2022
0
China Lifestyles of Luxury Car Owners Market Report 2022
2022-08-13T04:02:06+01:00
OX1105475
3695
154512
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Report
en_GB
“New entrants have become the main driver of luxury car sales volume growth and have rebuilt the competitive landscape of the luxury car market. All brands are stepping up their…

China Lifestyles of Luxury Car Owners Market Report 2022

£ 3,695 (Excl.Tax)

Report Summary

“New entrants have become the main driver of luxury car sales volume growth and have rebuilt the competitive landscape of the luxury car market. All brands are stepping up their efforts on intelligence and electrification. Compared to the past, luxury car owners today are no longer satisfied with comfortable driving and riding experience when the car is in motion, but they are increasingly expecting to enjoy satisfying and diversified car space usages when not driving the car. These usage occasions can include entertainment, eating, drinking and even reading as well as working. At the same time, relatively niche and unique experiences such as outdoor activities like camping can also be an opportunity to attract luxury car owners.”
– Austin Yuan, Research analyst

Key issues covered in this Report

  • Personal profile of luxury car owners
  • Car space usage and satisfaction level
  • Car ad video content preferences
  • Influence of others on choice of cars and clothes
  • Financial management and daily cost
  • Pursuit of premium quality of life
  • Luxury brand preferences.

Table of Contents

  1. Overview

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

            • The market
              • In 2021, luxury car market looks increased, but actually declines
                • Figure 1: Sales volume and growth rate of luxury cars and total new passenger cars, 2016-21
              • Electrification reshaping competitive landscape of luxury car market
                • Luxury car retail prices increase due to the chip shortage
                  • The impact of the COVID-19 outbreak in 2022
                    • Figure 2: Summary of Mintel’s scenario expectations and the impact on the luxury car market, 2022
                    • Figure 3: Forecast of luxury cars sales volume, China, 2016-26
                  • Companies and brands
                    • BBA’s market share drops to less than 60%, while NEV brands increase over 100%
                      • Figure 4: Market share of luxury brands, 2021
                    • New entrants squeeze into top-ranking list of luxury brands’ NEV models; conventional luxury brands not achieving satisfying performance
                      • Figure 5: Market share of NEVs from luxury brands, 2021
                    • Domestic NEV brands enter overseas market
                      • Figure 6: NIO ET7’s global test drives, 2021
                    • Leveraging popular premium sports to target young car owners
                      • Figure 7: Eileen Gu endorsing Cadillac, 2021
                      • Figure 8: A poster of ‘give back season’ for Audi car owners, 2022
                    • Metaverse marketing helps create car owners’ lifestyle social circles
                      • Figure 9: ‘Pengke Planet’ Metaverse live streaming event, 2022
                      • Figure 10: ‘The terrific coin’ (“高能的一币”), 2022
                    • New Daimler braking system deflates tyres to provide more effective braking
                      • Figure 11: New braking system of Daimler
                    • Peace and quiet on the road: thermally and noise-insulated glass by Porsche
                      • Figure 12: Demonstration of Porsche’s thermally and noise-insulated glass
                    • The consumer
                      • The percentage of first-time young car buyers remains the same, the luxury car market still has huge room for growth in the future
                        • Figure 13: Personal profile of luxury car owners, by car purchase condition and age, 2022
                      • Entertainment occasions not highly penetrated for now, but may become an opportunity for luxury cars to expand in-car experiences
                        • Figure 14: Car space usage and satisfaction level, 2022
                      • Sporty ad videos on par with calming ones
                        • Figure 15: Car ad videos content preference, 2022
                      • Luxury car owners care about opinions from people around them when choosing cars and clothes
                        • Figure 16: Influence on luxury car owners from other people, 2022
                      • Luxury car owners have strong brand awareness, with only two out of 10 buying unknown/unbranded clothes
                        • Figure 17: Financial management and daily cost, 2022
                      • Modern concept – an essential in a high-end life
                        • Figure 18: Pursuit of premium quality of life, 2022
                      • Gucci enjoys the widest consumer group, while Dior has big opportunity
                        • Figure 19: Luxury consumption, 2022
                      • What we think
                      • Issues and Insights

