Metro Finance sheds light on consumer preferences

Survey highlights shift from EVs to hybrids amid cost-of-living pressures

Metro Finance sheds light on consumer preferences

News

By Mina Martin

In the face of rising inflation and escalating cost-of-living pressures, Metro Finance, an Australian non-bank lender, has unveiled the results of its latest consumer survey.

The survey, which gathered responses from 1,000 Australian households, illustrated shifting consumer behaviours particularly in how they approach vehicle purchases and energy consumption.

Strategic consumer choices in a challenging economy

Fuel and energy savings

The Metro Finance survey revealed that 44% of respondents actively seek the best fuel prices, purchasing only on days when prices are historically lower.

Additionally, nearly half of the respondents (48.9%) expressed a keen interest in adopting new home technologies primarily to reduce their energy bills.

Vehicle preferences: Hybrids over EVs

Despite the growing market for electric vehicles (EVs), the survey indicated a considerable reluctance among Australians to embrace fully electric options.

About 41.3% of respondents are currently unwilling to purchase an EV, citing durability concerns irrespective of the brand. Conversely, hybrids are gaining popularity, with 66.2% of participants open to purchasing either a plug-in or mild hybrid vehicle.

The main driving factor behind this preference is the ongoing concern over petrol prices, mentioned by 52.9% of those surveyed.

MetroEco: Addressing consumer needs with flexible solutions

Jessica Clarke (pictured above left), MetroEco business development manager, highlighted the diverse needs of consumers.

“The reality is, while electric vehicles are certainly gaining traction, consumers are looking for a variety of solutions to suit their needs,” Clarke said.

She highlighted MetroEco’s efforts to support sustainable choices through discounts and flexible terms on a range of assets, including EVs, solar technologies, and more.

“It’s no surprise that Australian households are looking at ways to reduce their costs, often taking a more long-term view of doing so with the technologies they implement at home. However, interestingly this trend is not supported across the board,” said David Albest (pictured above right), CEO of Metro Finance.

Consumer adaptations and financial decisions

The survey also noted that many Australians are tightening their belts, with 33.7% creating new household budgets and 43.7% switching to more affordable brands.

Despite these changes, 63.1% of respondents purchased their most recent vehicle outright, and 33.4% expressed interest in electric vehicle loans if the rates were more favourable.

Metro Finance’s commitment and CEFC funding boost

Recently, Metro Finance’s green lending program, MetroEco, received a significant boost with an additional $50m funding from the Clean Energy Finance Corporation (CEFC), bringing the total commitment to $100m. This funding aims to support businesses embracing sustainable practices across various sectors.

Since its inception in July 2024, MetroEco has enabled more than 4,000 electric vehicles from 26 different brands to hit the roads, along with funding for energy-efficient equipment.

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