As part of their ‘50 Years Strong’ celebrations, Capricorn has launched the Capricorn Confidence Index, released in their fifth annual State of the Nation report.
With over 30,000 members across Australia and New Zealand, Capricorn is uniquely positioned to share the perspective of business owners in the automotive aftermarket industry, capturing how they’re feeling about an industry that keeps over 20 million motor vehicles safely on our roads and in our communities.
“The Capricorn Confidence Index is a barometer for the health of the automotive aftermarket industry, and we believe it’s the most accurate measure of business owners’ confidence in the future of the automotive aftermarket,” said Brad Gannon, Capricorn’s Incoming Group CEO.
“Business and industry confidence is often used as an indicator of the overall condition of an industry and is a helpful tool in anticipating and preparing for future challenges.”
The Capricorn Confidence Index combines the responses to three questions, confidence in the automotive industry, confidence in their own business’ future and plans for business growth, to calculate a single score out of 100 points. This score reflects the overall business outlook of respondents, and with four years of data and insight, offers Capricorn and the automotive industry a stable and reliable metric.
In 2024, the Capricorn Confidence Index for Australia is 71.3 points. This shows, that whilst the industry is facing significant change and current economic conditions may be challenging, the majority of business owners are confident in the future of their industry and their business.
Over the past four years, the Index in Australia has improved by three points from 68.3. This reflects growing optimism amongst Capricorn Members regarding their current position and economic outlook.
“We are pleased to be able to publish the Index, and hope our members, suppliers and the wider automotive community will find this measure of confidence in our sector useful in the years to come,” shared Brad.
“At Capricorn, we take great pride in working in an industry that is prepared to tackle the future, whatever it may be, with enthusiasm and optimism.”
The State of the Nation report is a resource for anyone interested in automotive and mobility in Australia.
The data shows that Australian business owners in the automotive industry are not only resilient but look forward to the industry’s growth and
future.
Read more about the Capricorn Confidence Index in the 2024 State of the Nation report. Visit cap.coop/SOTN.