Luxury Cars - US - October 2016
The luxury car market is an extremely competitive market and ranges from 5-10% of the overall new car market. Luxury vehicles are typically more expensive and equipped with the latest features and technology and appeal to consumers who want the latest and greatest for their vehicle. Finding opportunities in the market and delivering marketing content that appeals to the strengths of the brand and desires of the consumer should lead to success.
This report examines the following issues:
- Recent surge in off-lease vehicles could impact decision to opt for new
- Affordability still a concern for many consumers
- Consumers don’t have a favorite luxury brand
- Luxury cars considered high maintenance
- Regular makes are increasingly competing with luxury makes on features
This Report covers the sale of new domestic and imported luxury vehicles and consumer attitudes and activity around luxury vehicles. Vehicle segments represent those involving both traditional luxury vehicle makers and nontraditional luxury vehicle makers.
he next few years will be a great opportunity for luxury brands to increase sales as well as market share. A large number of vehicle purchase intenders are considering luxury cars, but many will opt for cheaper entry-level vehicles. Luxury makers will need to compete with each other for market share, but they will also need to attempt to win over as many consumers on the fence between a luxury brand and mainstream brand. Standing out in terms of technology, convenience, and style not only will win luxury car shoppers but can also convince consumers to make the transition to a luxury brand. Brands with diverse, high-quality offerings within the SUV (sport utility vehicle) and crossover categories should see success as well moving forward.
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