Automotive industry market research firm IMR Inc. has published its latest insights on auto parts and service consumer purchasing behavior during economic downturns.
This report focuses on how consumers changed their automotive maintenance behaviors in the recessionary market of 2009 in the U.S., which was “a period of economic downturn akin to the current market state due to the global COVID-19 pandemic,” versus prior recessionary years, according to IMR officials.
“During these unprecedented times, we’ve received a lot of questions from our friends in the automotive industry as to where we could be headed,” says IMR CEO Bill Thompson. “We know that this information can provide some insight and clarity to assist businesses as they develop strategies for the important decisions they’re making today, as well as those they’ll make in the months to come.”
The report details changes in channel share, demographics, vehicle attributes, online purchasing, consumer vehicle maintenance attitudes, the current state of delayed maintenance and the current automotive DIY customer profile, including media habits, internet usage, activities, social media engagement and more.
“The report illustrates how consumer behaviors can change during economically stressful times, providing insights to help inform on potentially critical business decisions for the automotive industry," says IMR.