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Experian Edge Solves the Piecemeal Insights Issue

Published: December 15, 2022 by Stefani Wendel

The only thing constant is change. And as 2022 wraps up and businesses and consumers look toward 2023, the need for insights and data is at an all-time high to help forge the path ahead.

With recent slowing economic growth, and uncertain macroeconomic and geopolitical climates, leading organizations are turning to credit, market, and economic trends, to help shape and inform future strategies. The challenge? With so many sources of information, it can be overwhelming to determine which information is relevant.

Experian Edge, our new thought leadership hub, compiles proprietary Experian data, and economic, credit and market trends in a single, easy-to-consume place. Covering the automotive, financial services, healthcare, retail and small business sectors, Experian Edge helps businesses navigate tomorrow with today’s insights.

Featured Publication: 2022 Experian Edge Chartbook

The data stories told during 2022 – particularly credit and economic trends – run the full gamut. From economic growth and the labor market, to consumer health and inflation, there is no shortage of insights to glean. The inaugural 2022 Experian Edge Chartbook compiles those key insights giving a comprehensive look at economic and credit trends and what they could mean for 2023.

Want more insights? Examples of what else you’ll find on Experian Edge include:

  • State of the Automotive Finance Market Report: Exclusive quarterly report on the latest trends and analysis of the U.S. automotive finance market.
  • State of Alternative Credit Data Report: A deep dive into the uses of alternative data in consumer and small business lending.
  • State of Claims: 200 executive healthcare professionals shed light on the current claims environment.
  • Holiday Retail Guide 2022: Learn what types of behaviors you can expect to see from consumers this holiday shopping season.
  • Beyond the Trends Report: Quarterly insights and commentary on economic conditions and future small business performance.

Visit and bookmark Experian Edge for the latest intel you need to propel your business forward.

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While many industry pundits are assessing how macroeconomic changes may impact the future of the automotive market, recent data suggests consumers tend to stick to specific fuel types. According to Experian’s Automotive Market Trends Report: Q4 2024, over the last 12 months, 77.5% of electric vehicle (EV) owners replaced their EV with another one, with 15.6% returning to gas-powered vehicles. Meanwhile, 82.2% of gas vehicle owners replaced it with the same fuel type, while only 4.7% made the switch to electric. It’s important for professionals to recognize that most consumers tend to replace their vehicles with the same fuel type. Additionally, knowing who is making these purchases and the types of vehicles being registered allows better anticipation for consumer needs and ultimately enhances the buying experience while fostering consumer loyalty. Breaking down fuel types by generation Through Q4 2024, Baby Boomers predominantly registered new gasoline vehicles, accounting for 74.7% of their choices, while 15.9% opted for hybrids and 6.6% chose EVs. Millennials showed a similar trend, with 69.2% registering gas vehicles, followed by 15.1% selecting hybrids and 12.5% choosing EVs. Gen Z also favored gasoline vehicles at 74.0%, with hybrids making up 14.3% and EVs at 9.1% of their registrations. Although gasoline vehicles account for the majority of new registrations, EVs and hybrids are steadily gaining ground, particularly among the younger generations who are drawn to advanced features that align with their preferences. This will likely play a role in shaping the future of vehicle registrations as more gas alternative models hit the market and consumers make the switch. To learn more about vehicle market trends, view the full Automotive Market Trends Report: Q4 2024 presentation on demand.

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