Consumer Market Research company measures Shoppers’ Preferences
Palo Alto, California, USA — Market Insight Corporation today announced further impacts on shoppers’ brand preferences from Toyota’s major recall, sales suspension, and accompanying media coverage.
“Events associated with Toyota safety have clearly influenced the brand preferences of shoppers”, said Rich Falcone, President & CEO of Market Insight Corporation. “We are closely tracking shifts in consumer sentiment for key market developments.”
As the Toyota story unfolds, the percent of shoppers considering their brand slides downward from 76.4% (prior to the initial recall) to 70% in late January and more recently to 65.4% on February 7. Immediately following the January 21 Toyota recall, several other Asian brands including Honda, Nissan, and Hyundai mirrored Toyota with brief drops in consideration; but all have since returned to their earlier levels, while Toyota has not. In fact, Honda consideration has exceeded Toyota since the beginning of February. Some US domestic brands such as Chevrolet and Ford have seen sharp rises in consideration in early February (53.7% to 62% for Chevrolet). Somewhat surprisingly, throughout this turbulent period for Toyota, the Lexus brand has experienced only a modest drop in consideration.
“The three pillars of value for our market intelligence are its timeliness (‘real-time’), the genuine nature of input from real shoppers, and the large sample sizes that mitigate risk and provide greater segmentation granularity,” said Mr. Falcone.
MyProductAdvisor.com is a winner of the prestigious American Marketing Association’s EXPLOR award recognizing “the most innovative use of technology in applications that advance market research.”
About Market Insight Corporation (MyProductAdvisor)
MyProductAdvisor (MPA) is a consumer facing website that continuously gathers auto shopper preferences for specific product features and attributes. MPA delivers unbiased buying recommendations to shoppers. The preferences MPA collects fuel a powerful, on-demand consumer research intelligence system and predictive market simulation engine. Enterprise companies utilize this intelligence to enhance decision making and planning. Market Insight Corporation, established in 2003, is the company behind MPA.