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

Luxury Shopper Study by the KBB Strategic Insights team.

Study goals: define the luxury audience: what are the demographic differences, what are the psychographic differences, how likely are shoppers to switch brands. Shopper perceptions are also evaluated, such as which brand is top of mind for luxury, does price point define a brand, does brand affect vehicle image, car a brand be both a luxury and non-luxury.