Average Affluent Family Spends $43,000 on Primary Vehicle
The annual YouGov Affluent Perspective 2017 Global Study says the affluent have an enduring love affair with cars. At present, 97% of affluent households own at least one vehicle, with the average affluent home owning two to three.
“The average affluent family spends around $43,000 on their primary vehicle, while the wealthiest households, which earn $450,000+ annually, spend about $83,000 on theirs,” Cara David goes on to explain YouGov’s findings.
“When it comes to the question of which country makes the best automobiles, members of the U.S. affluent put Germany at the top of the list, followed by the United States and Japan. This is a significant shift from 2016, when Japan topped the list and Germany came in third. Indeed, the New York Daily News reports that six of the top 10 bestselling luxury car models in 2016 were German.”
The new AudienceSCAN survey revealed 7.3% of adults own luxury vehicles, and they are 243% more likely than average consumers to earn more than $150,000 annually.
“That said, feelings toward American automakers have improved among the U.S. affluent: 44% report having a more positive opinion in 2017, compared to 38% who reported the same in 2016. Additional data shows that 76% of these well-off consumers also like brands made in the U.S.”
“The U.S. affluent’s interest in buying a car hasn’t slowed down: 25% plan to buy a primary vehicle this year — a number on par with 2016.”
Dealers wanting to target Luxury Car Owners should focus efforts on magazines and SEM. The new AudienceSCAN study showed 40% of Luxury Car Owners took action based on sponsored search results (like on Google, Yahoo or Bing) in the past month, and 65% took action based on magazine (print, online, mobile or on tablet) ads in the past year.
“While Millennials are often portrayed as not interested in owning an automobile, this isn’t an accurate description of affluent Millennials, who have more income and less student debt than their non-affluent peers. For this group, interest in purchasing a car is strong, with over 40% of affluent Millennials reporting that they plan to buy a primary vehicle in the next year, compared to a quarter of the U.S. affluent overall.”
“At the same time, however, a quarter of U.S. affluent don’t see themselves owning a car in the future. For affluent Millennials, this number is even higher: nearly 50%. Furthermore, nearly one in five affluent Americans, and one in two affluent Millennials, say they are willing to share ownership of a vehicle with a group of friends. Other figures show that 79% of affluent Millennials have already used services such as Uber and Zipcar.”