What TikTok can tell us about the car industry

A report summary + the PDF

Author

Rare Car Market
September 20, 2023

Hey fellow petrolheads đź‘‹ 

I was hoping at least one of you would fill out Monday’s short survey so I can improve the newsletter.

That’s not been the case 🤣 
Anyway, I appreciate you at least clicking the link.

read time: 2 minutes

I’m still not sure about the format of Wednesdays.

For now, I found something interesting.

TikTok has done a report on the Automotive industry.

So I went over it and have compiled some of the key points for you 👇️ 

  • A shift to a subscription-based economy.

    • 45% of millennials say that they value transportation but would rather not own a vehicle.

    • Car-sharing and pay-as-you-use subscription services are becoming more common

  • Buyers value smart technology a lot more

  • An increasing importance of sustainability

    • A consumer survey by the World Economic Forum (with the majority of drivers being in Asia, Europe, and North America) found:

      • More than 40% of respondents said they were willing to pay a premium for an electric or hybrid vehicle

      • 70% want to see all commercial transport vehicles go green

  • Top 5 reasons for wanting a new car:

    • More modern tech - 45%

    • Lifestyle upgrade/change - 28%

    • Growing family - 23%

    • A good deal/promo - 21%

    • Special occasion gift (e.g. bday, graduation, holiday) - 20%

  • The most desirable vehicle types are: Sedan, SUV, Coupe

The report itself is pretty interesting - will help you understand how to use TikTok for improving your marketing, ads, and overall brand affinity.

It’s about 30 pages but not too-text heavy.
Attaching the link below

And here are some car-related tiktok hashtags you might like

And that’s it for today. Short and sweet!

I’ll see you on Friday for the weekly summary đź‘Ś 

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