Category: United States

Most Patients Struggle with Access to Doctors While in a Hospital, JD Power Finds

2023-12-14

jillian.breska

TROY, Mich.: 18 Dec. 2023 — Patients are not getting timely access to doctors while in the hospital, according to the JD Power 2023 U.S. Hospital Patient Satisfaction Study,^SM released today. The study provides patient feedback on their satisfaction during a recent overnight hospital stay. Findings show that only 36% of patients say they are always able to speak to a doctor when needed. Those results are down from 43% in 2011, when the study was last conducted.

The study, which has been redesigned, measures patient satisfaction with a recent overnight stay at a hospital. It examines hospital patient satisfaction based on seven experience areas: admission; discharge; doctors; nurses; tests and treatment; facility; and food and beverage.

Food and beverage is another area in which hospitals are falling short of expectations. While 73% of patients can order food and beverage and have it delivered to their room, findings show that food and beverage is the lowest-scoring factor across the hospital stay experience. Drivers of dissatisfaction with food and beverage include the variety of menu choices, quality of food and beverage and timeliness of meals.

While doctors are hard to speak with, patients are more satisfied with their in-person experience with doctors. A majority (90%) of patients say the doctor answered all their questions. However, only 61% of patients say doctors always explained things in a way they could understand.

“Delivering a patient experience that meets or exceeds expectations means focusing on things that matter most to patients,” said Christopher Lis, managing director of global healthcare intelligence at JD Power. “Focusing on the details such as a smooth and well-informed admission and discharge process; providing timely access to doctors accompanied by clear explanations; and having high quality food are among the key drivers to patient satisfaction and future loyalty and advocacy.”

Following are some key findings of the redesigned study:

• Doctors and nurses deliver the highest satisfaction: While patients say doctors are hard to find, they are very satisfied with both doctors and nurses. Key metrics for doctors and nurses include responsiveness, concern and knowledge. More than three-fourths (83%) of patients say the nurse always described their care plan for the day and 80% say a nurse manager/leader checked in to see how their hospital experience was going.
• Admission and discharge are important elements of overall journey: More than one-third (34%) of overall patient satisfaction is dependent upon the admission and discharge processes.  The aspects of admission and discharge that patients perceive as important include whether the hospital provided information in writing about what symptoms or health problems to watch for after leaving the hospital and how well that information prepared the patient for leaving the hospital.  An area of opportunity for hospitals is speeding up the time it takes a patient to reach their room upon admission.  Only 51% of patients say it took less than 2 hours to reach their room after arriving at the hospital.
• Patients have mixed level of satisfaction with hospital facility and services: While patients are not satisfied with food and beverage, scores are higher for tests and treatments as well as for the facility and room. A majority (87%) of patients say they were told in advance of when to expect tests and procedures and 85% say scheduled tests and procedures were performed on time. While 68% of patients say their room and bathroom were always kept clean, only 45% say the area around their room was always quiet at night.

The 2023 U.S. Hospital Patient Satisfaction Study is based on responses from 2,885 hospital patients residing in the United States. To qualify, respondents had to have had an overnight stay at a hospital in the past six months. The study was fielded in October-November 2023.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

 

Vision Plan Communication Crucial for Satisfaction, JD Power Finds

2023-06-12

jillian.breska

TROY, Mich.: 13 June 2023 — Vision plan providers that provide plan information to customers see a significantly higher overall customer satisfaction score than those who do not, according to the JD Power 2023 U.S. Vision Plan Satisfaction Study,SM released today. Specifically, insureds who do not receive plan information from their provider have satisfaction scores that are 110 points lower (on a 1,000-point scale) than those who do.

“Communications to vision plan customers was the lowest-scoring factor in the study,” said Christopher Lis, managing director of global healthcare intelligence at JD Power. “To increase customer retention and advocacy in today’s cost-conscious environment with high inflationary pressure in play, plans need to provide clear information that showcases the benefits of the plan relative to costs, now more than ever.”

Study Ranking

Aetna Vision ranks highest in overall customer satisfaction with a score of 821. UnitedHealthcare Vision (817) ranks second and National Guardian (792) ranks third.

The 2023 U.S. Vision Plan Satisfaction Study measures customer satisfaction with vision plan providers based on five factors, in order of importance: plan coverage; plan cost; communication; customer service; and claims and reimbursement. The study is based on responses from 1,342 vision plan members and was fielded in March-April 2023.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

 

Dental Plan Satisfaction Rising as Communications and Plan Coverage Increase, JD Power Finds

2023-06-12

jillian.breska

TROY, Mich.: 13 June 2023 — Overall customer satisfaction with dental plans is up 18 points (on a 1,000-point scale) from a year ago, according to the JD Power 2023 U.S. Dental Plan Satisfaction Study,SM released today. The study shows that dental plan providers must implement strong communication strategies to showcase plan value and increase customer satisfaction.

