Today s Luxury Auto Owners: How Emotion, Experience, And Loyalty Drive Purchase Decisions JUMPSTART AUTOMOTIVE MEDIA OCTOBER 2017
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1 Today s Luxury Auto Owners: How Emotion, Experience, And Loyalty Drive Purchase Decisions OCTOBER 2017
2 By Brian Miller, Jennifer Sams Published October 2017 The luxury auto market has undergone a radical transformation over the past few years: Traditional high-end brands have become increasingly accessible with more entry-level options; non-luxury automakers continue to pack premium technology into mass market models, calling into question what now constitutes luxury; and easy financing terms along with a proliferation of CPO (certified pre-owned) options has made owning a luxury vehicle more affordable than ever. These factors, combined with a healthy economy and increased buying power, are making luxury vehicle ownership very attainable and desirable. Over the past few years, we ve watched as the luxury segment has grown. According to sales figures from Wards Auto, luxury currently accounts for 13% of total sales (3% higher than 2014). Across Jumpstart, we ve found that 34% of shoppers are researching luxury vehicles, up 4% from Because the luxury segment continues to evolve and grow in popularity, and represents a substantial part of our audience, we wanted to better understand the luxury auto owner mindset. What s driving these consumers into and out of luxury vehicles? Are they loyal to specific brands? How does emotion influence their decisionmaking process? How can marketers better connect with luxury shoppers and are there opportunities to engage with mass market shoppers? Working with global research firm, Ipsos Connect, Jumpstart conducted qualitative research (18 in-home interviews with consumers who either currently own a luxury vehicle or have in the past) as well as an expert panel with professionals from the advertising, travel, food, journalism, and sociology industries. We then quantified those findings through a national survey of 751 auto owners to reveal new insight into today s luxury auto shoppers. This study looks at general perceptions of luxury, and how emotion, experience, and loyalty drive purchase decisions.
3 It s a wellmade, quality item that costs a little more but I m getting durability, timeless style, and something that I ll like for years. THE LUXURY OWNER By and large, this group shares some common characteristics. Today s luxury owners are young, college educated, own a home, and willing to pay more to get exactly what they want. We also found that they are more likely to be self-employed and are 69% more likely to be using their cars primarily for their personal business. Individuals in this group are more likely to indulge in high-end hobbies and interests (e.g., motorcycles, investing, and spas). And their top interest is travel, with 55% having taken a trip within the last 12 months; reading books and health and fitness come in second and third, respectively. There has been a long-held belief that luxury owners are older and more established in their lives, but our research tells us otherwise. During our expert panel session, we gained some additional insight as to why a younger demographic makes up a sizeable portion of today s luxury auto owners. The industry professionals on our panel said they see these younger individuals over leveraging themselves financially to convey a particular image. It s also worth considering how current financing options low interest rates, appealing lease packages, credit accessibility, and favorable finance terms might be enticing these auto shoppers.
4 Today s Luxury Auto Owners This group also reflects other auto shopping traits that make them especially valuable in the eyes of auto brands: They have a tendency to buy cars more frequently, prefer to buy new rather than used, and typically spend more than what they were initially planning on spending when it s all said and done.
5 I love having a nice car and I do that for me not for others. I m not looking to impress anyone, I just want to enjoy my car. EMOTIONS THAT MOTIVATE More than anything, luxury owners are purchasing luxury vehicles for themselves. In fact, 91% said they would rather have a vehicle that is satisfying to them, rather than impressive to others. And while it doesn t rank quite as high as it does with mass market owners, value is still important to luxury owners. Many view their luxury auto purchase as an investment; they know that spending more now means greater payoff down the road. But status still matters. During our in-home interviews, we found that people were initially reluctant to weigh in on the topic of status. However, as conversations continued they were more open to discussion. One respondent admitted, I feel so superficial saying this but yes, status of a luxury vehicle is important to me. It makes me feel unique and special. We also found that 67% of luxury owners agree that the vehicle a person drives says a lot about who they are. What Luxury Owners Say And What Their Car Says About Them
6 My car is fully loaded. If I m going to do it, I m going to do it. I don t want to look back in a year or two and wish I would have gotten all the bells and whistles. MUST-HAVES From viewing their luxury purchase as an investment to considerations around what their car communicates to the world around them, today s luxury auto owner is sophisticated and takes the shopping process and ownership quite seriously. But they also really like to drive. In our study, 66% of luxury owners listed fun to drive as a must-have. For them, it s not so much about just getting from point A to point B, but being able to enjoy the entire driving experience. In our in-home interviews, one man described how he drives his Mercedes-Benz primarily on the weekend for road trips with his family, and saves his BMW for when he is alone purely for himself, and for fun and enjoyment. We found that 63% of luxury owners consider themselves enthusiasts and 60% follow the latest automotive world developments, reading news and reviews from trusted sources like Car and Driver and Road & Track. So, it didn t come as much of a surprise that performance ranked high on their list of must-haves. Must-Haves That Luxury Owners Were More Likely To Select (Vs. Mass Market Owners)
7 To me, Mercedes is luxury. I couldn t imagine not owning a Mercedes. Anything else is a step down. REGARDING LOYALTY With more than 600 models on the market including 23 new models, 17 of which were luxury vehicles, introduced in 2016 auto shoppers have more options than ever. Aside from having a dizzying number of models to choose from, today s auto shoppers are also very informed. Not only do they have access to detailed information such as pricing, vehicle specs, and news and reviews, they also have the ability to access this content wherever and whenever they need it. As the expansion of luxury options continues, understanding how and why luxury owners stay loyal remains a key focus for brands and marketers. Overall, we found that loyalty to the luxury segment is strong as eight in 10 owners plan to stay within the luxury segment for their next vehicle purchase. We also found that respondents were loyal to auto manufacturers (or family of brands), with 81% owning multiple vehicles from the same manufacturer. For instance, we spoke to Lexus owners who had previously owned a Toyota, as well as Acura owners who had owned a Honda in the past. All in all, once luxury owners build a relationship with a brand, they prefer to stay within that same family of brands. Interestingly, those who owned a vehicle they didn t have any prior affiliation with were 25% more likely to put an emphasis on innovation. With the industry in such an ever-changing state of flux, it s more critical than ever that automakers stay on top of the latest advancements in innovation. Loyalty Among Luxury Owners
8 Luxury is all about quality: the smell of the leather, the feel of the dash, the weight of the doors LUXURY, REDEFINED Many of the features (e.g., infotainment, voice-activated controls, collision warning, rear-visibility technology, etc.) that premium automakers used to distinguish their brands from non-luxury brands are now ubiquitous with most cars on the road today. Since we first started following this trend in 2014, we ve seen two things happen: Traditional luxury brands have become more accessible by offering lower-priced options and manufacturers known for affordability, such as Hyundai and Kia, have been producing more premium models. In an effort to differentiate their brands and models from the competition, luxury automakers are increasingly focusing efforts on post-sale service, personalization, and creating unique brand experiences. However, as the lines keep blurring, auto manufacturers, marketers, and consumers are having to continually reconsider how luxury is defined in today s market. Based on our findings, we found that 68% of people feel that quality is the one word that best describes luxury. Time and time again throughout our research, we heard people define luxury as quality. While definitions of luxury continue to evolve, quality remains the one constant.
