Table of Contents
Executive Summary
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- Luxury cars will become more competitive even after COVID-19
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- Figure 1: Short, medium and long term impact of COVID-19 on luxury car market, March 2020
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- Figure 2: Sales volume and growth rate of luxury cars and total new passenger cars in China, 2014-20 est
- Figure 3: forecast of luxury cars sales volume, 2014-24
- The consumer
- Strong recognition of luxury cars’ quality value among Chinese consumers
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- Figure 4: Most important factors for purchasing cars, March 2020
- Passion for the brand rises with purchase of personal products like digital products and fashion
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- Figure 5: Most important purchase factors, by categories, March 2020
- High-tech interior design is most appealing, especially among Social-minders and Self-rewarders
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- Figure 6: First choice of car interior style, by persona segmentation, March 2020
- Upgrading intentions differ: assistant functions for Quality-assurers, headlights for Social-minders, and cylinder engines for Self-rewarders
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- Figure 7: Willingness to upgrade car configuration, by persona segmentation, March 2020
- Convenient services are more attractive to Quality-assurers while events and activities could engage more Social-minders and Self-rewarders
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- Figure 8: Exclusive service demand, by persona segmentation, March 2020
- Online communities and social activities best for wide-reaching communications
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- Figure 9: Frequency of participating in car-related activities , March 2020
- What we think
Issues and Insights
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- Make dream in-car spaces for luxury cars come true
- The facts
- The implications
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- Figure 10: BMW i3 Urban Suite
- Sports elements, not necessarily a sports car, is a middle ground for males
- The facts
- The implications
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- Figure 11: BMW The 1
- Innovate in online activities to engage potential users in daily life
- The facts
- The implications
The Consumer – What You Need to Know
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- Strong recognition of luxury cars’ quality values among Chinese consumers
- Passion for the brand rises in purchase of personal products like digital products and fashion
- High-tech style dominates interior style design and is most appealing to Social-minders and Self-rewarders
- Upgrading intentions differ: assistant functions for Quality-assurers, headlights for Social-minders, and cylinder engines for Self-rewarders
- Exclusive services should not be limited to maintenance and needs to be extended to a wide range of offers
- Online communities and social activities best for wide-reaching communications
Luxury Car Consumers’ Personas
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- Half of luxury car owners prioritise quality while half view luxury cars more sentimentally
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- Figure 12: Most important factors for purchasing cars, March 2020
- 30-39s care about quality most, especially female consumers
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- Figure 13: Persona segmentation profile, by age and gender, March 2020
- Consumers who reward themselves with luxury cars on average pay the highest price
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- Figure 14: Car purchase price, by persona segmentation, March 2020
- Office employees are willing to buy cars for other reasons than self-rewarding
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- Figure 15: Persona segmentation profile, by professions, March 2020
- Audi builds a quality-assuring image, while BMW is perceived more as self-rewarding
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- Figure 16: Personal segmentation profile, by car brand, March 2020
Lifestyle Priorities
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- Passion for the brand rises in the purchase of personal products like digital products and fashion
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- Figure 17: Most important purchase factors, by categories, March 2020
- Fashion sense matters most for Self-rewarders
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- Figure 18: Most important factors for clothes, by persona segmentation, March 2020
- Self-rewarders look out for consumer experience when purchasing home appliances
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- Figure 19: Most important factors for home appliances, by persona segmentation, March 2020
- When purchasing digital products, Self-rewarders trust brands
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- Figure 20: Most important factors for digital products, by persona segmentation, March 2020
- Social-minders and Self-rewarders highlight exclusivity when booking hotels for vacation
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- Figure 21: Most important factors for hotels for vacation, by persona segmentation, March 2020
Interior Design Preferences
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- High-tech style dominates interior style design
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- Figure 22: Car interior design preference, March 2020
- High-tech interior design is most appealing to Social-minders and Self-rewarders
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- Figure 23: First choice of car interior style, by persona segmentation, March 2020
- 40-49s call for high-tech styles
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- Figure 24: First choice of car interior style, by age, March 2020
- Sports-style lures males, while simplicity attract females
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- Figure 25: First choice of car interior style, by gender, March 2020
Willingness to Upgrade
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- Comfort is the first thing that luxury car owners want to upgrade
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- Figure 26: Willingness to upgrade car configurations, March 2020
- Upgrading intentions differ: assistant functions for Quality-assurers, headlights for Social-minders, and cylinder engines for Self-rewarders
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- Figure 27: Willingness to upgrade car configurations, by persona segmentation, March 2020
- Car owners who pay medium prices have more willingness to upgrade
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- Figure 28: Willingness to upgrade car configurations, by car purchase price, March 2020
- Younger luxury car owners seek more power
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- Figure 29: Willingness to upgrade power/stability configuration, by age, March 2020
- Luxury car owners in tier one cities care more about exterior
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- Figure 30: Willingness to upgrade exterior configuration, by city tier, March 2020
- Males are more willing to upgrade interior configuration
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- Figure 31: Willingness to upgrade interior configuration, by gender, March 2020
Brand Exclusive Service Demand
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- Convenient services are more attractive to Quality-assurers while events and activities could engage more Social-minders and Self-rewarders
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- Figure 32: Exclusive service demand, by persona segmentation, March 2020
- Time-saving and effort-saving are emphasised by old consumers
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- Figure 33: Exclusive service demand, selected, by gender and age, March 2020
- Extravagance is not 40-49 year old car owners’ style
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- Figure 34: Exclusive service demand, selected, by age, March 2020
- Figure 35: Aston Martin Lagonda and Waldorf Astoria Hotels & Resorts partnership, 2018
- Activities are more attractive to 30-49s
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- Figure 36: Exclusive service demand, selected, by age, March 2020
Online and Offline Social Willingness
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- Online communities and social activities best for wider-reaching communications
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- Figure 37: Frequency of participating in car-related activities, March 2020
- Unofficial online activities are most appealing to Self-rewarders
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- Figure 38: Participating in car-related activities, online activities, by persona segmentation, March 2020
- Offline official activities need to engage more Quality-assurers
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- Figure 39: Participating in car-related activities, offline activities, by persona segmentation, March 2020
- Online is better way to engage consumers in lower tier cities
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- Figure 40: Participating in car-related activities, offline activities, by city tier, March 2020
- Figure 41: Participating in car-related activities, online activies, by city tier, March 2020
Appendix – Market Size and Forecast
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- Figure 42: Total market volume of luxury cars, 2014-24
- Market and Forecast
- Luxury car market in 2019 maintained strong growth momentum amid drop in overall new passenger car sales
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- Figure 43: Sales volume and growth rate of luxury cars and total new passenger cars in China, 2014-20 est
- Luxury car sales will slowly recover to pre-COVID levels in the next five years
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- Figure 44: Best- and worst-case forecast of luxury cars sales volume, 2014-24
- Key Players
- Declining market concentration with more disruptors
- Ranking of top three luxury brands shifts with BMW in pole position for the first time in five years
- Market Share
- BBA will keep dominating the luxury car market while emerging luxury brands are gaining more market share
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- Figure 45: Market share overview of luxury car brands, by volume, 2016-19
- BMW drives to the top, while Tesla deserves special attention
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- Figure 46: Market share of luxury car brands, by volume, 2017-19
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Appendix – Methodology and Abbreviations
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- Methodology
- Fan chart forecast
- Abbreviations
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