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Getting to Know Today’s Luxury Car Buyer

Glint Advertising - May 27, 2022 - 0 comments

Glint breaks down insights from a recent report circulated by data powerhouse Claritas.

We hope that credit union and bank marketers will take these bite-sized insights to create content, promotions, and offers that attract attention and drive conversions.

But first, learn more about the research sample. The following statistics describe 1.2 million U.S. households whose median household income is about $238,000. 

Go ahead. Picture an individual in this group with the following observations.

  • Automotive enthusiasts live in this group. Friends and associates ask them for advice about vehicles often.
  • Advancements in technology are welcome, especially in new vehicles.
  • Environmental vehicles are widely accepted and adopted.
  • Individuals in this segment most likely live in wealthy suburban areas with manicured lawns and expensive homes.  
  • They have luxury vehicles and vacation in tropical locales. 
  • They are between 35-54 years of age, with children, graduate degrees, and professional careers.

luxury car buyersIf this sounds like your key demographic, note the personality of the individuals in this group.

  • The cheapest or easy maintenance vehicles are not what this segment is seeking. 
  • Individuals agree that they purchase the most expensive models with the most luxuries.
  • Twenty-three percent of this group consider themselves automotive enthusiasts. 
  • Compared to the average U.S. household, these individuals are less likely to buy used cars and pickup trucks. They tend to purchase or lease new luxury cars.
  • They are 5X more likely to have a new Audi and have other foreign luxury vehicles like BMW, Acura, Mercedes-Benz, and Lexus.
  • Electric vehicles are the way of the future for these individuals. Crossovers and full-size models are popular vs. compact.
  • Dealerships should note the three reasons this target segment uses a dealer: price/value, selection of models, and location.
  • These individuals are interested in financing with the dealer. They will use their banks, credit unions, or funds.

Other helpful behavioral information:

  • Costco is where our segment is more likely to buy tires.
  • Cars are in the best condition, and individuals in this segment are regulars at auto repair and paint/body shops. DIY projects are few.

How can you better serve your target audience with these nuggets of demographic and psychographic information? How do they translate into stronger messaging, more powerful campaigns, and relevant touchpoints?

If you are struggling and need a pathway forward, Glint Advertising is an affordable solution to get it right from the beginning. For more information about Claritas, click here.

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