9 I had never considered a Cadillac until I drove one at an experiential event. Now I m hooked for life. TOTAL BRAND EXPERIENCE If there was anything we learned about the luxury auto owner in this study, it s that emotion plays a very powerful role in their search for the right vehicle, which makes the total brand experience more important than ever. We ve been seeing luxury auto brands use experiential strategies for a long time, but now that there are more players in the space, these manufacturers are having to up their game. This is especially important when it comes to maintaining loyalty among current luxury owners and building loyalty with those just entering the segment. What s more, as luxury becomes more attainable, consumers need to feel that same level of quality and exclusivity that attracted them in the first place. Whether it s studying the way shoppers use their smartphones at dealerships or analyzing how they re researching pricing on third-party sites, marketers and manufacturers stay hyper focused on understanding the shopping patterns of in-market consumers. And, make no mistake, this information is critical to developing messaging that speaks to this audience. However, consumers who are not actively shopping for their next vehicle cannot be overlooked. Through our study, we ve learned that luxury owners are more open to experiential events and reliant on the dealership more for maintenance. This presents a unique opportunity for brands to elevate market position and gain influence even when the consumer is not in the buying state of mind. At the end of the day, this insight reinforces the importance of maintaining a strong brand presence at all times. The Experience Matters
10 THE MASS MARKET OWNER While the primary goal of this study was to better understand the luxury owner mindset, mass market owners are just as important. We found that individuals in this group show a strong interest in upgrading to a luxury vehicle (36%) and a willingness to spend more than they expect ($13K on average). Interestingly, we also found that 35% of luxury owners have a HHI of less than $100K and 17% have a HHI between $100K and $125K, dispelling the common belief that high HHI is synonymous with luxury auto ownership. In fact, our study revealed that luxury owners with a household income (HHI) of $150K or more were less likely than those with a HHI of less than $100K to spend more than they expected on their next vehicle purchase. As with luxury owners, mass market owners have a particular set of motivations and expectations around luxury. Must-Haves That Mass Market Owners Were More Likely To Select When Considering Luxury Vs. Mass Market Top Reasons Mass Market Owners Are Dissuaded From Purchasing Luxury Vehicles
11 THE BOTTOM LINE Focus On Brand Experience And Innovation Loyalty is strong among luxury auto owners. As luxury brands continue to use post-sale service as a way to differentiate themselves from the competition, a solid dealership visit becomes more important than ever. Creating unique, memorable brand experiences is a powerful way to build loyalty and trust. And for those loyal luxury owners staying within the same brand or family of brands, innovation becomes the key differentiator so emphasizing innovation is paramount when speaking to this audience. Connect With Mass Market Shoppers In our study, we found that one-third of mass market owners are considering a luxury vehicle for their next car, which presents a huge opportunity for marketers. To better connect with this audience, brands and marketers should put additional focus on highlighting a vehicle s quality and addressing concerns about high maintenance costs. Speak To The Individual Both current luxury owners and would-be luxury owners see the luxury vehicle as a badge of personal and professional success. However, emotions are influencing decisions more than anything. Both groups like the idea that they are part of an exclusive community of fellow luxury auto owners and are, above all else, purchasing luxury models because the vehicle makes them feel good. Marketers must remember to play up the quality and enjoyment that a luxury vehicle provides as these are the most important factors driving consumers into luxury brands today. Methodology: Research was conducted by Ipsos Connect for Jumpstart Automotive Media from December 2016 through May Through qualitative research (18 one-on-one, in-home interviews in Chicago, Dallas, and Philadelphia, and one luxury expert event in Chicago), then quantifying with measurable data those findings with a national online survey of 751 auto owners (511 current luxury owners who ve owned their vehicle for seven years or less, and 240 current non-luxury auto owners). All survey respondents were adults between the ages of 18 and 64, and purchased a vehicle in the past year or intended to purchase a vehicle in the next six months. To stay up to date on all Jumpstart news, visit jumpstartauto.com/insights *All sales data from Wards Auto, September 2017
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