Women’s employment is changing car buying patterns
Frost & Sullivan’s analysis reports that for teh 1st time ever, female driving licence holders have surged ahead at 51% in US. And no, it isn’t because there’s a greater number of young drivers. The data accounts for all groups above 25.
By 2016, Canada and UK will report more women drivers over men, with Canada being very close at present with licenses being given to women standing at 49.95%.In UK, applications from men are on a decline while driving license applications for women has increased 2.5% in the last 3 years.
Licences for female drivers in Britain will balance the number of male drivers in 2-3 years. At present, women are making more trips and driving more mileage. While it may be difficult to reach an exact number, 80% car buying decisions are now influenced by women.
Alongwith being practical, women’s car ownership ideals uphold aspirations of freedom and independence. As a result, cars are more personalised and customised small city cars are popular.
Trends points to SUV and luxury car purchases that were dominated by men at one time. Women prefer small and more manoeuverable cars, and do consider space, design, safety, material quality, colour and sustainability.
Women prefer functionality. Functionality with park assist, fuel to empty, ease of access, and integrated systems for mobile devices and entertainment are features given importance. It is thought, in a few years women will favour cars with advanced systems giving way to autonomous driving, digital assistants and other well-being features.
Women’s purchase decisions are based on car status and associated values of comfort, colour. r and more. Women are less likely to associate themselves with a brand, model or car variant. However, this changes when luxury cars are involved with women being more influenced than men to brands endorsed by celebrities.
At present, a larger number of women are getting an education, exceeding the number of men doing so in developed and BRIC countries (with the exception of India). Pay package differences between men and women is decreasing. More women are employed today, and this trend is reflected even in a developing market like India. Number of women millionaires is growing too.