Snapchat has shared some new data on emerging trends in car purchasing behavior among Snap users, based on research conducted by Alter Agents, which surveyed over 5,000 social media users who have recently bought a car, or are currently in the market, across five key markets.
The data shows that Snapchat can play a significant role in boosting auto brand purchase intent, based on reputational and environmental concerns, which can enhance appeal with Snap’s audience.
First off, the report looks at the varying motivations for automotive purchases among different audience categories.
As per Snap:
“An improved financial situation is the primary driver for 44% of younger shoppers (Gen Z and Millennials) purchasing new vehicles, compared to 34% amongst Gen X. Younger shoppers are more inclined to splurge on new vehicles compared to older generations, which is reflected in their preference towards luxury brands.”
This is interesting, in that the first element is obvious (younger users buy cars when they have the money), but the second suggests that younger audiences are more likely to lean towards more expensive vehicles. Which, I guess, also makes sense, given that younger users are more interested in showcasing their status. But it also seems a little counterintuitive, given that older shoppers would have more money to spend on cars, but younger drivers are more keen to spend.
As you can see in the above graphic, younger users are also more keen to buy electric cars, in order to reduce environmental impact and save money on fuel.
And Snapchatters, in particular, are more likely to buy an EV - 1.2x more likely to be precise.
The data also shows that more car buyers are now considering making a purchase online, which is also changing the discovery and assessment process.
Virtual showrooms and online promotions are having a bigger impact in this sense, with a growing number of car buyers conducting their research online before buying.
And social platforms play a key role within this:
“Over 60% of car-buyers use social media during their car buying journey, a figure that jumps to 74% among Gen Z. And nearly half of all shoppers use these platforms specifically to get inspiration or recommendations.”
And Snapchatters, in particular, are using the app to discuss and engage with auto-related content within their purchase journey:
These are some interesting notes, which suggest that social media, and Snapchat in particular, can play a key role in guiding automotive purchase behaviors, in a range of ways.
Which probably wasn’t your first instinct. The younger audience skew of Snap wouldn’t make it an immediate consideration for car marketing, especially for luxury vehicles, but the data here does align with younger shopper trends, and the capacity for Snap to showcase lifestyle and connection among friends.
Some interesting data points, which could assist in your marketing approach.