“Last year, the results of this study showed us that dental plans must increase communication strategies to showcase plan value to increase customer satisfaction,” said Christopher Lis, managing director of global healthcare intelligence at JD Power. “Findings from this year’s study show that dental plans took note as communication and coverage factors had the largest weighted year-over-year increases. Customers want to make sure they know their deductibles and coverage benefits—with full transparency on out-of-pocket costs. The efforts of health plans like Aetna and Humana to inform and educate insureds have not gone unnoticed and are reflected in their higher overall satisfaction scores.”

Study Ranking

Aetna Dental ranks highest in overall customer satisfaction with a score of 816. Humana Dental (809) ranks second and United Concordia Dental (796) ranks third.

The 2023 U.S. Dental Plan Satisfaction Study measures customer satisfaction with dental plan providers based on five factors, in order of importance: cost; plan coverage; communication; customer service; and claims and reimbursement. The study is based on responses from 1,411 dental plan members and was fielded in March-April 2023.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules www.jdpower.com/business/about-us/press-release-info

 

NEV-APEAL Makes Remarkable Progress as Competition among OEM Types Intensifies, JD Power Finds

2023-05-25

 SHANGHAI: 25 May 2023 – New energy vehicles (NEVs) have made significant progress in the past year, according to the JD Power 2023 China New Energy Vehicle–Automotive Performance, Execution and Layout (NEV-APEAL) Study,^SM released today. The average NEV-APEAL score for Chinese NEVs is 776 (on a 1,000-point scale), a year-over-year increase of 37 points, confirming that rapid development of the new energy vehicle market has changed from policy-driven to product-driven.

The study examines NEV owners’ assessments of their new vehicles within the first two to six months of ownership. The data is used extensively by NEV manufacturers to design and develop more appealing models. It is an important reference for new energy vehicle manufacturers to design and develop attractive vehicles.

The study shows that the overall satisfaction in the new energy industry has made remarkable progress. Among OEM types, international brands show strong growth, with the APEAL score rising 40 points to 784 from 2022, surpassing domestic startups (781), which scored higher for two consecutive years. Domestic traditional brands (773) also have made great progress, with a significant increase of 42 points from 2022. The overall APEAL score gap between OEM brands has narrowed to single digits, signaling that the competition is heating up.

“With the rapid rise of the China new energy market, the electric transformation of automobiles has become the focus of global attention,” said Elvis Yang, general manager of auto product practice at JD Power China. “Many vehicle manufacturers have invested more in their new energy business and in this revolution, both traditional brands and startups are embracing the vehicle electrification with more positive attitude and more firm determination. In the increasingly competitive market, it’s important to improve the user experience. Automakers need to deeply understand consumers’ demand and behavior habits to manufacture more competitive products.”

Following are some key findings of the 2023 study:

• Design, fuel economy and driving range have become key to consumer experience: In 2023, exterior ranks first in overall satisfaction in 11 categories with a score of 807 and fuel economy and driving range ranks second with a score of 780. This reflects owners’ recognition of the design and fuel economy of NEVs, which will gradually lower driving range anxiety. Meanwhile, satisfaction with the infotainment system (764), driving feel (765) and charging experience (765) have improved only slightly from 2022.
• Domestic startups promote new products at a fast pace: In 2022, 53% of Chinese startups models were new models, contributing 66% of the revenue share of this market segment. Overall satisfaction with these new models is 788, 14 points higher than for existing models.
• Design becomes decisive factor among females: In the purchase stage for NEVs, product design is the main factor among female shoppers when in making their final purchase decision. The study shows that better exterior (31%) is the top reason why female purchasers decided to buy one NEV over another. The top reason why they reject  purchasing a NEV is that it doesn’t look as good as they expected (23%). Product design plays a crucial role in the decision-making among female car buyers.

Highest-Ranked Models

Models that rank highest in their respective segments are:  

• Small BEV segment: Geometry E
• Compact BEV segment: Aion Y/Y Plus, BYD Dolphin
• Midsize BEV car segment: BYD Han BEV
• Midsize/Large BEV SUV segment: XPeng G9
• Premium BEV segment: NIO ET7
• Mass market PHEV segment: DEEPAL SL03

In the segments of Premium PHEV and MPV BEV, criteria for awards were not met, thus no awards are given this year in this segment.

