With the rising prices of new vehicles, car owners are placing greater emphasis on maintaining their current vehicles. To help, they’re reaching for premium brand products, according to a recent survey.
A survey of 2,000 American car owners, conducted by Talker Research on behalf of Pennzoil, found that 73 percent of respondents are taking better care of their vehicles as new car prices continue to climb. This trend is driving a significant preference for brand-name products in vehicle maintenance, with 57 per cent of car owners opting for well-known brands over private-label alternatives, which only garnered 34 per cent of the preference.
Nathan Shipley, executive director of industry analysis in automotive at Circana, showed data at AAPEX 2023 from the last three years and it all suggested that numbers are flat in the private label area.
“But there’s not some major shift to private label like I think a lot of us would expect as we have gotten into a little bit tougher economic times this year,” he said during his session, Aftermarket Outlook 2024.
He noted that higher-income consumers are frequenting the aftermarket more often. Retailers, he said, need to account for that when thinking about their product offerings.
The survey noted that vehicle maintenance products are among the most regretted private-label purchases, ranking in the top three across all product categories in the past month. This finding further underscores the importance consumers place on trusted, high-quality brands for maintaining their vehicles.
Motor oil, in particular, is a key focus for many car owners, especially those who rely on professionals for maintenance services, known as DIFM (do-it-for-me) consumers. Nearly two-thirds of these consumers are willing to spend more on motor oil to protect their vehicle’s value over time. Brand familiarity plays a critical role in their decisions, with nearly 60 percent of DIFM consumers stating that it influences their purchasing choices.
The survey also found that consumers believe premium brands perform better over time and are more trustworthy compared to private-label products.
“Consumers are recognizing the long-term benefits of investing in premium products for their vehicles,” said Amanda Luce, Pennzoil Brand Manager. “This survey underscores that consumers see the tangible benefits of choosing premium brands … knowing that their investment will help to drive value for their vehicle over time.”
Image credit: Depositphotos.com
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