                        • Diverse car usage occasions become a growth opportunity for car space
                          • The facts
                            • The implications
                              • Figure 20: Leading Ideal L9 in-car entertainment system, 2022
                            • Create a sense of exclusive luxury with artistic elements
                              • The facts
                                • The implications
                                  • Figure 21: Hongqi H9 customised model with embroidery on the roof, 2021
                                • Niche models accommodate outdoor demands including camping
                                  • The facts
                                    • The implications
                                      • Figure 22: Mercedes-Benz battery-electric camper van, 2022
                                  • Market Size and Segmentation

                                    • Luxury car market returns to growth in 2021, but only thanks to emerging brands
                                      • Figure 23: Sales volume and growth rate of luxury cars and total new passenger cars, 2016-21
                                    • Luxury cars’ average price in 2021 is RMB408,000, with a 7% year-on-year growth rate
                                      • Figure 24: Average transaction price of selected luxury cars, 2021
                                  • Market Factors

                                    • Electrification reshaping the competitive landscape of luxury car market
                                      • Luxury car retail prices increase due to the chip shortage
                                      • COVID Influences (Including Market Forecast)

                                        • COVID-19 China Context
                                          • COVID-19 impact on the market and consumer
                                            • The pandemic limits production capacity, worsens luxury car market’s downward trend
                                              • Different parties help restore capacity
                                                • The outbreak might reduce consumer demand for trading up in the luxury car market
                                                  • Figure 25: Concerns towards car purchasing plans, by income, 2022
                                                • Market forecast
                                                  • Luxury cars expect a smaller decline, recovering to the level of year beginning in the minimum-impact scenario
                                                    • Figure 26: Forecast of luxury cars sales volume, China, 2016-26
                                                  • Luxury cars expect to gradually recover to the level of year beginning in a medium-impact scenario
                                                    • Luxury car market will be significantly affected for a whole year under high-impact scenario
                                                    • Market Share

                                                      • BBA’s market share drops to less than 60%, while NEV brands increase over 100%
                                                        • Figure 27: Market share of luxury brands, 2021
                                                      • New entrants squeeze into top-ranking list of luxury brands’ NEV models; conventional luxury brands not achieving satisfying performance
                                                        • Figure 28: Market share of NEVs from luxury brands, 2021
                                                    • Marketing Cases

                                                      • Domestic NEV brands enter overseas market
                                                        • Figure 29: NIO ET7’s global test drives, 2021
                                                      • Leveraging popular premium sports to target young car owners
                                                        • Figure 30: Eileen Gu endorsing Cadillac, 2021
                                                        • Figure 31: A poster of ‘give back season’ for Audi car owners, 2022
                                                      • Metaverse marketing helps create car owners’ lifestyle social circles
                                                        • Figure 32: ‘Pengke Planet’ Metaverse live streaming event, 2022
                                                        • Figure 33: ‘The terrific coin’, 2022
                                                    • New Product Trend

                                                      • New Daimler braking system deflates tyres to provide more effective braking
                                                        • Figure 34: New braking system of Daimler
                                                      • Peace and quiet on the road: thermally and noise-insulated glass by Porsche
                                                        • Figure 35: Demonstration of Porsche’s thermally and noise-insulated glass
                                                      • BMW Group uses sustainable paints made from bio-waste to reduce carbon emissions significantly
                                                        • Figure 36: Body coatings used for BMW models
                                                      • Continental AG launches innovative privacy displays
                                                        • Figure 37: Continental’s innovative privacy display
                                                    • Personal Profile of Luxury Car Consumers

                                                      • The percentage of first-time young car buyers remains the same, the luxury car market still has huge room for growth in the future
                                                          • Figure 38: Personal profile of luxury car owners, by car purchase condition and age, 2022
                                                        • Luxury cars priced at RMB400,000-500,000 have potential to grow
                                                          • Figure 39: Personal profile of luxury car owners, by car price, 2022
                                                        • Females and car owners aged 30-39 more willing to buy new energy luxury cars
                                                            • Figure 40: Personal profile of luxury car owners, by gender and age, 2022
                                                          • High-income car owners remain the majority of premium luxury car buyers
                                                            • Figure 41: Personal profile of luxury car owners, by car price and household income, 2022
                                                        • Car Space Usage and Satisfaction Level