The China New Energy Vehicle–Automotive Performance, Execution and Layout (NEV-APEAL) Study measures NEV owners’ emotional attachment to and level of excitement with their new vehicle across 45 attributes in 11 vehicle experience categories: exterior; setting up and starting; getting in and out; interior; performance; driving feel; keeping you safe; infotainment; driving comfort; fuel economy and driving range; and charging experience.

The study is based on responses from 7,209 new energy vehicle owners who purchased their vehicle between July 2022 and January 2023. The study includes 76 models from 36 different brands, among which 53 models have sufficient samples. The study was fielded from January through March 2023 in 81 cities across China.

JD Power is a global leader in consumer insights, advisory services and data and analytics. Those capabilities enable JD Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, JD Power has offices serving North America, Asia Pacific and Europe. For more information, please visit china.jdpower.com or stay connected with us on JD Power WeChat and Weibo.

Media Relations Contacts

Mengmeng Wang, JD Power; China; +86 21 8026 5719; [email protected]
Geno Effler, JD Power; USA; 001-714-621-6224; [email protected]

About JD Power and Advertising/Promotional Rules www.jdpower.com/business/about-us/press-release-info

 

March Sales Pace Remains Constrained by Low Inventory; Incentive Spending Hits Record Low but Record Profitability Endures

2022-03-22

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The Retail Sales Forecast

New-vehicle retail sales for March 2022 are expected to decline when compared with March 2021, according to a joint forecast from JD Power and LMC Automotive. Retail sales of new vehicles this month are expected to reach 1,044,500 units, a 27.8% decrease compared with March 2021 when adjusted for selling days. March 2022 has one more selling day compared to March 2021. Comparing the same sales volume without adjusting for the number of selling days translates to a decrease of 25.0% from 2021.

New-vehicle retail sales in Q1 2022 are projected to reach 2,829,000 units, a 14.8% decrease from Q1 2021.

The Total Sales Forecast

Total new-vehicle sales for March 2022, including retail and non-retail transactions, are projected to reach 1,188,300 units, a 28.9% decrease from March 2021. Comparing the same sales volume without adjusting for the number of selling days translates to a decrease of 26.2% from 2021.

The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 12.7 million units, down 5.1 million units from 2021.

New-vehicle total sales in Q1 2022 are projected to reach 3,228,000 units, an 18.4% decrease from Q1 2021.

The Takeaways

Thomas King, president of the data and analytics division at JD Power:
“Typically, March is a high-volume sales month with elevated promotional activity because it marks the end of the fiscal year for some manufacturers and the close of the first quarter for others. In March 2021, consumers purchased almost 1.4 million new vehicles at retail. This year, with fewer than 900,000 units in inventory, it will be impossible for the sale pace to even approach last year’s level. Given the strong demand and extremely constrained inventory situation, it should be no surprise that manufacturer discounts are at their lowest level ever, while prices and profitability set records for the month of March.”

For March, incentive spend per vehicle expressed as a percentage of the average vehicle MSRP is trending toward an all-time low of 2.3%, down 5.4 percentage points from March 2021 and the third consecutive month below 3.0%. From an absolute value standpoint, average incentive spend per vehicle is on pace to reach an all-time low of $1,044, a decrease of 68.7% from a year ago. One of the factors contributing to the reduction in incentive sending is the lack of deals for vehicles that are leased. Leases accounted for 30% of all new vehicle retail sales in 2019. This month, leasing will account for just 18% of retail sales.

With consumer demand for new vehicles remaining robust, new-vehicle prices continue to maintain their record levels. Average transaction prices are expected to reach a March record of $43,737, a 17.4% increase from a year ago. For Q1 2022, average transaction prices are expected to reach $44,129, an 18.0% increase from Q1 2021.

“Vehicles continue to sell quickly, and most of those vehicles have been ordered—or purchased—by buyers before they arrived at the dealership. This month, a record 56% of vehicles will be sold within 10 days of arriving at a dealership, while the average number of days a new vehicle is in a dealer’s possession before being sold is on pace to be 18 days—down from 54 days a year ago.

“Despite reduced sales volumes, higher prices mean that, in aggregate, consumers are on track to spend a healthy $45.7 billion on new vehicles this month, the second-highest on record for the month of March and 12.0% below March 2021. Even with a 14.8% decrease in sales volume, retail consumers are on track to spend $124.8 billion, on new vehicles in Q1 2022 a 2.0% increase from Q1 2021.

