Demographic Trends
There are significant demographic trends associated with the Hyundai Tucson Fuel Cell SUV. The largest living generation in the US is currently the Millennials ages 18 to 35 at 79.8 million (Cilluffo, & Cohn, 2017). The recent research by Pew Research Center, noted its growth to surpass the Baby Boomers ages 52 to 70 years which stands at 74.1 million. The former is more likely to actively pursue products of a high technological function (Cilluffo, & Cohn, 2017). The Fuel Cell SUV has been shown to ensure near zero-emissions in the quest to ensure minimal environmental degradation. The vehicle would be the car of choice for many of this younger generation.
Economic Trends
The economic trends that will likely influence the sale of the Hyundai Tucson Fuel Cell SUV include increased pay parity, employment, consumer confidence, and interest rates. With the continued increase of women in the labor force, there has been reduced gap between wages offered to both genders. Pew Research Center showed women earned $0.83 for every $1 a man earned in 2015 as opposed to $0.64 which was recorded in 1980s increasing ability to make purchases (Cilluffo, & Cohn, 2017). The increase in employment is also likely to result in higher sales of the product. However, if the consumers are not confident about their personal financial future or the condition the economy, they will not purchase goods which may be considered luxuries (Slovick, 2017). The same is evident in high interest rates where the Hyundai Tucson Fuel Cell SUV may be purchased on credit making it difficult to pay off the debt.
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Technological Changes
Technological changes have had a hand in the consumer acceptance of Hyundai Tucson Fuel Cell SUV. Through the impact of technology, consumers have been able to note the negative effect that cars consuming petroleum have on the environment. As a result, many are seeking options from corporations that offer near zero-emissions to the environment (Slovick, 2017). Automotive corporations like Hyundai have the required developed high technological capabilities to reduce combustion of petroleum while maintaining the numerous luxuries of the vehicles. The Hyundai Tucson Fuel Cell SUV is one of the various products in the market which can achieve such standards.
Consumer’s Tastes and Preferences
Consumer’s taste is an important factor in the purchase of various products. The Hyundai Tucson Fuel Cell SUV is depicted as a luxury vehicle with a current retail price of above $50,000 in the market. Despite the high retail price, a high number of the consumers will identify the vehicle as an appropriate product to serve their daily needs (Cilluffo, & Cohn, 2017). It can appropriately fit a family of five persons including two parents and three children which is the average American family. The vehicle serves as a better alternative for similar products like Range Rover which is more expensive (Slovick, 2017). The quality of the Fuel Cell SUV is evident in its fuel efficiency and durability as opposed to similar products of the same standard.
Social/Cultural Factors
Social and cultural factors have been earmarked as the integral factors affecting consumer purchasing behavior. In this regard, American consumers will learn values such as liberty, freedom, and family values. These beliefs will influence purchasing of multiple vehicles to satisfy the needs of each family member. The Hyundai Tucson Fuel Cell SUV will be bought for use when the family is traveling together as other vehicles are purchased for individual use. However, the trend is different in Asian countries where the social well-being of the family is considered over individual needs. This practice will prompt purchasing the Fuel Cell SUV for use to satisfy all of the family members’ needs.
References
Cilluffo, A. & Cohn, D. (2017) 10 demographic trends shaping the U.S. and the world in 2017 . Pew Research Center, Retrieved from http://www.pewresearch.org/fact-tank/2017/04/27/10-demographic-trends-shaping-the-u-s-and-the-world-in-2017/
Slovick, M. (2017) Hyundai Previews Longer-Range 2018 Hydrogen Fuel-Cell SUV . Electronic Design, Retrieved from http://www.electronicdesign.com/automotive/hyundai-previews-longer-range-2018-hydrogen-fuel-cell-suv
