Jumpstart Automotive Media Insights: 34% Are Shopping Luxury Brands, And They’re Not Always Who We Think They Are

Jumpstart Automotive Media, a leading media, insights, and marketing solutions company, today released additional data from its eighth annual Insights Book that illustrates key demographic shopping trends among luxury and non-luxury shoppers. This collection of consumer shopping patterns spans Jumpstart’s portfolio of automotive websites representing 20 million in-market shoppers. Click here to download the 2017 – 2018 Insights Book.

Across Jumpstart, 34% of shoppers are researching luxury vehicles, but there have been some surprises uncovered through in-market research and when looking at shopper behavior:

Luxury owners can be younger than we typically think: 1/3 Of Luxury Owners Are Between The Ages Of 25 – 34 Years Old

Of consumers in this age group:

  • ·       72% have a household income of more than $100K
  • ·       82% are purchasing a new vehicle to be used as their primary vehicle
  • ·       77% typically purchase or lease a new vehicle every three years or less

Affluency doesn’t always align with luxury vehicle ownership: 1/3 Of Luxury Owners Have A Household Income (HHI) Of Less Than $100K

Of consumers in this HHI classification:

  • ·       They are 37% more likely to associate “unique knowledge or taste” with luxury, which speaks to the need to express their individuality
  • ·       1 in 4 are single or living with a partner, and 1 in 5 are first-time luxury owners
  • ·       This group lives for the thrill or experience of driving and is 12% more likely to place a greater emphasis on vehicle performance

 

Luxury Car & Truck Segments: Among luxury car segments, all categories saw declines in 2017 sales except for midsize luxury sedans (+6%) and luxury specialty cars (mostly coupes, but not sports cars; +18%). However, shopper interest on Jumpstart sites painted a slightly different picture. The main growth in luxury car interest came from the entry luxury sedan category, which was up 8%, while the midsize category was down 8%.

Among all luxury SUVs/CUVs, the full-size and midsize segments continue to hold the highest share of shopper interest on Jumpstart sites (7%). Despite this, none of the main luxury SUV/CUV segments saw growth in 2017. In fact, the only one that grew was the luxury performance SUV/CUV segment, which consists of vehicles like Audi SQ5, BMW X5 M, Porsche Cayenne Turbo, among many others.

The Luxury Purchase Cycle

  • ·       62% expect to hold onto their vehicle for three years or less
  • ·       70% are buying their primary vehicle new, and are 41% less likely to purchase a used vehicle
  • ·       36% of mass market owners are considering a luxury vehicle for next purchase

 

Defining Luxury And Purchase Motivations

  • ·       68% “quality” is the one word that best describes luxury
  • ·       72% want a car that “stands out” rather than “fits in”
  • ·       67% agree that the vehicle a person drives says a lot about who they are

 

The Luxury Brand Experience

  • ·       50% more likely to attend an experiential event
  • ·       88% who have attended an experiential event came away from it with a more positive perception of the brand
  • ·       ¾ of luxury owners use the dealership for service, which presents an opportunity for OEMs to continue to influence brand perception

“Luxury shoppers in particular are placing increased focus on brand experience and innovation when shopping for their next vehicle,” said Libby Murad-Patel, vice president marketing and strategic insights at Jumpstart. “That being said, we’re seeing a healthy amount of cross-shopping between luxury brands, as well as luxury shoppers looking at CPO or used vehicles (+36% in 2017) and at the same time loyalty is a challenge for all automakers; this presents a great opportunity for marketers in placing greater emphasis on a vehicle’s unique values, while addressing quality, longevity, versatility and maintenance concerns up front.”

To download the 2017 – 2018 Insights Book from Jumpstart, click here.

About Jumpstart

Jumpstart Automotive Media, a division of Hearst Autos, offers high-impact and performance-driven marketing and advertising solutions that achieve optimum results. An industry thought-leader known for its in-depth shopping reports, Jumpstart connects automotive marketers with the largest, high-performing audience of car shoppers and enthusiasts through partnerships with: Car and Driver, U.S. News Best Cars, J.D. Power Cars, NADAguides, Autoweek.com, Autobytel, Autolist.com, Daily News Autos, LeftLaneNews.com, CarSoup, CarBuzz, CarStory, and VehicleHistory.com.


JumpstartAuto.com, @JumpstartAuto

Views: 52

Comment

You need to be a member of DealerELITE.net to add comments!

Join DealerELITE.net

© 2024   Created by DealerELITE.   Powered by

Badges  |  Report an Issue  |  Terms of Service