“Dealers also continue to benefit from high transaction prices with total retailer profit per unit—inclusive of grosses and finance and insurance income—being on pace to reach $4,931, an increase of $2,656 from a year ago, but snapping the five-month streak of profits above $5,000. For Q1 2022, total retailer profit per unit is on pace to reach $5,013, an extraordinary 126% increase from Q1 2021.”

From a dealer profitability standpoint, the elevated per-unit profit level is more than offsetting the drop in sales volume total aggregate retailer profits from new-vehicle sales is projected to be up 62.5% from March 2021, reaching $5.2 billion, the best March ever and the second-highest amount of any month on record. For Q1 2022, aggregated retailer profits from new-vehicle sales is projected to reach $14.2 billion, an astounding 95% increase from Q1 2021 despite the 14.8% decrease in sales volume.

As expected, interest rates increased, but at a tempered level. The average interest rate for loans in March is expected to increase four basis points from a year ago to 4.40%. Conversely, new-vehicle buyers are benefiting from more equity on their trade-in vehicles. The average trade-in equity for March is trending towards $9,274, an 81.3% increase from a year ago.

Even with elevated trade-in values, the average monthly finance payment is on pace to hit a record high of $658 for the month of March, up $73 from March 2021. That translates to an 12.4% increase in monthly payments from a year ago, which is still below the 17.4% increase in transaction prices.

“In April, with inventory and production levels still projected to be at historical lows compounded by global events, the overall industry sales pace will continue to be supply constrained. Therefore, April’s sales pace will be dictated mostly by manufacturers’ procurement, production and distribution efforts. Regardless of inventory position or production levels, manufacturers and retailers will continue to benefit from both the elevated—and pent-up—levels of consumer demand, giving them the ability to maintain historically high profitability on nearly every unit sold.”

Sales & SAAR Comparison

U.S. New Vehicle	March 20221, 2	February 2022	March 2021
Retail Sales	1,044,464 units (-27.8% lower than March 2021)2	908,361 units	1,392,923 units
Total Sales	1,188,263 units (-28.9% lower March 2021)2	1,046,778 units	1,609,075 units
Retail SAAR	11.2 million units	12.5 million units	15.5 million units
Total SAAR	12.7 million units	14.0 million units	17.8 million units

¹ Figures cited for March 2022 are forecasted based on the first 17 selling days of the month.

² March 2022 has 27 selling days, one more than March 2021.

The Details

• The average new-vehicle retail transaction price in March is expected to reach $43,737. The previous high for any month—$45,283—was set in December 2021.
• Average incentive spending per unit in March is expected to reach $1,044, down from $3,334 in March 2021. Spending as a percentage of the average MSRP is expected to fall to a record low of 2.3%, down 5.4 percentage points from March 2021.
• Average incentive spending per unit on trucks/SUVs in March is expected to be $1,057, down $2,242 from a year ago, while the average spending on cars is expected to be $995, down $2,458 from a year ago.
• Buyers are on pace to spend $45.7 billion on new vehicles, down $6.2 billion from March 2021.
• Truck/SUVs are on pace to account for a record 80.5% of new-vehicle retail sales in March.
• Fleet sales are expected to total 143,800 units in March, down 35.9% from March 2021 on a selling day adjusted basis. Fleet volume is expected to account for 12% of total light-vehicle sales, down from 13% a year ago.

Global Sales Outlook

Jeff Schuster, president, Americas operations and global vehicle forecasts, LMC Automotive:
“February global light-vehicle sales ended as expected at 78.1 million units, down from 82.3 million units a year ago. In year-over-year terms, sales were down just 2,000 units, but the disruption effect from timing of the Chinese New Year, last year’s level was a weak base. Sales continue to be held back by supply chain issues, though we are seeing some erosion of underlying demand as the economic outlook deteriorates. March is expected to suffer from the added effect of the war in Ukraine and an increase in inflationary pressure on consumers worldwide. Volume is currently projected at 7.1 million units, down 15% from March 2021. The selling rate is projected to be 74.0 million units, a drop of 4 million units from February and a staggering 14 million units lower than March 2021.

“Risk in the outlook for the global economy and vehicle sales has increased significantly since last month. The compound of extending existing disruptions from supply shortages and the war in Ukraine has created a volatile market, causing to make a substantial downgrade to the 2022 outlook. Global light-vehicle sales are forecast at 82.6 million units in 2022, down 4% or 3.2 million units from our forecast last month. The revision cuts the growth rate to just 1% from 2021 and additional risk for the remainder of the year could push volume down below the 2021 level, potentially affecting the recovery pattern over the medium-term.”

