2021
0
China Lifestyles of Luxury Car Owners Market Report 2021
2021-08-26T04:05:19+01:00
OX1049573
3695
141961
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Report
en_GB
“With the electrification of the global automotive industry, the luxury car market landscape is being reshaped. With luxury car owners’ understanding of NEVs and favourable policies, NEVs from premium domestic…

China Lifestyles of Luxury Car Owners Market Report 2021

£ 3,695 (Excl.Tax)

Report Summary

“With the electrification of the global automotive industry, the luxury car market landscape is being reshaped. With luxury car owners’ understanding of NEVs and favourable policies, NEVs from premium domestic brands are highly accepted by consumers. The surveyed luxury car owners’ environmental awareness is further enhanced, as most of them would like to buy products made from recycled materials. Luxury car brands are gradually realising the importance of brand innovation, as they are dedicated to creating differentiated brand images to maintain their competitiveness in the fiercely competitive luxury car market.”
–Austin Yuan, Research Analyst

This Report looks at the following areas:

  • Luxury car owners’ car purchase plan
  • Luxury car owners’ willingness to purchase domestic brand premium models and criteria of luxury brands
  • Change of luxury car owners’ favourability towards each luxury brand and the reasons why
  • Luxury car owners’ lifestyle attitudes and consumption attitudes

Table of Contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
        • Report scope
        • Executive Summary

            • The market
              • NEV sales volume in 2021 is expected to grow more rapidly
                • Figure 1: Sales volume and growth rate of luxury cars and total new passenger cars, 2016-20
              • Steady growth in the five years to come
                • Figure 2: Forecast of luxury cars sales volume, 2015-25
              • Luxury cars in the higher price range still in demand
                • Figure 3: Persona profile of luxury car owners, by car purchasing price, 2021
              • Six in 10 luxury car owners may choose to purchase without borrowing money due to the high interest rate
                • Figure 4: Percentage of car purchase down payment, 2021
              • Key features consumers associate with a luxury car: safety, power and intelligent configurations
                • Figure 5: Luxury car brand criteria, 2021
              • Product-related guarantees are the main reasons to increase favourability
                • Figure 6: Reasons to increase brand favourability, 2021
              • Audi gains more advantage in consumers’ favourability, while Hongqi starts to show potential
                • Figure 7: Brand favourability, 2021
              • Premium domestic car brands are more widely accepted
                • Figure 8: Purchase of premium domestic product, 2021
              • Stronger environmental awareness and more willingness to trade up than before COVID
                • Figure 9: Luxury car owners’ lifestyle attitudes, 2021
              • What we think
              • Issues and Insights

                • Combine concepts with products: define new luxury with sustainability concepts
                  • The facts
                    • The implications
                      • Figure 10: Polestar Percept’s innovative sustainable interiors, 2020
                    • Combine cultural elements with brand images: incorporate traditional Chinese elements to create Chinese-style luxury
                      • The facts
                        • The implications
                          • Figure 11: The light show at the Shanghai Bund: Shanghai 2021 – Hongqi Dialogue Night (《2021上海·红旗夜话》)
                        • Combine product position with design: incorporate female car owners’ demands into product design
                          • The facts
                            • The implications
                              • Figure 12: ORA’s display at the Shanghai Auto Show, 2021
                          • Market size and forecast

                            • Luxury cars segment increased with upgrading and replacement needs as the main driver
                              • Figure 13: Sales volume and growth rate of luxury cars and total new passenger cars in China, 2016-20
                              • Figure 14: Shares of luxury cars and new passenger cars, by sales volume, 2016-20
                            • Steady growth in the five years to come
                              • Figure 15: Forecast of luxury cars sales volume, 2015-25
                          • Market factors

                            • Traffic and licence plate restrictions stimulate NEV sales volume growth
                              • Luxury cars pay attention to safety and health configurations
                                • Luxury car brands accelerate electrification
                                  • New luxury car brands focus on improving user experience
                                    • Luxury car brands’ ‘price over sales volume’ strategy is very effective
                                    • Market segmentation

                                      • Luxury car brands accelerate electrification
                                        • Figure 16: Sales volume of NEVs from luxury brands in China, 2019-20
                                      • New entrants and compact models boosted luxury SUV sales volume surge
                                        • Figure 17: Top 10 bestselling luxury SUVs in China, by sales volume, 2019-20
                                    • Key Players

                                      • Market share
                                        • Fierce competition between first-tier luxury brands, while landscape changes among the second tier
                                          • Figure 18: Market share of luxury brands, 2020
                                        • New entrants challenge second-tier luxury brands
                                          • Figure 19: Rankings of the bestselling luxury car models (BBA excluded), by sales volume, 2020
                                        • Marketing cases
                                          • Mercedes-EQ Night furthers electrification strategy
                                            • Figure 20: Mercedes-EQ Night (奔驰EQ之夜), 2021
                                          • Audi’s regenerative design strategy
                                            • Figure 21: Audi’s stand at Design Shanghai, 2021
                                          • Cadillac’s hot topic marketing
                                            • Figure 22: Cadillac’s official posters, 2020
                                          • Product innovations
                                            • ‘Virtual wing mirror’ projects images on side windows
                                              • Figure 23: BMW ‘virtual wing mirror’
                                            • Using sustainable materials to make tyres
                                              • Figure 24: BMW X5 xDrive45e
                                            • Apple wins a patent shielding against flying broken glass
                                              • Figure 25: Apple windshield protection system
                                            • Audi rapid-charging hub provides more flexibility and convenience
                                              • Figure 26: Audi rapid-charging hub
                                          • Luxury Car Consumer Persona

