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Luxury Cars - US - October 2017

"Luxury brands will need to gain market share for growth in a stagnant market, and Millennials will be the key demographic for success. Brands will need to not only compete with each other but also compete with entry-level brands as they become increasingly sophisticated and advanced driver safety systems gain widespread adoption across all brands."
- Buddy Lo, Automotive Analyst

This Report looks at the following areas:

  • Luxury auto market landscape
  • Car shoppers most likely to consider a luxury vehicle
  • How the top luxury brands perceived by consumers

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • Overview
          • The issues
            • Luxury market remains stagnant until 2020
              • Figure 1: Total US unit sales and fan chart forecast of new luxury cars, 2012-22
            • Women in the market for cars less likely than men to consider a luxury brand
              • Figure 2: Luxury intent, by gender, August 2017
            • Off-lease vehicles give shoppers cheaper alternatives to a new luxury purchase
              • Figure 3: Method of acquisition, by most recently acquired vehicle, by luxury makes, 2014-17
            • The opportunities
              • Hispanic Millennials are a priority target
                • Figure 4: Purchase intent, by Millennials and Hispanic origin, August 2017
              • Luxury brands still something shoppers aspire to
                • Figure 5: Luxury intent, August 2017
              • Comfort, tech, and style will win luxury car shoppers
                • Figure 6: Luxury reasons, August 2017
              • Married urbanites show high luxury intent
                • Figure 7: Luxury consideration – CHAID – Tree output, August 2017
              • What it means
              • The Market – What You Need to Know

                • Luxury car market remains stagnant through 2019
                  • Luxury SUVs and crossovers continue to see growth
                    • Off-lease CPO vehicles continue to pressure new vehicle sales
                      • High consumer confidence and employment bodes well for luxury
                      • Market Size and Forecast

                        • Forecast predicts stagnant market through 2020
                          • Figure 8: Total US unit sales and fan chart forecast of new luxury cars, 2012-22
                          • Figure 9: Total US unit sales and forecast of new luxury cars, 2012-22
                      • Market Breakdown

                        • Luxury segment benefitting from SUV and crossover craze
                          • Figure 10: Total US unit sales of new luxury vehicles, by segment, 2012-16
                      • Market Perspective

                        • Certified pre-owned and off-lease luxury vehicles pressure new sales
                          • Figure 11: Method of acquisition, by most recently acquired vehicle, by luxury makes, 2014-17
                      • Market Factors

                        • High consumer confidence and low unemployment empower car shoppers
                          • Figure 12: Consumer confidence and unemployment, 2000-July 2017
                        • Low gas prices fuel SUV and crossover purchases
                          • Figure 13: US gasoline and diesel retail prices, January 2007-August 2017
                      • Key Players – What You Need to Know

                        • Mercedes-Benz has largest market share in the luxury segment
                          • Lexus’s car lineup struggles through 2017
                            • Luxury brands announce conversion to electric and hybrid drive trains
                              • Tesla’s highly anticipated Model 3 begins mass production
                              • Luxury Car Sales by Brand

                                • Americans say “Ja!” to German luxury
                                  • Figure 14: Market share, by luxury brands, January-August 2017
                              • What’s Working?

                                • Mercedes-Benz leads the luxury market
                                  • Figure 15: Mercedes-Benz C-Class online display ad, September 2017
                                  • Figure 16: Mercedes-Benz #MBLGBT C-Class Cabriolet online display Ad, June 2017
                                • Jaguar F-Pace is a big success story for the British automaker
                                  • Figure 17: Jaguar “Impeccable Timing” sales event print advertisement, March 2017
                              • What’s Struggling?

                                • Luxury brands struggle to sell cars
                                  • Lexus’ car sales drop by over a fifth of 2016 figures
                                    • Figure 18: Lexus “Golden Opportunity” sales event, online display ad, August 2017
                                  • BMW’s truck growth unable to overcome car declines
                                  • What’s Next?

                                    • Luxury brands announce electrification plans for model lineup
                                      • Tesla depends on a successful Model 3 rollout
                                        • Cadillac pilots Book by Cadillac subscription service
                                        • The Consumer – What You Need to Know

                                          • Downward trending purchase intent may be reversing
                                            • English speaking Hispanic Millennials show high luxury intent
                                              • Comfort, tech, and style drive luxury purchase reasons
                                                • German luxury brands viewed most positively by consumers
                                                • Purchase Intent

                                                  • Downward trending purchase intent goes into reverse
                                                    • Figure 19: Purchase intent, July 2016-August 2017
                                                  • Millennials are the dominant car buying group
                                                    • Figure 20: Purchase intent, by generation, August 2017
                                                  • English-speaking Hispanic Millennials show high purchase intent
                                                    • Figure 21: Purchase intent, by Millennials and Hispanic origin, August 2017
                                                  • Major life events correlate with high purchase intent
                                                    • Figure 22: Purchase intent, by major life events, August 2017
                                                • Luxury Intent

                                                  • Nearly two in five aspire for a luxury brand
                                                    • Figure 23: Luxury intent, August 2017
                                                  • Millennials a key target for luxury
                                                    • Figure 24: Luxury intent, by generation, August 2017
                                                    • Figure 25: Luxury intent, by generation and Hispanic origin, August 2017
                                                  • Men show higher desire for luxury badge than women
                                                    • Figure 26: Luxury intent, by gender, August 2017
                                                  • Married city dwellers likely to buy a luxury brand
                                                    • Figure 27: Luxury consideration – CHAID – Tree output, August 2017
                                                    • Figure 28: Infiniti QX30 – Carpool, March 2017
                                                    • Figure 29: 2017 Audi A4: Driver Assistance Systems, March 2016
                                                • Luxury Reasons

                                                  • Comfort, tech and style drive reasons for buying luxury
                                                    • Figure 30: Luxury reasons, August 2017
                                                  • Millennials value what’s under the hood as much as the badge on top
                                                    • Figure 31: Luxury reasons, by Millennials, August 2017
                                                • Luxury Brand Perceptions

                                                  • German luxury brands top consumer perceptions
                                                      • Figure 32: Luxury brand perceptions, August 2017
                                                    • Blacks view Cadillac favorably in critical factors
                                                      • Figure 33: Luxury brand perceptions, by luxury car shoppers, August 2017
                                                    • Tesla electrifies hybrid and EV shoppers
                                                      • Figure 34: Luxury brand perceptions – Tesla, by hybrid/EV shoppers, August 2017
                                                  • Attitudes toward Car Ownership

                                                    • Personal car ownership isn’t ending anytime soon
                                                      • Figure 35: Attitudes toward car ownership, August 2017
                                                    • Luxury car shoppers even more attached to their vehicles
                                                      • Figure 36: Attitudes toward car ownership, by luxury intent, August 2017
                                                    • Leasing an attractive option for Hispanic Millennials
                                                      • Figure 37: Attitudes toward car owners, by Hispanic origin and generation, August 2017
                                                  • Appendix – Data Sources and Abbreviations

                                                    • Data sources
                                                      • Sales data
                                                        • Fan chart forecast
                                                          • Consumer survey data
                                                            • Direct marketing creative
                                                              • Abbreviations and terms
                                                                • Abbreviations
                                                                  • Terms
                                                                  • Appendix – Key Players

                                                                      • Figure 38: Units sold and market share, by brand, January-August 2017
                                                                      • Figure 39: Units sold and market share, by brand, 2016

                                                                  Luxury Cars - US - October 2017

                                                                  US $4,395.00 (Excl.Tax)