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
Emmie Littlejohn, LMC Automotive; Troy, Mich.; 248-817-2100; [email protected]

About JD Power and Advertising/Promotional Rules www.jdpower.com/business/about-us/press-release-info
About LMC Automotive www.lmc-auto.com

 

Capitalizing on Lease-End Journey Increases Recapture and Conquest Opportunities, JD Power Finds

2022-03-30

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With leasing volume now accounting for just 19% of total new-vehicle sales, lenders and dealers need to be more targeted and purposeful than ever in their communication strategies to retain lessees and securing conquest opportunities. According to the JD Power 2022 U.S. End of Lease Satisfaction Study,^SM released today, highly personalized communications based on detailed lease journey analytics are essential to recapturing existing customers and winning new ones.

“The days of the one-size-fits-all lease loyalty strategy are long gone,” said Patrick Roosenberg, director of automotive finance intelligence at JD Power. “In this market, lenders, dealers and OEMs really need to understand the unique individual journeys of their customers and develop tailored, highly targeted outreach strategies creating the greatest opportunity to retain them. Ultimately, successful customer retention and conquest strategies are coming down to detailed analytics. Lease providers need to understand the different customer journeys—whether it’s first-time lessees or returning lessees—and offer available incentives to the right customers, at the right moments, via the right communication channels to keep lease volumes flowing.”

Study Rankings

Audi Financial Services ranks highest in end of lease satisfaction in the premium segment, with a score of 868 (on a 1,000-point scale). Lexus Financial Services (866) ranks second and BMW Financial Services (862) ranks third.

Ford Credit ranks highest in end of lease satisfaction in the mass market segment, with a score of 864. Honda Financial Services (853) ranks second and GM Financial (852) ranks third.

The 2022 U.S. End of Lease Satisfaction Study identifies lease-end practices and timely marketing opportunities that optimize lease retention for the same brand and at the same dealer. The study is based on responses from 3,075 mass market and premium vehicle lease customers who are within six months of lease end. It was fielded in November-December 2021.

For more information about the U.S. End of Lease Satisfaction Study, visit
https://www.jdpower.com/business/financial-services/us-end-lease-satisfaction-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

 

U.S. Retail Banks Struggle to Differentiate, Deliver Meaningful Customer Experience as Economy Sours, JD Power Finds

2022-04-06

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The twin forces of digital transformation and rising inflation have created a new set of customer engagement challenges for the nation’s retail banks. According to the JD Power 2022 U.S. Retail Banking Satisfaction Study,^SM released today, most banks are missing the mark when it comes to making their customers feel supported as increasing numbers of U.S. consumers indicate an increase in their financial stress. Moreover, banks have struggled to deliver on customer expectations for personalization as nearly half of customers have now moved to primarily digital-centric banking relationships.

“A customer’s definition of what support from their retail bank looks like is changing rapidly as we enter a new economic cycle and move further along the digital adoption curve,” said Jennifer White, senior consultant of banking intelligence at JD Power. “It’s no longer predominately about being fast, efficient or convenient. The preeminent performance metric with the biggest influence on customer satisfaction is ‘supporting customer during challenging times,’ and that means customers are expecting a personalized mix of financial advice, hands-on help with problem resolution and guidance on how to grow their money.”

Following are some key findings of the 2022 study:

• Bank customers seek support in tough economic times: Overall customer satisfaction with retail banks rises 155 points (on a 1,000-point scale) when customers cite that their bank supports them during challenging economic times. Similarly, 63% of customers say they definitely will not switch banks and 78% say they definitely will reuse their bank when it delivers this support. However, despite its huge effect on customer satisfaction, only 44% of banks are delivering on this metric.

 

• Customers least satisfied with their bank’s ability to help save time or money: While banks perform particularly well on traditional customer engagement metrics such as people, digital channels and overall trust, satisfaction scores are lowest for helping retail bank customers save time or money, which has become a key priority for them.
• Efforts to reduce fees go largely unnoticed: Although customers who pay bank fees (e.g., overdraft or low balance fees) are three times more likely to consider switching banks, only 61% either do not know or are unsure whether their bank has made any changes to their overdraft fee policy. Notably, many big banks have introduced fee relief plans this year.
• Alerts and fee avoidance advice are important personalization tools: When asked how they would like their bank to personalize their banking experience, 46% of customers say they want help in avoiding fees and 37% say they want to receive account alerts.

