360 Youth College Explorer Survey Reports 1.5 Million Students Will Buy Vehicles
This Year
ROCHESTER, N.Y., May 13 /PRNewswire/ -- Gone are the days of borrowing
your roommate's car. The annual 360 Youth College Explorer study, powered by Harris
InteractiveŽ, today revealed findings indicating that nearly three of every
four college students (72%) aged 18 to 30 own or have access to a car for personal
use. Over the past two years alone, students spent $30.9 billion* on automobiles,
and one in every eight students (13%) is expected to buy a car in the next year,
dispelling the image of the student in perpetual need of a ride. A significant
force in the automotive market, college students are expected to buy one-and-a-half
million cars this year, with projected spending totaling $14.8 billion*.
Though
traditionally known as the drivers of old jalopies, most students today are not
satisfied driving hand-me-downs and old clunkers. Survey results show that of
all cars purchased or leased by college students in the last two years, thirty-nine
percent (39%), or nearly 1.2 million cars, came from a new car dealer. Another
thirty-two percent (32%), or one million vehicles, were bought from a used car
dealer. Forty-nine percent (49%) of car users purchased or leased their car by
themselves, and one-quarter (26%) had a car purchased or leased by a family member
for their use. The survey found college students, on average, spend $9,860 on
individual car purchases.
"Today's college student needs mobility and
to be connected," said Derek White, Alloy EVP and General Manager of Media
& Marketing Businesses. "We see this reflected in their purchasing habits
across many categories, most notably with digital electronics and communications,
but also in their increasing reliance on automobiles. Students lead complex lives
that mix school, work, and entertainment, in disparate locations, and that requires
flexibility and mobility."
The 360 Youth College Explorer Study, fielded
online by Harris Interactive during the Fall 2003 semester, polled 4,608 full-time
and part-time college students aged 18 to 30 years. In addition to automobile
spending behavior, topic areas included Sources of Income, Internet and Downloading
Behavior, and spending on Dining and Entertainment. Spending on other categories
such as Vacation/Travel, Personal Care Products, Over-the-Counter Medication,
and Financial Services was also examined.
Note: Figures based on Oct. 2003
College Explorer study data that is projected to overall U.S. population of 11.61
million college students aged 18-30 years old, according to the National Center
for Education Statistics (NCES).
"The study findings really paint a picture
of what it means to be a college student today," said John Geraci, Vice President
of Youth and Education Research, Harris Interactive. "There are many more
part-timers and commuter students than a generation ago, and even residential
students show an increased desire for mobility. College students want to be able
to be able to go where they want, when they want."
Students prudent
when it comes to buying cars
Asked to rank key influencers in the car buying
decision, over four in five students indicated that overall quality, dependability
and price were "very important." In contrast, qualities such as color
(23%), style (41%) and impressiveness (11%) ranked lower. Students tended to stress
functional attributes over brand, as just thirty-three percent (33%) of students
felt that a specific brand or model was a "very important" criterion
when it comes to buying a car.
Students leveraging the Web to research
purchases
* Almost half of students (45%) researched their car purchase online.
Seniors most ready to buy
* As may be expected, seniors indicated the most
readiness to buy in 2004
(19%).
* Not surprisingly, freshman (11%),
sophomores (9%) and juniors (12%)
were closely ranked.
"College
students have emerged as a powerful force in the car purchasing market,"
said White. "Importantly, they are smart, cautious buyers, and their loyalty
to nameplates is in the process of being established. Companies marketing to college
students, including the car manufacturers, but also online retailers, used-car
dealers and aftermarket auto services, need to be sure they have adequate resources
dedicated to this influential consumer group."
Methodology
This
study was conducted online within the United States in October 2003, among a nationwide
cross section of 4,608 college students, aged 18-30 years. The entire spectrum
of college students was represented from full-time to part-time students, as well
as 2-year, 4-year and advanced degree candidates. Figures for age, sex, race,
school status, type of degree, and region were weighted where necessary to bring
them into line with their actual proportions in the U.S. college population.
In
theory, with a probability sample of this size, one can say with 95 percent certainty
that the results have a statistical precision of plus or minus two percentage
points of what they would be if the entire U.S. college population had been polled
with complete accuracy. Unfortunately, there are several other possible sources
of error in all polls or surveys that are probably more serious than theoretical
calculations of sampling error. They include refusals to be interviewed (non-response),
question wording and question order, interviewer bias, weighting by demographic
control data and screening. It is impossible to quantify the errors that may result
from these factors. This online sample was not a probability sample.
About
360 Youth
360 Youth is the media and marketing arm of Alloy, Inc. (NASDAQ:
ALOY - News). As part of Alloy's Media & Marketing Division, 360 Youth integrates
the assets and experience of the largest and strongest college and teen marketing
companies including CASS Communications, Alloy, Y-Access, Market Place Media (All
Campus Media & Armed Forces Communications), YouthStream and others to provide
sales and marketing solutions targeting young adults. 360 Youth enables Fortune
500 companies to reach more than 25 million Generation Y consumers each month
through a comprehensive mix of media and proprietary school based programs using
a wide range of media assets. For more information on 360 Youth, an Alloy Inc.
company, please visit www.360youth.com. For more information on Alloy, Inc., please
visit www.alloyinc.com.
About Harris InteractiveŽ
Harris Interactive
(www.harrisinteractive.com) is a worldwide market research and consulting firm
best known for The Harris PollŽ, and for pioneering the Internet method to
conduct scientifically accurate market research. Headquartered in Rochester, New
York, Harris Interactive combines proprietary methodologies and technology with
expertise in predictive, custom and strategic research. The Company conducts international
research from its U.S. offices and through wholly owned subsidiaries-London-based
HI Europe (www.hieurope.com), Paris-based Novatris and Tokyo-based Harris Interactive
Japan-as well as through the Harris Interactive Global Network of independent
market- and opinion-research firms.
To become a member of the Harris Poll
Online(SM) and be invited to participate in future online surveys, visit www.harrispollonline.com.
Press Contacts:
Nancy Wong
Harris Interactive
585-214-7316
nwong@harrisinteractive.com
Jodi Smith
360 Youth, an Alloy, Inc. Co.
212-329-8359
jodis@alloy.com