                                            • Luxury cars at higher price range still in demand
                                                • Figure 27: Persona profile of luxury car owners, by car purchasing price, 2021
                                              • More than seven in 10 luxury car owners are first-time car buyers
                                                  • Figure 28: Persona profile of luxury car owners, by car purchase condition and car ownership time, 2021
                                                • Luxury PHEV model prices polarise at lower and premium ends
                                                  • Figure 29: Persona profile of luxury car owners, by car purchasing price, 2021
                                                • Female luxury car owners may choose PHEVs due to two demands
                                                  • Figure 30: Persona profile of luxury car owners, by gender and car energy type, 2021
                                                • Young luxury car owners might buy more expensive luxury cars for sense of pride
                                                    • Figure 31: Persona profile of luxury car owners, by car purchase price and age, 2021
                                                • Percentage of Car Purchase Down Payment

                                                  • Six in 10 luxury car owners may choose to purchase without using a loan due to high interest rate
                                                    • Figure 32: Percentage of car purchase down payment, 2021
                                                  • Favourable policies might become the main driver for purchasing NEVs with loans
                                                    • Figure 33: Percentage of car purchase down payment, by car energy type, 2021
                                                  • Similar percentage of young car owners buy cars without using a loan as older car owners, but the former is more likely to receive family financial support
                                                    • Figure 34: Percentage of car purchase down payment, by age, 2021
                                                • Perception of Luxury Car Features

                                                  • Key features consumers associate with a luxury car: safety, power and intelligent configurations
                                                    • Figure 35: Luxury car brand criteria, 2021
                                                  • NEV owners compromise on new energy luxury cars’ quality
                                                    • Figure 36: Luxury car brand criteria, by car energy type, 2021
                                                  • Luxury car owners living in tier two cities value dynamic systems more, while those living in tier three cities value intelligent configurations more
                                                    • : Figure 37: Luxury car brand criteria, by city tier, 2021
                                                  • Older luxury car owners pay more attention to brand history, premium services and representation of social status
                                                    • : Figure 38: Luxury car brand criteria, by age, 2021
                                                • Reasons to Increase Brand Favourability

                                                  • Product-related guarantees are the main reasons to increase favourability
                                                    • Figure 39: Reasons to increase brand favourability, 2021
                                                  • Female luxury car owners recognise improvement in car quality and after-sale service more
                                                    • Figure 40: Reasons to increase brand favourability, by gender, 2021
                                                  • Older consumers’ increased favourability for marketing factors
                                                    • Figure 41: Reasons to increase brand favourability, by age, 2021
                                                • Changes in Favourability towards Brands

                                                  • Audi gains advantage in consumer favourability, while Hongqi starts to show potential
                                                    • Figure 42: Brand favourability, 2021
                                                  • Brands focusing on female market increase female luxury car owners’ favourability
                                                    • Figure 43: Brand favourability – favourability increased, by gender, 2021
                                                  • Domestic luxury brands win more favourability among older luxury car owners
                                                    • Figure 44: Brand favourability, by age, 2021
                                                • Purchase of Premium Domestic Brands

                                                  • Premium domestic car brands are more accepted
                                                    • Figure 45: Purchase of premium domestic product, 2021
                                                  • Many new energy luxury car owners prefer to purchase cars from premium domestic brands
                                                    • Figure 46: Purchase of premium domestic brands, by car energy type, 2021
                                                  • Older luxury car owners may prefer to purchase home appliances and digital devices from foreign brands for pride reasons
                                                    • Figure 47: Purchase of premium domestic brand, by age, 2021
                                                • Luxury Car Owners’ Lifestyle Attitudes

                                                  • Stronger environmental awareness and more willingness to trade up than before COVID-19
                                                    • Figure 48: Luxury car owners’ lifestyle attitudes, 2021
                                                  • More luxury car owners living in tier three cities support sustainability concept and are willing to pay extra for exclusiveness
                                                    • Figure 49: Luxury car owners’ lifestyle attitudes, by household income, 2021
                                                  • More male luxury car owners prefer to buy sets or collections of products and to trade up
                                                    • Figure 50: Luxury car owners’ lifestyle attitudes, by gender, 2021
                                                  • Young luxury car owners emphasise their career more
                                                    • Figure 51: Luxury car owners’ lifestyle attitudes, by age, 2021
                                                • Appendix

                                                  • Market size and forecast
                                                    • Figure 52: Total market volume and forecast of luxury cars, 2015-25
                                                  • Methodology
                                                    • Abbreviations

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