The study measures customer satisfaction with banks in 15 geographic regions. Highest-ranking banks and scores, by region, are as follows:

California: U.S. Bank (669)
Florida: Regions Bank (697)
Illinois: Wintrust Community Bank (733)
Lower Midwest Region: Central Bank of the Midwest (685)
Mid-Atlantic Region: PNC (684)
New England Region: Bangor Savings Bank (722) and Rockland Trust (722) in a tie
North Central Region: City National Bank (WV) (706)
Northwest Region: Banner Bank (685)
New York Tri-State Region: New York Community Bank (690)
Pennsylvania: S&T Bank (675)
South Central Region: Hancock Whitney Bank (694)
Southeast Region: United Community Bank (730)
Southwest Region: FirstBank (680)
Texas: Frost (755)
Upper Midwest: Chase (661)

The U.S. Retail Banking Satisfaction Study, now in its 17^th year, was redesigned for 2022. It measures satisfaction across seven factors (in order of importance): trust; people; account offerings; allowing customers to bank how and when they want; saving time and money; digital channels; and resolving problems or complaints.

The study is based on responses from 101,587 retail banking customers of the largest banks in the United States regarding their experiences with their retail bank. It was fielded from April 2021 through January 2022. National banks are defined as banks with more than $300 billion in domestic deposits; regional banks are those with $65 billion-$299 billion in domestic deposits; and midsize banks are those with 50-100 branches nationally and at least 20 branches within a respective region.

For more information about the U.S. Retail Banking Satisfaction Study, visit
https://www.jdpower.com/business/resource/us-retail-banking-satisfaction-study.

About JD Power

JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

 

A New Kind of Primer: Demand for Interior and Exterior Paint Experts Remains High, JD Power Finds

2022-04-12

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When retailers prime today’s in-store paint shopper with a foundation of knowledge and excellent customer service, satisfaction increases. Almost half (49%) of interior and 47% of exterior paint shoppers physically went to a store to do research before purchasing paint, according to the JD Power 2022 U.S. Paint Satisfaction Study,^SM released today.

“With the do-it-yourself trend continuing, there’s a huge opportunity for retailers and brands to partner and focus on training salespeople, despite the challenges of high turnover and supply chain issues,” said Christina Cooley, director of the home and retail intelligence practice at JD Power. “The best way retailers and paint brands can meet the needs of paint shoppers who rely on in-store guidance and support during their purchase is to differentiate themselves through their staff and the experience they provide.”

Study Rankings

Benjamin Moore ranks highest in the interior paint segment with a score of 878. Sherwin-Williams (873) ranks second and BEHR (867) ranks third.

Sherwin-Williams ranks highest in the exterior paint segment with a score of 863. BEHR (862) ranks second and Valspar (851) ranks third.

Sherwin-Williams ranks highest in the exterior stain segment with a score of 849. BEHR (845) ranks second and Benjamin Moore (843) ranks third.

Benjamin Moore independent retailers ranks highest in the paint retailer segment with a score of 881. Ace Hardware (872) and Sherwin-Williams Paint Store (872) rank second in a tie.

The U.S. Paint Satisfaction Study is based on responses from 5,015 customers who purchased and applied interior paint, exterior paint and/or exterior stain in the past 12 months. The study was fielded from December 2021 through January 2022.

For more information about the U.S. Paint Satisfaction Study, visit http://www.jdpower.com/business/resource/paint-satisfaction-study.

About JD Power

JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

 

OEM Apps Still Struggle to Meet Owner Expectations of Speed and Functionality, JD Power Finds

2022-01-25

jillian.breska

The percentage of vehicle owners using the app of the original equipment manufacturer (OEM) continues to increase year over year with 38% of respondents indicating that they use the app at least half of the time that they drive, according to the JD Power 2021 U.S. OEM ICE Benchmark Study,^SM released today. The usage rate is highest for domestic OEMs with almost 50% of their owners using it half of the time and 27% saying they use it each time that they drive. Increasing these numbers further will be vital if OEMs want to utilize the app for a continuous revenue stream.

JD Power is working with vehicle manufacturers to improve the user experience (UX) of the brand’s app given that it’s related to the third-most problematic feature cited by owners in the JD Power 2021 U.S. Initial Quality Study.^SM Issues with connectivity and incorrect information are plaguing apps and creating dissatisfaction for users, which causes many owners to abandon their brand’s app.

