2015company condential - do not distribute repared by foremost marketing esearch (2015),...
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2015MOTORCYCLE MARKET FACTS
Company Confidential - Do Not Distribute Prepared by: Foremost Marketing Research (2015), 616.956.2514
1
TABLE OF CONTENTS
2 Executive Summary 3 Methodology 4 Respondent Profile 5 Market Trends 6 Demographics12 Market Overview
Company Confidential - Do Not Distribute Prepared by: Foremost Marketing Research (2015), 616.956.2514
2
Foremost Insurance is pleased to present the 2015 Motorcycle Market Facts Study. The primary focus of our research is to better understand the characteristics, attitudes and motivations of the motorcycle owner population. This knowledge is used to help design and implement motorcycle insurance solutions to meet the complex needs of motorcycle owners.
The group of motorcyclists completing our survey were 56% male, with more than half in the 25-49 age category. Forty-four percent have a four year or advanced degree and the average annual household income of our respondents was just under $69k. Harley Davidson was far and away the most popular make among our group of motorcyclists (40%). Sport and Cruisers accounted for 65% of the bikes in the survey. The average model year was 2003 with a purchase price of $8,572. Nearly three-quarters (72%) own just a single bike with almost half (46%) expecting to purchase their next motorcycle within the next two years.
Seventy-eight percent of motorcyclists in this survey were fully insured, with an annual policy the coverage term of choice. A little over half of our respondents don’t ride their bike for a portion of the year, with 42% of owners dropping or altering coverage during the off-season. Seventy-nine percent insure multiple items with their motorcycle carrier. Sixty-three percent of our motorcyclists owned one or more additional recreational product.
Foremost® knows motorcycle insurance and tailors coverage with motorcycle enthusiasts in mind. Let your local Foremost agent help you choose the right policy for your motorcycle, so you can go out and enjoy the ride while someone else takes care of the paperwork!
EXECUTIVE SUMMARY
Company Confidential - Do Not Distribute Prepared by: Foremost Marketing Research (2015), 616.956.2514
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METHODOLOGY
Collected 8,811completed surveys
Method
Fielded June 4 - June 12, 2015 Email invitations were sent out to members of SSI online survey panel SSI provided pre-targeted panelists from their online consumer panel
Sample
Must own or be the primary rider of a motorcycle or motor scooter/moped Must be 18 years of age or older
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RESPONDENT PROFILE
Median householdincome was just under
$69k annually andrec-product ownershipwas 2.9 per household.
92% use at least one form of social media, and 81% are considered heavy social media users
63% of respondentsown more than one
recreational product.
56% 44%MALE FEMALE
44% had a four yearor advanced degree.
Age skewed towardyounger demographic.41% of respondentswere 18-34 years old.
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33% of motorcyclists had $100or more in customization intotheir primary bike ($3,047 average).
72% own a single motorcycle.
79% insure multipleproducts with theirmotorcycle insurer.
Just over half of the respondents ridetheir bike on a seasonal basis. 42%alter insurance coverage in some wayduring the off-season.
Sport (35%) and Cruiser (29%) bikesmade up the majority of responses.
79%
MARKET TRENDS
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Washington207
Oregon139
California1,056
Idaho56
Nevada108
Utah84
Montana31
Arizona197
Wyoming58
Colorado156
New Mexico53
North Dakota35
South Dakota49
Nebraska59
Kansas74
Oklahoma92
Texas584
Alaska11
Hawaii30
Minnesota135
Iowa80
Missouri121
Arkansas71
Louisiana118
Mississippi41
Illinois401
Wisconsin199
Michigan272
Indiana191
Ohio332
Tennessee158
Kentucky110
Alabama122
Georgia227
Florida 694
SouthCarolina
135
North Carolina239
Virginia242
WestVirginia
76
Pennsylvania364
New York552
Vermont 80
Maine46
New Hampshire 42
Massachusetts 158
Rhode Island 33Connecticut 91
New Jersey 215
Delaware 18Maryland 99
Washington, D.C. 60
RESPONDENTS BY STATE
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Base: Total Sample 8,811
44%56% Male
Female
GENDER
AGE
18 - 24 25 - 34 35 - 49 50 - 64 64 - 74 75 & older
14%
27% 28%
23%
6%2%ETHNICITY
White Hispanic African American Asian American Indian/ OtherAlaska Native
75%
11% 9% 5% 2% 2%
RESPONDENT DEMOGRAPHICS
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Base: Total Sample 8,811
EMPLOYMENT
Employed Employed Retired Self-Employed Homemaker Full-Time Out-of-Work Unable to Out of Work
Full-Time Part-Time Student Looking Work/Disabled Not Looking
58%
10% 7% 6%7% 5% 4% 3% 1%
EDUCATION
Less than High School High School/GED Some College Two-Year College Four-Year College Advanced Degree
1%
17%
25%
13%
29%
15%
Degree Degree
RESPONDENT DEMOGRAPHICS
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Base: Total Sample 8,811
61% of respondents havean internet-enabled mobilephone used to access apps.
81% of users visit social mediasites at least once per day.
