Foresight Research:  In the last four years, vehicle accessory buying by Millennials has increased 55%

ROCHESTER, Mich., Sept. 14, 2017 -- According to the recently published “Accessory Immersion™” and “Sales and Marketing of Accessories™” reports, while vehicle overall accessory buying rates moderated in last year, Millennials purchased vehicle accessories 66% more often than mature buyers.  In fact, they spent more than three times what mature buyers spent on accessories for their vehicle purchase.

Two-thirds of new truck buyers added accessories, led by over 8 of 10 Ram buyers who accessorized their truck.  The vast majority (80%) of accessory purchases happened within the first 120 days of ownership.  Dealerships dominate as the preferred outlet for the purchase of most accessories, although the aftermarket is very successful with utility accessories.  Dealers hold a perceptual advantage for installation, customer service and quality regarding accessories.

While accessory installation rates fell in all segments last year, total spending increased in most segments.  Only half of all buyers recall a sales conversation at the dealership regarding accessories during the purchase process and two-thirds of those conversations were initiated by the buyer.  Accessory buyers do significant research into accessory choices before going to the dealership so they know what they want to purchase.  As a result, manufacturers and dealers continue to loose a significant portion of accessory sales to the aftermarket because buyers aren’t simply asked what accessories they want and need.  The “Sales and Marketing of Accessories™” report also details per new unit retailed spending by segment and brand, revealing the leaders and underperformers.

Foresight Research provides affordable insights, information, strategies and best practices for marketers in a wide range of markets plus affordable syndicated reports on auto shows, motorsports, experiential events and vehicle accessories.  For more information, contact:

Bob Longstreth
Foresight Research
248.608.1870 x 18
[email protected]
www.foresightresearch.com