New Vehicle Accessory Spending Dips

Foresight Research has released the results of its syndicated 2012 Automotive Accessory Market Report.

The 2012 Automotive Accessory Market Report compares vehicle brands, segments, geography, and accessory type (appearance, performance, comfort/utility, and protection), and the information sources used to shop and buy accessories. It quantifies the already installed and plan to install rates of fifty-five accessory categories.

Based on a study of 7,851 recent U.S. new car and truck buyers, the report found:

Despite a two percent drop from last year a whopping forty-two percent of all buyers install accessories within the first two years of ownership
The highest accessory installers (Pickup truckers) declined two percent
The average accessory buyer now spends $1,662, an eight percent 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 twenty-nine percent of accessory buyers
Half of all accessory sales occur at or immediately after vehicle delivery, yet dealers cut back on accessory sales effort: thirty-five percent of salespeople attempted to sell accessories, and only forty-one percent 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

"Despite a recovering auto industry, accessory sales to new vehicle buyers declined this past year," said Steve Bruyn, CEO of Foresight Research."Contributing factors include the economy's impact on shifting demographics, consumer restraint on spending, and dealers dialing back accessory sales efforts. These trends should reverse themselves as the industry continues to improve, younger accessory-conscious buyers come back into the market, the mix of pickup trucks improves, and dealers refocus on the substantial accessory opportunities. This report shows how manufacturers and dealers can fully capitalize on the expanding sales opportunity of the accessory market."