SOCIAL MEDIA USAGE
Facebook YouTube Twitter Google+ LinkedIn MySpace Flickr Four Square Other I do not use anysocial media sites
81%
62%
41%30%
23%
9% 6% 5% 1%8%
Multiple times/day Once per day A few times/week Once per week A few times/week Once per month Less than once/month
SOCIAL MEDIA - FREQUENCY OF EXPOSURE
65%
16% 11%2% 2% 2% 2%
RESPONDENT DEMOGRAPHICS
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Median household income forour respondents was $68,769.
Base: Sample Size 8,811
ANNUAL HOUSEHOLD INCOME
Less than $25,000- $50,000- $75,000- $100,000- $125,000- $150,000- $175,000- $200,000- $500,000 or$25,000 $49,999 $74,999 $99,999 $124,999 $149,999 $174,999 $199,999 $499,999 more
10%
23% 23%
19%
10%
5% 4% 3%2% 1%
RESPONDENT DEMOGRAPHICS
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ATV
Classic Automobile or Truck
Motorized Powerboat
Motor Scooter/Moped
Antique Automobile or Truck
Golf Cart
Personal Watercraft/Jet Ski®
Snowmobile
RV Motor Home
RV Travel Trailer
Mobile Home/Manufactured Home
Non-Motorized Boat
Sailboat
Dune Buggy
Modified Street Rod
Modular Home
Horse Trailer with Living Quarters
28%
20%
19%
19%
15%
14%
13%
12%
10%
10%
10%
10%
8%
6%
5%
5%
5%
RECREATIONAL PRODUCT OWNERSHIP
Own more than onerecreational productAverage specialtyitems ownedMotorcycles perhousehold
63%
2.90
1.38
RESPONDENT DEMOGRAPHICS
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Sport (35%) and Cruiser (29%)made up the majority of responses.
Sport
Cruiser
Touring
Dual-Sport
Vintage or Antique
Three-Wheel
Electric or Green
Other
Don’t know/not sure
35%
29%
15%
6%
5%
3%
1%
4%
3%
MOTORCYCLE TYPE
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Purchase Price
$9,238
Average Model Year
2003
Year Purchased
2008
Average Customization
$3,047
Harley Davidson
Honda
Kawasaki
Yamaha
Suzuki
BMW
Ducati
CanAm
Triumph
Buell
Victory/Indian/Polaris
KTM
Aprilla
Other
33%
21%
2%
1%
1%
1%
1%
1%
1%
3%
6%
7%
11%
11%
MAKE
MOTORCYCLE MARKET SCORECARD
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Honda
Yamaha
Suzuki
Vespa
Piaggio
Aprilla
Other
40%
17%
12%
6%
4%
2%
1% 16%
MAKE
MOTOR SCOOTER/MOPED SCORECARD
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64%35%
Where did you purchase this motorcycle?
Dealership 64%
Private Party 35%
72% One20% Two4% Three2% Four1% Five or more
72%
20%
How many motorcycles do you own?Within the next two years 46%Three to five years 25%No purchase plans 29%
When do you plan to purchase your next motorcycle?
46%
25%
29%
New
Used
54%
46%
Purchase Type
64%35%
MOTORCYCLE PURCHASE DETAIL
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18
47%
8%
42%
3%
Recreation
Transportation
Use it for both equally
Do not ride
Do you own a trailor usedto tow your motorcycle?
Yes 35%No 53%It’s never towed 12%
53%
35%
12%
Our respondents rode their motorcyclean average of twelve times per month.
0 1%
1-5 26%
6-10 24%
11-15 19%
16-20 15%
21 or more 15%
DAYS RIDDEN PER MONTH
Base: Total Sample 7,831
MOTORCYCLE RIDING HABITS & PREFERENCES
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MILES RIDDEN IN PAST 12 MONTHS
100 miles or less
101-500 miles
501-1,000 miles
1,001-5,000 miles
5,001-10,000 miles
More than 10,000 miles
Average Miles Ridden:
11%
17%
23%
33%
13%
4%
2,906
OFF-SEASON INSURANCE COVERAGE
No Change in Coverage
Altered/Reduced Coverage
Not Insured
58%
25%
17%
49%
51%
Year-Round
Seasonal
51% of respondents ride their motorcycle seasonally.
MOTORCYCLE RIDING HABITS
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Base: Total Sample 8,81113%
10%6%
6%4%4%
3%3%3%2%2%2%2%2%2%2%2%1%1%
2%52%
American Motorcyclist Association (AMA)HOG (Harley Owners Group)
BMW Motorcycle Owners of AmericaA Brotherhood Aiming Towards Education (ABATE)
Christian Motorcyclists AssociationRiders of Kawasaki
Woman on Wheels (WOW)HRA (Honda Riders Association)
Riders Association of TriumphDucati Desmo Owners Club
Buell Riders Adventure GroupGoldwing Road Riders Association
Star Touring and Riding AssociationMoto Guzzi National Owners Club
Royal Star Touring and Riding AssociationUnited Sidecar Association
Goldwing Touring AssociationVenture Touring Society
Indian Riders GroupAnother motorcycle association / organization
No one in my household belongs to any of these
MOTORCYCLE ASSOCIATIONS
“Foremost” and the “F” logo are registered trademarks of FCOA, LLC, 5600 Beech Tree Lane, Caledonia, MI 49316. 9014207 04/16
2015MOTORCYCLE MARKET FACTS