Research Firm: Auto Accessories Are Big Market

ROCHESTER (WWJ) - According to a study by a local market research firm specializing in automotive research, consumers are more willing to spend money on additional auto accessories now more than ever.

The "2011 Automotive Accessory Market Report" was published by Rochester-based Foresight Research, who conducted 7,458 interviews with new car buyers. The detailed study included virtually all car makes, models and types.

The study shows that 44 percent of all buyers spend at least $250 and intend to spend $1,810 on accessories. Average accessory dollars spent and intended to be spent per new vehicle sold equaled $815.

The study also found that the availability of accessories was influential to selecting a dealer by 23 percent of all buyers. Only 39 percent of salespeople actually tried to sell accessories and less than half of dealers have accessorized vehicles on display. Accessories played an influential role in the sale of 12 percent of all vehicles sold.

"The auto industry intuitively knows that accessories are important on pick-up trucks and sport utility vehicles, however, it's surprising to see the dramatic influence that accessories have across the board on all vehicle types," Steve Bruyn, CEO of Foresight Research, said in a statement.

"Yet, despite the strong consumer support and desire for accessories, our research shows that dealers currently under serve the market and are therefore missing out on huge sales and revenue opportunities."

The detailed accessory report includes breakout data by vehicle brand, segment, geography and accessory type (appearance, performance, comfort/utility and protection).

For more study results, visit foresightresearch.com.