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Luxury Cars - US - October 2015

"With an economy that is returning to stability and slowly growing again after a prolonged recession, the automotive market, from new cars to used cars to CPO (certified pre-owned) cars, is booming. That includes the luxury car market, as consumers are regaining the confidence to spend, and some of that money is being spent on high-end goods."

- Tim Healey, Automotive Analyst

This report covers the following areas:

  • Brand identity is key
  • Growing loan balances could crimp consumers
  • Comfort is weighing high on consumer minds
  • Consumers have money to spend

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • The issues
          • Brand identity is key
            • Figure 1: Luxury car brands, May 2015
          • Growing loan balances could crimp consumers
            • The opportunities
              • Comfort is weighing high on consumer minds
                • Figure 2: Luxury car attitudes, May 2015
              • Consumers have money to spend
                • Figure 3: American average spending on durable goods, January 2015-August 2015
              • What it means
              • The Market – What You Need to Know

                • Luxury car market is poised for growth, thanks to recovering economy
                  • Growth in entry-level luxury spurs overall market
                    • CPO growth helps the overall luxury market
                    • Market Size and Forecast

                      • Luxury car market poised for continued growth
                        • Figure 4: Total US sales and fan chart forecast of luxury cars, at current prices, 2010-20
                        • Figure 5: Total US sales and forecast of market, at current prices, 2010-20
                    • Market Breakdown

                      • Entry-level luxury segment is strong
                        • Figure 6: Sales of luxury cars, by segment, 2015
                    • Market Perspective

                      • CPO car growth helps luxury market
                      • Market Factors

                        • Foreign economic factors could affect US market
                          • Figure 7: Chinese GDP forecast, 2013-17
                        • Income growth gives consumers the key to luxury market
                          • Figure 8: American average spending on durable goods, January 2015-August 2015
                      • Key Players – What You Need to Know

                        • Audi, BMW among those with strong consumer interest
                          • Compact crossovers and entry-level luxury cars help spur brands
                            • To be luxury, consumers must think luxury
                            • What’s Working?

                              • Going small and (relatively) cheap seems to be the best approach
                              • What’s Struggling?

                                • Brands without luxury cachet are struggling to sell luxury models
                                • What’s Next?

                                  • Crossover SUVS and tech are on the horizon
                                  • The Consumer – What You Need to Know

                                    • Consumers define luxury cars by brand
                                      • Traditional players draw the most interest
                                        • Comfort matters
                                          • Customers are able to treat themselves – and they want to
                                            • Price sensitivity
                                            • Luxury Car Definition

                                              • Consumers define luxury cars by brand over price
                                                  • Figure 9: Definition of luxury cars, May 2015
                                                • High-income earners focus on the brand
                                                  • Figure 10: Definition of luxury cars, by demographics, May 2015
                                                • Those over 55 also use brand to define luxury cars
                                                  • Blacks are more likely to rely on brands as an indication of luxury
                                                    • Figure 11: Definition of luxury cars, by demographics, May 2015
                                                • Brand Interest

                                                  • BMW, Audi, Mercedes-Benz atop consumer shopping lists
                                                    • Figure 12: Luxury car brands, May 2015
                                                  • Established brands play well with those who have high incomes
                                                    • Figure 13: Luxury car brands, by income, May 2015
                                                  • Hispanics prefer BMW while Blacks go for Mercedes-Benz
                                                    • Figure 14: Luxury car brands, by demographics, May 2015
                                                • Luxury Vehicle Consideration

                                                  • Consumers want to treat themselves, finally feel they can afford luxury
                                                    • Figure 15: Luxury car reasons for consideration, May 2015
                                                  • For a certain age range, it’s about affordability
                                                    • Figure 16: Luxury car reasons for consideration, by demographics, May 2015
                                                  • High-incomes see it as a treat, while middle-incomes are focused on affordability
                                                    • Hispanics and Blacks see luxury cars as a treat
                                                    • Attitudes toward Luxury Cars

                                                      • Luxury cars perceived as being more comfortable, having more comfort features
                                                        • Figure 17: Luxury car attitudes, May 2015
                                                      • Young folks prioritize looks over comfort
                                                        • Hispanics have a preference for style
                                                        • Price Sensitivity

                                                            • Figure 18: Average pricing for luxury cars, May 2015
                                                          • Younger buyers are a bit unrealistic
                                                            • Hispanic buyers think like young buyers
                                                            • Appendix – Data Sources and Abbreviations

                                                              • Data sources
                                                                • Sales data
                                                                  • Fan chart forecast
                                                                    • Consumer survey data
                                                                      • Abbreviations and terms
                                                                        • Abbreviations
                                                                        • Appendix – Consumer

                                                                          • Consumer consideration of automotive brands
                                                                            • Figure 19: Car Brand, May 2015

                                                                        Companies Covered

                                                                        To learn more about the companies covered in this report please contact us.

                                                                        Luxury Cars - US - October 2015

                                                                        US $3,995.00 (Excl.Tax)