Motorcycle Ownership On Upswing

Dec 19, 2008 by Mark Maier

Great seeding article from MediaPost entitled "Motorcycle Ownership Experience On The Upswing" that states some interesting facts for your clients in the industry....

"Satisfaction with the cost of owning has improved by 11 points versus last year, with 18% of owners saying the cost of owning their motorcycles is "outstanding," versus 10% in 2005. Thirty percent of motorcycle owners termed the value for the price paid for their bike "outstanding" compared with 21% in 2005. The study measures owner satisfaction with new motorcycles based on the product performance and quality, cost of ownership, sales, and service.

Owners also feel that the quality of their bikes is strong because of fewer problems, with 42% of owners saying they had no problems with their bike--an improvement of 3% versus last year. "

What about the future of the industry?  With gas prices sure to go back up in the future, Motorcycles offer a great value but your clients need to look at younger demo's to insure continued growth....

"If there's a problem, it's that buyers are getting older because the industry is not getting enough younger consumers into riding. J.D. Power says that since 2001, the average age of motorcycle owners has increased from 40 to 47 years."

"This indicates that the current population of motorcycle buyers is aging, and a large proportion of these owners are likely to soon exit the market," says Fox. The firm says first-time buyers constitute about 22% of all new-motorcycle purchases, and that number has not changed since 2001. "It is critical for manufacturers to focus on attracting first-time and younger buyers--primarily those in the Gen X and Y demographics--in order to ensure continued growth in this market."

 

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