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Freeman Cebu Business

Survey: Female car buyers on the rise

Carlo S. Lorenciana - The Freeman

CEBU, Philippines -  For many years, the automotive industry has been a male-dominated industry, meaning majority of cars are purchased by men. But times are changing, according to online car dealer Carmudi.

According to its new demographics research, the number of female car buyers in the Philippines has been increasing significantly. Although men still account for more than 50% of the car market.

In an interview, Carmudi Philippines managing director Subir Lohani revealed that when the online site started early last year, the female car buying population only accounted 1% while the male market took the 99%.

Now, the women population in the car market has increasingly grown to 28%; while men comprise 72%.

“We see the female base using our website increase significantly,” Lohani said.

The rise could also be attributed to the changes made in car marketing strategies in a way that attracts the women, he said. Female car buyers need different sales and marketing approaches.

Automakers, he said, are now targeting the female car buying market.

“A lot of car makers are now adjusting their new models in terms of design to capture that market,” the managing director explained.

The research also indicated that 59% of people who use the online marketplace to buy a car are those aged 18 to 34 years old. While 24% of users are people aged 35 to 44 years old; 17% are those aged 45 and above.

Rising demand

He said that despite the worsening traffic woes in key metro areas in the country, demand for cars is still rising due to the growing economy which allows more people to spend for luxury items like cars.

He is optimistic the local auto industry will exceed its sales target in the second quarter of this year amid the launch of new car models and the rising market demand. 

“The automotive sector is one growing market in the Philippines,” he said. “We've seen it already with more new players -- whether European and China brand -- have joined the bandwagon in the highly competitive business.”

Car sales

In January this year, car sales in the Philippines rose 19.3% or equivalent to 18,662 units sold, compared to 15,647 during the same month in 2014.

According to a report of the Chamber of Automotive Manufacturers of the Philippines Inc, the notable January 2015 sales performance was the highest ever achieved by the industry in January.

Toyota Motors continued to top the industry in terms of market share of nearly 50%. This followed by Mitsubishi Motors (17.4%), Ford Group (8.8%), Isuzu (6.6%) and Honda Cards (6.1%). (FREEMAN)

ACIRC CAR CARMUDI PHILIPPINES CHAMBER OF AUTOMOTIVE MANUFACTURERS OF THE PHILIPPINES INC EUROPEAN AND CHINA FORD GROUP HONDA CARDS IN JANUARY MARKET MITSUBISHI MOTORS SUBIR LOHANI
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