Foresight Research has released the results of its syndicated 2012 Automotive Accessory Market Report. Based on a study of 7,851 recent US new car and truck buyers, the report found:
- Despite a 2% drop from last year a whopping 42% of all buyers install accessories within the first two years of ownership.
- The highest accessory installers (Pickup truckers) declined 2%.
- The average accessory buyer now spends $1,662, an 8% decline from a year ago.
- Declines in installation rates and spending were most prevalent among younger and middle class buyers; those hardest-hit by the recent recession.
- Availability of accessories was influential to selecting a dealer by 29% of accessory buyers.
- Half of all accessory sales occur at or immediately after vehicle delivery, yet dealers cut back on accessory sales effort: 35% of salespeople attempted to sell accessories, and only 41% of dealers had accessorized vehicles on display.
- Sales efforts do pay off: when accessory sales efforts did take place, the total average accessory spending increased by $531 per unit.
- Electronics, comfort and convenience accessories top the installation rate charts.