Are you a first-time car buyer? Do you understand the current limitation on public transportation? Do you value your health and safety given the COVID-19 pandemic? If you’ve said, “yes” to all these, then you’re the 2020 Wigo’s target market.
As with every Toyota launch, the highlight is their presentation when it comes to the vehicle’s target demographic. It’s interesting how they frame the sort of buyer that’d go for their vehicle, and how Toyota intends to compete in the segment.
So, without further ado, here are six things you’d want to know about the 2020 Wigo buyer:
- The Wigo is Toyota Motor Philippines Corporation’s entry in the low-cost passenger car (PC) segment. Known for its reliability, it’s currently the segment’s leader with a 69 percent market share.
- Despite its late entry into the segment, the Wigo immediately catapulted into the sales lead. From 2017 to 2019, its market share grew from 47 to 69 percent. Meanwhile, its main competitor (according to Toyota), the Mitsubishi Mirage saw its share shrink from 18 to 7 percent.
- Since its launch in the Philippine market in 2014, Toyota has sold over 83,000 Wigos.
- As mentioned, Toyota is targeting first-time car buyers with the Wigo, particularly those who are concerned about taking public transportation in light of COVID-19. The median age of the typical Wigo buyer is 35, and 68 percent are married. Household income, combined is around P 85,000 to P 90,000 per month.
- The main consideration of purchase of the Wigo is its inexpensive suggested retail price. This is followed by fuel economy and lastly, exterior style. The latter sparked Toyota’s decision to add the spiffy TRD S variant.
- Despite the pandemic, Toyota Motor Philippines is still targeting to sell a boatload of Wigos. Their monthly sales target ranges from 1,000 to 1,400 units until the end of the year—or about 7,000 to 9,800 units for the remainder of 2020.