“Owners are looking for accurate real-time information about their vehicle, which many apps are currently not providing,” said Frank Hanley, senior director of global automotive consulting at JD Power. “While app speeds are improving, accuracy and stability are not in many cases. The apps are also lacking many of the features that owners want, causing many owners to say that the app is providing no real value.”

Following are key findings of the 2021 study:

• App usage increasing but satisfaction isn’t: While the percentage of owners using the app on a regular basis has increased, their level of satisfaction has not. Among the four main performance indicators for the app—appeal; content; ease of use; and speed—speed has the lowest level of satisfaction.
• Apps still lacking functionality: The app features most desired by owners include remote controls; navigation assistance; service monitoring; and status/diagnostic information. However, no one app in the industry is currently providing a good execution for all these features.
• Dealership help remains key: Owners find the setup process for many apps to be difficult and many are not aware of the content available in the app. As a result, assistance is needed at the dealership. Owners who received assistance at the dealership with setup and feature explanation are more likely to use the app and have greater satisfaction.
• Willingness to pay for app features remains low: While 90% of owners do not pay for their app, there is an increase in the percentage of those willing to pay for it in the future. Among app users, 28% say they would be willing to pay up to $5 for the app, though 58% say they are not willing to pay.

Among the 32 brands benchmarked in the study, the top-performing mobile apps are Tesla, Volvo Cars, MyHyundai, Genesis Intelligent Assistant and MySubaru. While Tesla doesn’t manufacturer gas-powered vehicles, it is included in this study because of its technology leadership and is considered a benchmark for all automotive mobile apps.

“It’s critical that manufacturers devote proper resources to developing apps that truly meet the needs of new owners,” Hanley said. “New app offerings from Jeep and BMW, for example, show noticeable improvement by adding additional content and increase in speed. Some others, however, have issues with speed, pairing and connectivity.”

The study gauges owners’ experience with their brand’s mobile app. Insights are derived from surveying new vehicle owners and an expert benchmarking assessment of the most relevant mobile apps. Results are based on a standardized evaluation approach relying on more than 250 best practices for vehicle apps. The expert benchmarking includes apps from 32 brands that sell vehicles in the United States. The usage survey data represents 1,000 owners who said that they have used their app. The study was fielded in November 2021.

For more information about the U.S. OEM ICE App Benchmark Study, visit 
https://www.jdpower.com/business/automotive/us-oem-app-benchmark-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
Shane Smith; East Coast; 424-903-3665; [email protected]

About JD Power and Advertising/Promotional Rules: http://www.jdpower.com/business/about-us/press-release-info 

 

New-Vehicle Sales in January Constrained by Historic Low Inventory; Transaction Prices and Retailer Profit Maintain Record Levels

2022-01-25

jillian.breska

The Retail Sales Forecast

New-vehicle retail sales for January 2022 are expected to decline when compared with January 2021, according to a joint forecast from JD Power and LMC Automotive. Retail sales of new vehicles this month are expected to reach 828,900 units, an 8.3% decrease compared with January 2021. (Note: January 2022 has the same number of selling days as January 2021.)

The Total Sales Forecast

Total new-vehicle sales for January 2022, including retail and non-retail transactions, are projected to reach 932,100 units, a 15.6% decrease from January 2021.

The seasonally adjusted annualized rate (SAAR) for total new-vehicle sales is expected to be 14.1 million units, down 2.6 million units from 2021.

The Takeaways

Thomas King, president of the data and analytics division at JD Power:
“Despite optimism towards the end of 2021 that diminishing supply chain disruption would result in more vehicles being delivered to dealerships, the new-vehicle supply situation has shown no meaningful improvement. January month-end retail inventory is expected to be below one million units for the eighth consecutive month. The volume of new vehicles being delivered to dealerships in January has been insufficient to meet strong consumer demand, resulting in a significantly diminished sales pace.

“When vehicles are delivered to dealers, they sell quickly. A rising proportion of those vehicles have been ordered by consumers in advance. This month, nearly 53% of vehicles will be sold within 10 days of arriving at a dealership, while the average number of days a new vehicle is in a dealer’s possession before being sold is on pace to be 19 days—down from 51 days a year ago. With consumer demand still exceeding supply, new-vehicle prices continue to be at record levels. Average transaction prices are expected to reach a January record of $44,905. Inventory shortages are resulting in even fewer incentive offers from manufacturers. The average manufacturer incentive spend per vehicle is on pace to be $1,319, a decrease of $2,163 from a year ago. Expressed as a percentage of the average vehicle MSRP, incentives for January are trending toward a record low of 2.9%, down nearly 5.2 percentage points from a year ago and the first time below 3.0%.

