Consumer Confidence in New Cars Declines for Second Consecutive Year, According to JD Power Study

For the first time in history, for two consecutive years, the average score of consumer confidence in new cars recorded a decline. This is clear from the APEAL (Automotive Performance, Execution, and Layout) study organized by JD Power for 28 years. The average score for the automotive industry is 845 out of 1000, which is 2 points less than 2022 and 3 points less than 2021.

“The year-over-year decline may seem small, but it’s an indicator that larger issues are likely lurking beneath the surface,” said Frank Hanley, senior director of automotive benchmarking at JD Power. “This downward trajectory of satisfaction should be a warning sign to manufacturers that they need to better understand what owners really want in their new cars.”

The APEAL study focuses on 10 factors that attempt to determine how emotionally appealing brands and vehicles are to consumers. In 2023, the industry average score decreased in nine of the categories. Efficiency, i.e. fuel consumption, was the only area where the average score improved (by 15 points), while exterior design was the category with the biggest decline this year (-6 points).

Read more about the topic on the website of Automedia.

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2023-07-23 19:47:00
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