PORT WASHINGTON, N.Y., Sept. 28, 2022 /PRNewswire-PRWeb/ -- The 30% rise in U.S. automotive aftermarket average selling prices so far this year, compared to 2019, is not expected to sustain retail sales revenue in the industry, as it has up to this point. In fact, both high and low-income consumers are shifting spending away from DIY auto care. Without a boost to unit demand, industry sales revenue from retail front-room products like paint, spark plugs, tires, wipers, motor oil, and other key aftermarket categories will continue to soften into 2023, according to the latest "Future of Auto" forecast from The NPD Group, which recently merged with Information Resources, Inc. (IRI).
- In fact, both high and low-income consumers are shifting spending away from DIY auto care.
- "The automotive aftermarket is in a tug of war between the headwinds and tailwinds swirling in the consumer's economic existence," said Nathan Shipley , automotive industry analyst for NPD.
- Discretionary spending is being pulled in different directions as consumers reengage in more in-person activities and feel the squeeze of rising food and gas prices.
- However, while the fundamentals remain strong, automotive aftermarket consumers are now feeling more pain from higher prices and other macro-economic factors," Shipley said.