July 6th, 2022, Christien Pheby
At a time when the cost of living is rising due to increased inflation, a portion of consumers are looking to cut down on the amount they spend on automobiles. With cars old and new costing more than they used to in some markets, and with spikes in fuel prices leading to protests, it is perhaps unsurprising that a quarter of the public (24%) across 17 global markets are likely to prioritise cutbacks in their auto spending (by comparison, 61% say they intend to reduce spending on eating out at restaurants).
But where are they most and least likely to say so? It is, particularly at the top of the table, a close-run thing.
In India (34%) and Spain (31%), more than three in ten plan to cut back on cars and their associated costs first if their budgets are squeezed, with nearly as many saying the same in Mexico (28%), the UAE (27%), Singapore (26%), and Sweden (26%). Germany (25%), Hong Kong (25%), Italy (25%), France (24%), and Poland (24%) are right behind.
Even at the other end of the scale, nearly a fifth of consumers in the US (16%), Denmark (17%), and Great Britain (19%) plan to limit their spending on automobiles if inflation bites.
It’s worth noting that, regardless of any motivations associated with the rising cost of living, consumers may have other reasons to stay off the road. Data from YouGov Global Profiles shows that some 55% of consumers across every market we track in our rolling database think we should all drive less to “save the environment”.
Methodology
The data is based on surveys of adults aged 18 and over in 18 markets with sample sizes varying between each market. All surveys were conducted online in June 2022. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples.
To receive monthly insights about the automotive industry register here.
To read YouGov’s latest intelligence on the auto sector explore here.