Trends:
Hybrid Shopping: While Gen Z leverages digital tools for research and initial steps in the car buying process, there's a strong preference to finalize the purchase in person.
Desire for Authenticity: In-person interactions and the ability to touch and test drive the car remain important trust-building factors, especially for big purchases.
Digital Simplifies Early Stages: Online tools are used for inventory browsing, payment estimates, trade-in valuations, and initiating negotiation.
Affordability in Focus: Economic pressures make shoppers more price-conscious, leading to increased use of payment calculators and seeking better deals.
Secondhand Market Demand: Used cars remain in demand, though limited inventory is a challenge.
Implications:
Omnichannel is Key: Dealerships need to provide a seamless experience that blends digital convenience with in-person engagement.
Human Touch Matters: The value of in-person interaction in high-consideration purchases shouldn't be underestimated.
Digital Can Build Trust: Providing detailed online information, transparent pricing, and tools like payment calculators can enhance trust before the buyer visits the dealership.
Dealerships Need to Adapt: Those who embrace digital tools and understand changing consumer preferences will be most successful.
Additional Notes:
The trend of hybrid shopping extends beyond car buying and is seen across various retail categories.
Cost-consciousness is driving some consumers towards secondhand options, creating opportunities within that market segment.
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