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Chinese consumers are less loyal to Hyundai cars than most other auto brands, according to the latest report of U.S. consulting firm McKinsey & Company.
A survey on 3,500 Chinese consumers in March showed that 43 percent of those who owned a Korean brand car wanted to switch to a more upscale brand. That was the highest percentage following those owning French cars.
A survey on 3,500 Chinese consumers in March showed that 43 percent of those who owned a Korean brand car wanted to switch to a more upscale brand. That was the highest percentage following those owning French cars.
McKinsey said that those with German cars were the most loyal to the brands they had.
“Korean brands are not yet viewed as premium labels in China, compared to German, Japanese and American brands. It will take long for Korean products to be labeled as high-end in the nation,” said Cho Chuel, chief of Korea Institute for Industrial Economics & Trade’s leading industry research division.
Industry watchers say the latest report may put another strain on Hyundai Motor already seeing declining sales in China between high-end foreign brands and low-cost local brands. The automaker sold 229,000 units in the nation in the first quarter, more than 18 percent drop on-year.
By Shin Ji-hye (shinjh@heraldcorp.com)
