Luxury Study 2.0
January 18, 2023
Luxury Study 2.0 – Opportunities to Grow the Luxury Market
Luxury Brands can differentiate with the consumer experience
Retain Owners – one-third of luxury vehicle owners are open to considering non-luxury for their next vehicle
Luxury brands have an opportunity to grow by reaching those shoppers who are “on the fence” by showing the value of the luxury brand experience
Shoppers view luxury and non-luxury vehicles similarly based on interiors, despite the pricing differential
When it comes to advertising, consider highlighting the interior features that resonate most with shoppers
> Interior attractiveness is driven mainly by paneling and seats
> Warranty and dealership experience are significantly more important to luxury shoppers