Each month, Bespoke Market Intelligence surveys 1,500 US consumers from around the country and across age and income groups (balanced to census) to get a read on the economy. Our survey data for this month is in the process of being analyzed and will be released to BMI subscribers next week, but a sneak peak at our autos indicators is shown below. After printing a robust 18,068,000 annual sales pace (per the Bureau of Economic Analysis) in September, October auto sales are expected to deliver another strong showing when they’re released next week.
One of our auto sales indicators from our monthly BMI survey basically agrees with this forecast. Below we chart the percentage of consumers that told us they are expecting to purchase or lease a new car in the next six months. As shown, there’s a pretty solid correlation from month to month between auto sales figures and our survey respondents’ intended behavior, and it looks like October should deliver another solid month for dealers and automakers.
But by another measure we track, US consumers’ desire for new cars could have hit its limit. Below we show the relationship between the percentage of consumers reporting they had purchased or leased a new car in the last three months and BEA-released auto sales. As shown, there’s a massive divergence building between what consumers are telling us about their behavior and reported stats. The question for auto sales in October for us is, will consumers do as they say, or do as they do?
If you’re interested in gaining access to the full Bespoke Consumer Pulse report when it’s released next week, there’s more information at Bespoke Intel. You can also subscribe directly here for a 30-day free trial.