When car sales saw sharp declines last year due to COVID-19, automotive retailers sensed trouble. However, with a light at the end of the tunnel, we’re already beginning to see pent-up demand translating into more car sales. Microsoft Advertising Insights set out to explore the changes that happened in Australia’s Automotive market in the last year, and what advertisers can expect to see in coming months as a result.
Some key findings from our analysis:
- After seeing year over year (YoY) sales decline throughout most of 2020, November car sales shot up. Since then, we’ve seen signs of a strong recovery, as all following months have shown YoY increases.
- Household savings rates have spiked and 78% of consumers have expressed they would rather travel by car than public transport in a post-pandemic world.
- 2 out of every 3 auto searches on Microsoft Advertising contains information on either the brand or model, showing that most users have a sense of what car they are looking for right off the bat.
- Third party sites are leading the industry right now in terms of click-share as opposed to direct automotive brands.
- Auto advertisements have higher engagement rates for a lower cost compared to other ads.
Download our insights today to learn more about reaching your consumers at the right time in their journey to buying a vehicle.