Luxury cars have long been a symbol of status, success, and prestige. For high net-worth individuals (HNWIs), owning a luxury car provides more than just transportation – it provides a sense of freedom, adventure, and recognition. In a recent market research study conducted by Assembled, we gathered insights from over 50 luxury car owners, including high-end Audi, BMW, and Mercedes-Benz owners.
The Value of Luxury Cars to HNWIs
During our focus group discussions, participants shared their thoughts on what luxury cars meant to them. Many participants expressed the sentiment that luxury cars were a symbol of success and a reflection of their status in society. Owning a luxury car gave them a sense of pride and accomplishment, and it was a way to show others their level of success.
Others mentioned the sense of freedom that owning a luxury car provided. With a powerful engine and sleek design, luxury cars are made for adventure and exploration. They allow drivers to experience the thrill of the open road and the joy of driving.
The Role of Sound and Sensory Experience
For many luxury car owners, the sensory experience of driving a luxury car is just as important as the visual appeal. One HNWI participant mentioned, “I like to listen to my car. You can hear when the turbo clicks in. You can just feel the giddy-up effect – you can feel it through the steering wheel and the back of the seat.”
This sentiment was echoed by many other luxury car owners, who expressed their appreciation for the sound of the engine and the tactile feedback they received through the steering wheel and seat. For these drivers, the sensory experience of driving a luxury car is an essential part of the overall driving experience.
Insights from Market Research
To gather these insights, we conducted over 200 hours of market research with high net-worth individuals. To ensure that their investment of time in attending a 3.5-hour focus group was impactful to the research, we provided a unique opportunity for participants to network with other like-minded individuals.
Our luxury car owners were representative of various life stages and car ownership, including retirees, multiple car owners, and high-end owners. We conducted the research over a period of three weeks, including recruitment and fieldwork.
Using Insights for Marketing Luxury Cars
The insights we gathered from our market research provide valuable information for luxury car manufacturers and marketers. By understanding the role that luxury cars play in the lives of HNWIs, manufacturers can better tailor their products and marketing efforts to appeal to this target market.
For example, by emphasizing the sensory experience of driving a luxury car, manufacturers can appeal to drivers who appreciate the sound and feel of a powerful engine. By highlighting the freedom and adventure that come with owning a luxury car, manufacturers can appeal to drivers who seek adventure and excitement.
In conclusion, luxury cars provide a sense of freedom, adventure, and recognition to high net-worth individuals. By conducting market research with luxury car owners, we gained valuable insights into the role that these cars play in their lives. These insights can be used by luxury car manufacturers and marketers to better understand their target market and tailor their products and marketing efforts accordingly.
Want to know more about our high net-worth (HNWI) or affluent research work? Contact us or email us at felicia@assembled.sg