashed their budgets for buying automobiles amid decreasing consumer confidence and a bitter economy, but the diversified demand for private vehicles will continue to propel the market on a robust growth path, according to a recent survey from global information provider Nielsen.

Related readings:  Global gaze on record China sales  Auto market lags behind US, but optimistic after Jan. sales  Competition for China's auto market is heating up  Homegrown auto brands gain in sales last year

The survey of 4,400 interviewees conducted from early October to late March showed that 55 percent people decided to buy cars priced below 180,000 yuan after the economic crisis broke out, 8 percentage points higher than before the crisis. In comparison, those who intended to purchase pricey vehicles above 300,000 yuan dropped 10 percentage points from about six months ago.

"Consumers are more rational and thriftier on vehicle purchases. Over 30 percent of the respondents said they will adjust their budgets for new car buys, and give more attention to fuel cost," said Georgia Zhuang, associate director, China consumer research, Nielsen, yesterday.

The company's consumer confidence index has dropped from 96 points in the second half of 2007 to 89 points (projected) a year later.

"Not surprisingly, first-time buyers have a lower budget now with 37 percent saying that their budgets are between 80,000 to 120,000 yuan," Zhang said.

According to figures from China Association of Automotive Manufacturers, 160,000 homegrown sedans, which target medium-and low-end markets, were sold in the first quarter, accounting for 29 percent of the total and topped the sales.

Nearly 2 million passenger vehicles were sold in the country in the first three months, a 7.81 percent year-on-year increase. However, sales of commercial cars fell 6.13 percent to 683,000 in the same period.

Zhang said the quarterly sales rebound could be attributed to the central government's automobile stimulus plan released in March that has set a sales and production target of 10 million vehicles this year.

The Nielsen survey also showed that 46 percent of the respondents decided to postpone car purchases to make more cost-effective decisions.

"One distinct feature of Chinese consumer behavior during the economic crisis is that the purchasing process now takes one and half month longer than that in a sound economy, and 30 percent are planning to buy cars on credit," Zhang said.

"It's quite rare for Chinese car buyers to make their purchases through bank loans, but the recession has made 19 percent more people adopt that route," she said.

Nielsen expects China's automobile industry to record a single digit growth rate this year after double-digit growth from 2005 to 2007.

On policy front, the findings showed that Chinese consumers are expecting more vehicle consumption stimulus policies, including a reduction in the vehicle import tax (63 percent).

"The economic crisis has hampered the growth of Chinese automobile market, but the long-term growth will remain strong, given the diversified demands among first-time buyers and repeat buyers," Zhang said.

Speaking on the eve of the Shanghai motor show, Zhang said that the crisis will undoubtedly push automobile manufacturers to make more active promotions on the show, because first-time buyers have taken it as one of the top three channels to get information prior to making their final purchasing decisions.