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JOHANNESBURG - The emerging black middle class and women have become increasingly important drivers of new car sales.
Business Report reported on April 26 that Standard Bank found a 19% growth in its African, Coloured and Indian buyers through 2011/12 compared to the seven percent for white customers, according to Business Report.
DESPITE ECONOMIC CONDITIONS
Sydney Soundy, head of vehicle and asset finance at the bank, said the number of female customers grew by 14% - double the rate of its male customers in the same period.
Soundy, Business Report reported, said the new car market was bucking the economic trend, with sales increasing by 4.1% to 163 000 units in the first three months of 2013, compared to the same period in 2012, despite tough economic conditions.
The prosperity within the new vehicle market was notable compared with other sectors which were feeling the brunt of reduced consumer spending due to high inflation and rising fuel prices.
Soundy said: "Consumers seem to be taking advantage of the low interest rate environment and clearly still have an appetite for secured credit.”
Business Report reported on April 26 that Standard Bank found a 19% growth in its African, Coloured and Indian buyers through 2011/12 compared to the seven percent for white customers, according to Business Report.
DESPITE ECONOMIC CONDITIONS
Sydney Soundy, head of vehicle and asset finance at the bank, said the number of female customers grew by 14% - double the rate of its male customers in the same period.
Soundy, Business Report reported, said the new car market was bucking the economic trend, with sales increasing by 4.1% to 163 000 units in the first three months of 2013, compared to the same period in 2012, despite tough economic conditions.
The prosperity within the new vehicle market was notable compared with other sectors which were feeling the brunt of reduced consumer spending due to high inflation and rising fuel prices.
Soundy said: "Consumers seem to be taking advantage of the low interest rate environment and clearly still have an appetite for secured credit.”