“Despite lower volumes, higher prices mean that consumers are on track to spend a healthy $37.2 billion on new vehicles this month, the highest on record for the month of January and 10% above January 2020.

“Dealers also are continuing to benefit from high transaction prices with total retailer profit per unit—inclusive of grosses and finance & insurance income—being on pace to reach a $5,138, an increase of $2,969 from a year ago and the fourth consecutive month above $5,000. The gains in per-unit profit are offsetting the drop in sales volume as the total aggregate retailer profit from new-vehicle sales is projected to be up 117% from January 2021, reaching $4.3 billion.

“Record new-vehicle prices are being supported by exceptionally strong used-vehicle prices, as new-vehicle buyers benefit from more equity on their trade-in vehicles. The average trade-in equity for January is trending towards $9,852, an 88% increase of $4,611 from a year ago. Also, interest rates are favorable when compared with a year ago. The average interest rate for loans in January is expected to decrease 14 basis points to 4.14%. Even with lower interest rates and increased trade-in values, the average monthly finance payment is on pace to hit a record high for the month of January of $669, up $73 from January 2021.

“Although the start of 2022 is disappointing from a sales standpoint, the underlying health metrics of the industry have never been stronger. Looking forward to February, the overall industry sales pace will continue to be constrained by procurement, production and distribution and all indications are that deliveries will not rise substantially for the industry in aggregate. This means February will likely be another month of suppressed sales volume offset by near record level pricing and profitability.”

Sales & SAAR Comparison

U.S. New Vehicle	January 20221, 2	December 2021	January 2021
Retail Sales	828,853 units (-8.3% lower than January 2021)2	1,056,979 units	903,829 units
Total Sales	932,099 units (-15.6% lower January 2021)2	1,195,178 units	1,104,672 units
Retail SAAR	13.1 million units	11.2 million units	14.3 million units
Total SAAR	14.1 million units	12.4 million units	16.8 million units

¹ Figures cited for January 2022 are forecasted based on the first 17 selling days of the month.
² January 2022 has 24 selling days, the same as January 2021.

The Details

• The average new-vehicle retail transaction price in January is expected to reach $44,905. The previous high for any month, $45,283, was set in December 2021.
• Average incentive spending per unit in January is expected to reach $1,319, down from $3,482 in January 2021. Spending as a percentage of the average MSRP is expected to fall to 2.9%, down 5.2 percentage points from January 2021.
• Average incentive spending per unit on trucks/SUVs in January is expected to be $1,310, down $2,202 from a year ago, while the average spending on cars is expected to be $1,353, down $2,019 from a year ago.
• Buyers are on pace to spend $38.2 billion on new vehicles, up $4.4 billion from January 2021.
• Truck/SUVs are on pace to account for a record 80.1% of new-vehicle retail sales in January.
• Fleet sales are expected to total 103,200 units in January, down 48.6% from January 2021 on a selling day adjusted basis. Fleet volume is expected to account for 11% of total light-vehicle sales, down from 18% a year ago.

Global Sales Outlook

Jeff Schuster, president, Americas operations and global vehicle forecasts, LMC Automotive:
“Global light-vehicle sales finished 2021 at 81.3 million units, a 5% increase from 2020, as both China and India ended on a robust note and outperformed expectations. December’s selling rate improved to 81.8 million units but was a stark 10 million units below the December 2020 rate. While improvement was measured across many markets in Asia, the United States and Europe were off more than 20% in December, year over year. January is shaping up to give back some of the sales momentum from the fourth quarter as major markets—notably China, South Korea and Japan—are affected by the peaking Omicron variant and restrictions. Volume is projected at 6.2 million units, a 7% decline from January 2021. The selling rate is forecast to slip to 78.5 million units.

“The start of 2022 faces risk from a multitude of drivers that have been affecting the market for several months, such as the Omicron variant, supply chain shortages and global inflation. The addition of geo-political concerns with a potential Russia-Ukraine conflict is adding additional economic risk. However, we continue to expect the automotive market to weather the short-term risk and improve 6% to 86.2 million units in 2022 on a stabilizing supply of vehicles by year-end, as well as reduced disruption from the pandemic.”

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
Emmie Littlejohn, LMC Automotive; Troy, Mich.; 248-817-2100; [email protected]

About JD Power and Advertising/Promotional Rules www.jdpower.com/business/about-us/press-release-info

About LMC Automotive www.lmc-auto.com