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“A car is the largest object you’re ever going to wear.”- BMW Designer Chris Chapman
The Lipstick Index and Accessories
I know what you are thinking. What does lipstick have to do with the automobile industry? Well, they have a lot to do with each other when you are thinking of accessories and the best time to sell them. According to Leonard Lauder of Estee Lauder, when the economy takes a downturn, they sell more lipstick. According to the New York Times, people are focusing more on affordable luxury. Rather than spending money on something they cannot afford, they spend a small amount on a large number of items to improve what they can afford.
This translates into the vehicle personalization business because people will buy an affordable vehicle and then accessorize to give it an “upscale” look and feel. Or simply add a few items to personalize their ride!
Automobile Accessories Market
Since the turmoil in the automotive industry in 2008, automobile personalization has still managed to climb in popularity. According to Foresight research, 44% of all buyers spend at least $250 and intend to spend a whopping $1,810. The average amount spent and intended to be spent per new vehicle sold equaled $815 and availability was influential in selecting a dealer by 23% of all buyers.
Keeping Up with the Trends
If you haven’t started selling accessories now is the time. According to the SEMA 2011 Market Report, the following are the top 10 most popular generic accessories. Click on the 2011 SEMA Market Report for detailed information on OEM and Aftermarket, and what’s popular by brand.
- Remote Engine Start
- Floor Mats, All Weather
- Heated Seats, Front Only
- Leather Seats
- IPOD Interface
- Back-up Camera System
- Headrest DVD System
- Vent Visor Front and Rear Set
- Drop Down DVD System
- Window Tint
