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Unpacking the Automotive Finance Customer Journey

Welcome to the first of three articles, exploring different aspects of the 2022 Automotive Finances Insights study. In this one, we introduce the customer journey, looking at how it can vary across different consumer segments.

More than 9 million Australian households currently own at least 1 vehicle, with over a third (3.2 million) having used finance to fund at least some of their purchases. While there is no doubt that this offers significant opportunities for OEMs, financiers, and other associated businesses, it is important to remember that these purchases can follow extremely different paths. It is therefore critical to understand the customer vehicle selection and finance journey, and the key needs of consumers as they move through its different stages.

Topics: Market Research Financial Services Automotive Research Thought Leadership Research automotive trends automotive news

Omicron Economic Rebuild: Australia's Strong Finish to 2021

With just under 80% of all Australians receiving at least 2 doses of the COVID-19 vaccine by the end of 2021, businesses were finally given a fighting chance to return to normality. Whilst booster shots are still being rolled out and restrictions are still varied from state to state, the following data indicates that the Australian economy is slowly rebuilding and becoming more resilient to the disease despite record case numbers with the arrival of the Omicron variant in late November.

Topics: Market Research Financial Services Automotive Research Thought Leadership Research Consumer Confidence Business Confidence

Recovery, Interrupted: How Has Delta Affected Australia's Strong Start to 2021?

A strong start to 2021 was brought to an abrupt halt in June and July, as NSW's infection rates skyrocketed and new cases popped up nationwide, due to the onset of the Delta variant of COVID-19Despite this variant being far more infectious than previous one, the nation did however (at least initially) appear better prepared. Businesses adapted to current circumstances where possible, while consumers appeared less uncertain. In this latest blog post, we unpack some of the key trends we’re seeing in the data.

Topics: Market Research Financial Services Automotive Research Thought Leadership Research automotive trends vfacts Consumer Confidence

Meeting ever-changing consumer needs isn’t going unnoticed

This article was first published by Inside Retail on the 29th of July 2021.

About the author: Jerry Macey is Executive Manager, Consumer and Diversified Industries – Business Banking at Commonwealth Bank.

Topics: Market Research Financial Services Thought Leadership Research Consumer Confidence

Aussie shoppers prefer Aussie made - CommBank Consumer Insights Report

Inaugural CommBank Consumer Insights Report reveals how the pandemic has reshaped consumer behaviours and intentions.

Topics: Market Research Financial Services Thought Leadership Research Consumer Confidence

The Recovery Playbook: Outbreaks risk derailing Australia's return to prosperity

April marked an important milestone for Australia, one year on from the main COVID outbreak of 2020. This allows for the comparison of a time of bleak outlook and uncertainty, with one where many economic indicators appear more in line with performance prior to the pandemic.

Topics: Market Research Financial Services Automotive Research Thought Leadership Research automotive trends vfacts Consumer Confidence

The Australian COVID-19 Recovery – An Outlook for 2021

The Australian economy is poised for recovery as we leave behind a traumatic 2020. The combination of an extended period without new community cases, and the start of the vaccine rollout have brought a note of optimism to the community, driving increased confidence among both consumers and businesses as we look to the year ahead.

Topics: Market Research Financial Services Thought Leadership Research automotive trends vfacts COVID-19 SME Tracker

Planning For Recovery - The COVID-19 Recovery Playbook

The devastating impact of COVID-19 on the Australian economy is clearly evident (as called out in our COVID-19 SME Sentiment Tracker), particularly as a resurgence of the virus in Victoria sees the state reinstating strict lockdown measures. Looking to the future though, we are hopeful the latest outbreak will be controlled, allowing Australian businesses to shift their focus away from survival, and towards recovery.

Given the unprecedented nature of this pandemic, it is hard to fathom the current state of the economy. We have therefore compiled a list of metrics that can be used to evaluate and monitor the health of the economy. We are making this recovery playbook available as a public resource, and will be updating it on a regular basis (as new data becomes available). 

At a high level, some of the early signs of recovery we saw have now retreated, with consumer and business confidence heading back down. Some specific themes are explored below. 

Topics: Market Research Healthcare Research Financial Services Automotive Research Thought Leadership Research automotive trends

Half of Australia’s workforce under-utilising skills

93 per cent of organisations are currently investing in training and development programs but only 44 per cent of employees consider their training and development to be effective 

Monday, 18 March 2019:  Almost half of the Australian workforce believes their skills are under-utilised and the training they are offered could be far more effective according to new research from Commonwealth Bank (CBA). 

Topics: Market Research Financial Services press release

SME Efficiency Hampered by Lack of Finance and Skilled Staff

Sydney, 31 August 2017 – OKI Data Australia, a global manufacturer of business printers and multifunction devices, has released its 2017 OKI SME Business Efficiency Survey.

The survey, the third in an annual series, provides insights into how the nation's more than two million small and mid-sized enterprises are working to become more efficient and boost growth. The results also demonstrate how perceptions have changed during the past 12 months.

Topics: Market Research Financial Services