                                                          • Entertainment occasions not highly penetrated for now, but may become an opportunity for luxury cars to expand in-car experiences
                                                            • Figure 42: Car space usage and satisfaction level, 2022
                                                          • Seat functions may be an opportunity for luxury cars priced at RMB300,000-500,000
                                                            • Figure 43: Car space usage and satisfaction level – have done it and had a good experience, by car price, 2022
                                                          • Provide hi-fi audio system as an optional configuration to satisfy the trading-up demand of luxury car owners who buy an additional car or replace their current ones
                                                            • Figure 44: Car space usage and satisfaction level – have done it and had a good experience, by car purchase condition, 2022
                                                        • Car Ad Videos Content Preferences

                                                          • Sporty ad videos on par with calming ones
                                                            • Figure 45: Car ad videos content preference, 2022
                                                          • Owners of high-end luxury cars may believe more firmly in ‘higher risks, higher returns’
                                                            • Figure 46: Car ad videos content preference, by car price, 2022
                                                          • Lower tier city luxury car owners care more about concrete content related to daily life
                                                            • Figure 47: Car ad videos content preference, by city tier, 2022
                                                          • Calming scenes close to nature and family content gain more traction from owners of new energy luxury cars worth RMB300,000-500,000
                                                            • Figure 48: Car ad videos content preference – car priced at RMB300,000-500,000, by car energy type, 2022
                                                        • Influence on Choices of Cars and Clothes from Other People

                                                          • Luxury car owners care about opinions from people around them when choosing cars and clothes
                                                            • Figure 49: Influence on choices of cars and clothes from other people, 2022
                                                          • Young luxury car owners prefer talking about niche brands
                                                            • Figure 50: Influence on choices of cars and clothes from other people, by age, 2022
                                                          • Luxury car owners with child/children need fewer premium clothes than they used to
                                                            • Figure 51: Influence on choices of cars and clothes from other people, by having child/children, 2022
                                                        • Financial Management and Daily Cost

                                                          • Luxury car owners have strong brand awareness, with only two out of 10 buying unknown/unbranded clothes
                                                            • Figure 52: Financial management and daily cost, 2022
                                                          • Young luxury car owners have fewer rules and requirements
                                                            • Figure 53: Financial management and daily cost, by age, 2022
                                                          • Lower tier city owners of luxury cars worth RMB300,000-500,000 have more shopping experiences on live streaming/short video platforms
                                                            • Figure 54: Financial management and daily cost – car priced at RMB300,000-500,000, by city tier, 2022
                                                        • Pursuit of Premium Quality of Life

                                                          • Modern concept – an essential in a high-end life
                                                            • Figure 55: Pursuit of premium quality of life, 2022
                                                          • New energy car owners pursue more peaceful and healthy lifestyles
                                                            • Figure 56: Pursuit of premium quality of life, by car energy type, 2022
                                                          • Owners of high-end luxury cars are highly interested in artistic activities
                                                            • Figure 57: Pursuit of premium quality of life, by car purchase price, 2022
                                                        • Luxury Brand Preferences

                                                          • Gucci enjoys the widest consumer group, while Dior has big opportunity
                                                            • Figure 58: Luxury consumption, 2022
                                                          • Male luxury car owners buy luxury products for gifting, while females buy for themselves
                                                            • Figure 59: Luxury consumption – have bought, by gender, 2022
                                                          • Luxury car owners aged 30-39 strongly intend to buy luxury products
                                                            • Figure 60: Luxury consumption – bought for myself, by age, 2022
                                                        • Appendix – Market Size and Forecast

                                                            • Figure 61: Market volume and forecast of luxury cars in minimum-impact scenario, China, 2016-21
                                                        • Appendix – Market Segmentation

                                                            • Figure 62: Ranking of luxury sedan models, by sales volume, China, 2020-21
                                                            • Figure 63: Ranking of luxury SUVs, by sales volume, China, 2020-21
                                                        • Appendix – COVID Scenario Forecast Methodology and Assumptions

                                                          • Minimum-impact, medium-impact and high-impact scenarios outline
                                                            • Scenario methodology
                                                            • Appendix – Methodology and Abbreviations

                                                              • Methodology
                                                                • Abbreviations

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