SAN FRANCISCO—Credit unions can expect to write fewer loans for trucks this year, according to a new report that indicates Americans’ love for pickups may be fading.
Jumpstart Automotive Media has released its share of shopper interest data for the first quarter of 2017, which shows a significant increase in interest for CUVs and SUVs, and declining interest in pickup trucks.
Consumer demand for pickups held steady during the recession and picked up markedly as the housing market recovered.
Marketing firm Jumpstart said that it analyzes share of shopper interest regularly to gain insight into what consumers are considering when researching their next vehicle purchase, as well as how long it takes them to make a decision and how media influences their shopping process. These insights are based on the shopping patterns of more than 25 million in-market auto shoppers who are researching vehicles across the company’s portfolio of automotive publishers, the company stated.
When comparing data between the first quarter of 2017 and the first quarter 2016, SUV/CUV interest is up 8% and interest in pickup trucks is down 11%. Of the top four most popular body styles (accounting for 78% of all shopping), SUV/CUV is the only style that is showing an increase (Sedan -6%; Sport -8%), Jumpstart reported.
Of the top 10 most popular brands, only Toyota (+7%), Honda (+1%), and Mazda (+10%) saw an increase in shopper interest from Q1 ’16 to Q1 ’17. Other notable increases include Kia (+35%), Cadillac (+15%), Volvo (+27%), Buick (+12%), and Jaguar (+20%). And although it represents less than 1% of the total share of shopping, Tesla saw the highest increase at +145%.
Shopping for used cars and trucks across Jumpstart sites is up 6% in the first quarter of 2017, the company said.
“This growth is largely being driven by luxury shoppers, particularly since used luxury shopping is up 11% year over year. What’s more, people who are shopping used luxury vehicles are also more open to considering a new vehicle (32% vs. 28%),” the company explained.
“It’s surprising to see interest in trucks fall during a healthy economy since this style has been a large reason why annual sales crested above the 17 million mark,” said Libby Murad-Patel, vice president marketing and strategic insights for Jumpstart. “However, it’s not surprising to see the strength of SUV/CUV since we’re tracking a lot of in-market interest in these vehicles. Utility vehicles offer a wide range of versatility, roominess, comfort and features, and are now available at a price point for virtually every budget.”