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- Luxury brands have a higher perceived value compared to other companies. Consumers are willing to pay higher prices for a vehicle when they feel that the price reflects the value that they’re getting in return. Some luxury vehicles are functionally identical to lower-priced models, but the details and the way the car is positioned makes the difference. - Source: Internet
- “In recent years, the concept of luxury has expanded from materialism to time and passion, and become eventually more available. As consumers satisfy their feelings of pleasure and gratification through the luxury goods, the available luxury products will also continue to enhance its charm for consumers.” - Source: Internet
- Some people gravitate towards luxury brands as a way to boost their self-esteem. This factor may crossover with other purchase influencers, such as wanting a status symbol to increase confidence. This phenomenon is called compensatory consumption. The action may occur due to psychological threats or negative life events that impact the person’s ego. - Source: Internet
- The luxury car market accounts for 6 percent of automobile sales in the United States, resulting in a small but highly lucrative segment. Companies looking to increase their luxury vehicle sales at auto shows need to understand the factors that drive luxury car buyers in this sector. This information gives live marketers the insight they need to create customized messaging capable of converting luxury buyers. - Source: Internet
- A luxury car can act as a status symbol for the buyer. Companies that want to convey they are successful may have employees drive around in luxury vehicles when they visit client sites. A common story surrounding luxury vehicle purchasing is the mid-life crisis. The customer wants a new, high-class car to represent a change of pace in their life or to show that they’ve reached a personal milestone. - Source: Internet
- Car enthusiasts love automobiles as part of their hobby, so they have a strong attachment to brands that offer unique experiences or top-level performance. They’re not looking for a vehicle to get from point A to point B. Every part of the car contributes to the way they enjoy their free time, which means this type of buyer pays close attention to every aspect of a luxury car. - Source: Internet
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