Luxury automakers really ought to pay attention to this.
If the predictions prove to be correct, then China will overtake the US as the biggest luxury auto market in 2016. The sales numbers don’t lie, as there’s a growing Chinese class of wealthy entrepreneurs who are anxious to spend big, especially on their cars. So which premium automaker is viewed best amongst China’s rich? It’s a question all brands are anxious to know. According to a recent survey conducted by the Shanghai-based Hurun Research Institute, Mercedes-Benz is the preferred brand.
These owners have the highest household assets, while Infiniti owners have the lowest average wealth among the survey group. The research also showed that the average luxury car owner in China is 33.5 years old and has an annual income of 128,367 euros. So how are other luxury brands perceived? Audi, which happens to be the best-selling brand in China, is strongly associated with government officials, while BMW owners are typically considered to be new money. Cadillac, however, is associated with white collar workers – not wealthy entrepreneurs. Lexus, well, it wasn’t associated with anyone. It had no clear owner attributes.