Formula 1 may represent $6b in planned car purchases
With a multi-platform viewership and clear brand preferences, everyone wins.
Almost a quarter (24%) of Australians who watch Formula 1 car racing intend to buy a car this year, according to Roy Morgan research. In other words, more than 150,000 people who plan on buying a car in 2017 will be watching the Melbourne Grand Prix, making up more than 5% of the entire F1 TV audience.
These viewers are not only more likely to buy a car in 2017 than the average Australian, but they also plan on spending about $6,000 more than average.
Compared to the average Australian, F1 viewers are more than twice as likely to regard themselves as "a bit of a car enthusiast," and are almost twice as likely to express interest in buying high-performance cars. In fact, a full 28% of F1 viewers say they will only buy a car that is fun to own, this is compared to only 18% of Australians overall.
With the Australia GrandPrix Corporation itself estimating that 78% of its live audience are F1 enthusiasts, 85% of whom are male and most of whom are between the age of 22 and 49, there are opportunities across all segments of the viewership, including live TV viewers and the ever-growing internet TV streaming audience. Unsurprisingly, car manufacturers might be paying close attention, especially to the viewer favourites.
Viewer brand preferences
F1 viewers are around twice as likely to have Audi or Holden Special Vehicle (HSV) on their shortlists. Jeep, Mercedes Benz and BMW also rank among the favourites. Higher-end car brands have been selling strongly at the start of 2017, and the increased sales volume might marginally help dip car loan rates as more borrowers come in.
With its reputation for power, it may also be no surprise that Tesla makes an appearance, with the car brand being 22% more popular among F1 viewers than Australians overall. The high purchase intention and clear vehicle preferences might signal an increased likelihood of the following car brands moving more in 2017.
- New study finds real difference between dealership finance and bank loans
- Money Hack: How to get on-road costs included in your car loan
- Is it time to think about buying an electric car?
- Money Hack: Offset your car’s carbon emissions for up to 7 years
- Car finance expert spills the best tips for EOFY sales