Hurun Research Institute conducted a study in China to determine the attributes of owners of eight major luxury brands in the country. According to the study, Mercedes-Benz owners in China are likely successful and wealthy entrepreneurs while Cadillac owners are probably white-collar workers.
Owners of the top-selling brand in the country – Audi – are likely government bureaucrats while drivers of BMW are probably those who are newly rich, the report says. Among the brands surveyed, only Lexus owners had no clear attributes. Luxury carmakers are on a race to grab a chunk of China, which is expected by McKinsey & Co. to surpass the United States as the largest premium auto market in 2016.
To better sale China, it is essential for luxury brands to build their image in China and appeal to luxury buyers. According to the study, since most consumers in China are first-time car buyers, newer entrants like Infiniti and Lincoln have better opportunity to grab share from those who have been in the country for a longer time.
The study shows that the a Chinese luxury car owner has an average age of 33.5 years and has an annual household income of CHY984,000 (EUR128,300).
Owners of Mercedes vehicles are still the wealthiest (CHY11.3 million), while drivers of Infiniti units are on the lower end at CHY6.44 million. Hurun Research Institute held focus groups and surveyed 800 premium car owners in 10 cities in China.