Luxury Car Sales Soar as Brands Adapt to Electric, Connected Demands
Skift Take
Mirroring the larger luxury sector, car manufacturers are finding that a legacy brand is not enough to attract the interest of newly affluent customers. They must adapt to demands while maintaining their standard brand quality to thrive into the future.
Luxury vehicles are entering the “third wave” of connectivity in which manufacturers invest in cloud-based technologies, environmentally-friendly models and smarter marketing techniques to win the loyalty of affluent drivers. And they're in a good position to do so.
Luxury cars remained the top-performing segment of the luxury goods markets in 2016, growing 8 percent, according 2016 Bain Luxury Study by Bain & Company. An even greater 15.9 percent increase in sales was reported by JATO Statistics, which also stated a record 28,500 super luxury cars were sold in 2016.
Another new report found millennials are more interested in owning a luxury vehicle than previous generations. Even if it does not translate immediately into higher sales, it will likely drive innovation in terms of features.
The United States maintained its position as the world’s largest market fo
