Auto Shows Present Opportunities, Unique Challenges For Luxury Brands
says a just-released Foresight Research Study
Rochester, MI August 23, 2016 – New luxury vehicle buyers are highly connected to their brand; yet since they approach the shopping process differently, they present a unique set of opportunities and challenges for auto show strategists, according to Foresight Research’s 2016 Auto Show Immersion Report™.
“Auto show attendance and its influence on the new vehicle purchase decision have enjoyed a sizeable upswing across the board, and luxury brands are no exception” said Nancy Walter, Vice President at Foresight Research. “There are many economic factors contributing to this trend (lower gas prices, stronger economic indicators), but another notable impact comes from the influx of Millennial buyers – who are themselves much more likely to attend or be influenced by auto shows.”
In the most recent sales year, luxury buyers were almost twice as likely as non-luxury buyers to have attended an auto show before their purchase, and also almost twice as likely to have been influenced by the show experience. In fact, luxury buyers attended and were influenced by auto shows at the highest rates measured since the study’s inception in 2009. These luxury buyers also have higher confidence in their purchased brand, are more often brand enthusiasts and are more frequent brand advocates, versus their non-luxury counterparts.
Certain luxury brands are reaping greater auto show benefits than others. Audi and BMW buyers attend shows at above luxury average rates, and their buyers (as well as Acura’s) are also influenced by their show experience at higher rates.
“Once luxury buyers get to a show, they pursue a deeper experience,” said Walter, “they are more likely to be there with serious shopping in mind, they place a different level of importance on individual display elements, and they are 50% more likely to participate in a ride and drive when available. Also, while four in five buyers interact with product specialists at a show, luxury and non-luxury buyers prefer a different type of interaction, with luxury buyers being much more open to being approached by staff.”
The Foresight 2016 CHIPS™ Study surveyed 5,893 recent new auto buyers, including 1,183 luxury brand buyers. Reports are generated from this database to help automotive marketers better understand purchase influences and make more informed marketing decisions.