Consumers across the globe have been given the spooks by an impending tariff war between US and China, diminished economic activity and tumbling sharemarkets, according to CommSec.
American car manufacturer General Motors has announced it will be cutting 14,000 jobs due to falling demand.
Despite a general decrease in passenger vehicle sales, utes and SUVs enjoyed growing popularity amongst families with children, tradies and those pursuing recreational activities such as surfing, according to Ryan Felsman, senior economist at CommSec.
“It’s really a lifestyle decision – flexibility around more boot space, more seats in the car for families,” says Mr Felsman.
Australians continued their love affair for Japanese cars, with Toyota, Mazda and Mitsubishi coming in at first, second, and fourth place respectively as the best selling car brands in 2018.
Korean-owned Hyundai picked up the bronze gong, coming in hot as Australia’s third most popular car brand.
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