Table of Contents
OVERVIEW What you need to know Definitions
EXECUTIVE SUMMARY
The issues Affordability is a top concern Figure 1 : Most important luxury vehicle attributes ( top five ), October 2016 Rising household debt and dependability on interest rates Some luxury auto brands considered high maintenance Figure 2 : Luxury vehicle brand association with high maintenance ( top five ), October 2016 The opportunities Near two thirds would consider a luxury vehicle brand Figure 3 : Luxury vehicle consideration , October 2016 Men aged 18-44 and Chinese Canadians are biased towards luxury vehicles Figure 4 : Attitudes towards luxury vehicles , Chinese Canadians and men 18-44 vs overall , October 2016 Opportunities to attract Millennials What it means
THE MARKET – WHAT YOU NEED TO KNOW
Aging Canadians and Millennials will help support luxury auto sales Luxury auto brands will benefit from a growing Chinese population Economic woes and rising household debt will affect consumer spend Interest rates and fuel prices remain low
MARKET FACTORS
An aging population and Millennials will help boost luxury auto sales Figure 5 : Projected trends in the age structure of the Canadian population , 2014-19 Premium brands will benefit from a growing population that is ethnically diverse Economic woes and increasing household debt will affect consumer spend Historically low Interest rates make it easier to jump into a new vehicle Gasoline prices can manipulate demand for luxury vehicles Figure 6 : Average retail prices for regular gasoline in Canada
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KEY PLAYERS – WHAT YOU NEED TO KNOW Seasonal marketing underlines confident winter driving Vehicle maintenance related promotions and giveaways Dealerships taking service to the next level Strong sales in the luxury segment supported by SUVs and crossovers Recalls and scandals hurt reputation and bottom line