Hi, brad and artisan president of champion strategies and spokesperson for shop, smart autos, giving you the consumer all the latest information that we have.
So you can be a better informed individual when purchasing for those vehicles, cars, trucks, suvs, new or used.
So today, what we want to look at is really the psychology of luxury car buyers.
The luxury car market accounts for about six percent of automotive sales in the united states, resulting in a small but highly lucrative segment.
Companies looking to increase their luxury vehicle sales at auto shows need to understand the factors that drive luxury car buyers to this sector.
The information that we’re going to be talking about gives you some insight on how many customers got their messaging and were converted to the luxury cars luxury brands have a higher perceived markup compared to other companies.
Have you noticed that customers are willing to pay higher prices for a vehicle when they feel that the price reflects the value that they’re getting in return? Some luxury vehicles are functionally inadequate to a lower price model, but the details – the way of the cards positioned in the market makes the difference to some people.
Effective marketing can also elevate a vehicle’s brand and their perceived value and make it more desirable to that luxury.
Buyer looking to maximize on their purchase some folks look at luxury vehicles as a status symbol.
You know that i know that a luxury car can act as a status symbol for the buyer.
Companies that want to convey that they’re successful may have employees drive around in luxury vehicles when they visit clients.
A common story surrounding luxury vehicle purchasing in the mid life crisis is a whole new story altogether.
Customers want a new high class card to represent a change.
Finally, in their life, they deserve to have that or to show that they’ve reached a personal milestone.
According to some studies, there are two types of motivations that drive customers to purchase, including vehicles themselves.
There are two motivations that are intertwined, whereas one deals with the brain or logic and the other one deals with emotion.
Thus, these two bodies, when it comes to purchasing a luxury vehicle or more likely, to crave the social status and material wealth in the group of people that they’re dealing with now opposed to just you utilitarian cars that consumers see every day.
Luxury car companies know that and that’s why they’ve been maintaining their brand reputation and quality to attract customers.
They pay close attention to the reactions that companies and individuals make about luxury vehicles, so that goes with this thing called self-esteem.
Some people gravitate towards luxury brands as a way to boost their self-esteem.
This factor may cross over with other purchases influences such as wanting a status symbol to increase confidence or the phenomenon of called contemporary consumption.
Any way you want to look at it, marketers can find a way and have been finding ways of positioning luxury vehicles as another rum on the ladder fulfilling one’s place in society.
Uh back in the old days, we used to call it keeping up with the joneses.
How about passion can individuals have passion for luxury vehicles? Sure car enthusiasts love automobiles as part of their hobby, so they have a strong attachment to brands that are kind of unique to the average people they’re, not looking for a b to get from point a to point b.
Everything they want is inside their own little world.
Will they display that luxury vehicle with other luxury vehicles, nothing wrong with that many people say that they’re, better educated buyers, as they regularly consume automotive content and publications online, to make sure that the features are not overlooked.
If we did a quick analysis of luxury consumption by psychiatrists, they will pretty much tell you that, as consumers satisfy their feelings of pleasure and here’s the big word and gratification through luxury goods.
The availability of luxury products will also continue to enhance the charm for consumers.
Auto shows, if you ever been to them they market everything towards that luxury.
That’s the main attraction, not knocking the other manufacturers, but when the luxury vehicles comes out, that’s when the people are really starting to get engaged now.
This is just part one of the series we’ll pick it up again on the next one, but are you ready for a luxury vehicle? Don’t move too fast? If you need to wait to get there, please wait because the biggest thing that most people do they get a luxury vehicle for some of the things we just talked about, but they forget about the maintenance of a luxury vehicle.
If you can afford to maintain it, it’s going to spend a whole lot of time in the shop and off the road and that still defeats the purpose once again, brad an artisan spokesperson for shop, smart autos and president of champion strategies.
As always in parting.
You go out and make a champion .