August 14th, 2023, Janice Fernandes
Electric cars are known to have a higher initial cost than all-petrol/gas cars. So, how do consumers react to buying eco-friendly cars when their household budget is squeezed due to inflation?
On average around two-fifths of global consumers say they are likely to cut back on buying environment-friendly products if their household budget is squeezed, with eco-friendly consumer electronics the likeliest to be met with spending cuts at 48%.
But environment-friendly cars like EVs and hybrids are not that far behind (45%) on the spending cuts list. This is slightly more than sports gear (41%) like biodegradable golf balls or vegan boxing gloves and healthcare products (40%) like washable diapers, menstrual cups, or eco-friendly toothbrushes.
Nearly two-thirds of urban Indonesians say they are likely to cut back on buying environment-friendly cars if their household budget is squeezed (63%). Over half of urban Indians also say the same (57%).
UAE and Spain also demonstrate notable change in eco-consciousness in this category, with 52% and 50% of respondents respectively saying they are likely to cut back on buying eco-friendly vehicles.
Meanwhile, countries such as Germany and the United States exhibit relatively lower percentages, with about three-tenths saying they would cut back on eco-friendly cars. Denmark and Great Britain follow closely behind with around a third of consumers saying the same (32% and 35% respectively).
Around two in ten consumers in Australia (20%), Canada (19%), France (24%) and Germany (22%) are either somewhat unlikely or very unlikely to cut back on purchasing EV or hybrid cars.
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Methodology: YouGov Surveys: Serviced provide quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 18 markets with sample sizes varying between 511 and 1,999 for each market. All surveys were conducted online in May 2023. 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. Learn more about YouGov Surveys: Serviced.
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