According to a recent study by J.D. Power, buyers are less loyal than they used to be to the various vehicle brands.
For an automotive brand, customer loyalty is worth its weight in gold. Once you've managed to sell them their first vehicle, securing their loyalty means selling them several vehicles over the course of their lifetime. But loyalty isn't what it used to be, as the range of products on offer becomes ever more varied. Factor in fluctuating prices, high interest rates and long waits for delivery, and it’s not surprising to see brand loyalty falter.
2023 Toyota Corolla Hybrid Photo: D.Boshouwers Tyson Jominy, J.D. Power VP of data and analytics, explains that “As vehicle availability increased and more choices hit the market, loyalty among brands as a whole saw a decline [in 2023]. Additionally, owners were tied down to their vehicles for longer than normal due to ongoing supply chain disruptions, and as a result were more likely to experience problems with their vehicles.
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