ROCHESTER HILLS, Mich., Aug. 24, 2015 (GLOBE NEWSWIRE) -- The 2015 Foresight Research Promotions Immersion Report™ shows a sharp increase in events and sponsorships purchase influence from 5% last year to 12% of all new auto purchases this year.
“As Millennials start to buy new cars again, there are many shifts in pre-purchase behavior and in what influences a new auto purchase,” said Nancy Walter, VP Business Development for Foresight. “Young buyers are actively participating in, and influenced by almost all traditional and experiential marketing channels at much higher rates than older buyers. For instance, events and sponsorships influenced the purchase among nearly one in four 18-34 year olds, while less than one in twenty Boomers fall in that category.”
Slated for release the week of August 24th, the 2015 Promotions Immersion Report™ studies the new vehicle purchase process influence of sponsored events compared to 15 other marketing and buyer-driven communication channels.
The study finds that event attendance is up for buyers of all vehicle segments, yet varies considerably by brand. Premium brand buyers (BMW, Audi, Acura and Cadillac) are most likely to attend an event and also most likely to be influenced by an event. Events and sponsorships also attract first-time buyers and minorities at high rates, making them an excellent fit with auto brands seeking a youth and multi-cultural strategy.
Buyers engaged with events are also much more likely to be influenced by multiple channels. While the average buyer is influenced by fewer than five channels throughout the new auto purchase process, those who watched or attended an event were influenced by nearly double that amount. Thus, events and sponsorships present excellent potential with cross-channel marketing.
“New car buyers had been on an aging trajectory for the past five years and that had a profound effect on which channels influenced new auto purchases. The tide is starting to turn toward the huge Millennial market as they increase, and Boomers decline, in the new car buyer mix,” Walter said. “As that continues, experiential marketing channels like events and sponsorships may be even more influential.”
About Foresight Research – www.foresightresearch.com
Foresight Research specializes in syndicated and custom studies focusing on the key influencers of purchase decisions in automotive and marine industries. Since 2008, Foresight Research publishes several syndicated reports each year that provide information, strategies and best practices to help auto companies and their partners build, position, and support marketing insights and actions.