May 1st, 2023, Bhavika Bansal
Projected to grow at a CAGR of 6.9% from 2023 to 2030, the global luxury car market is expected to reach a market size of about USD 1,047 billion by 2030. But where in the world is the demand for luxury cars the highest? A recent YouGov Surveys poll – conducted across 18 global markets - answers this question and explores what the demand for luxury cars looks like in comparison to other luxury products including watches, liquor, bags, shoes and more.
Given the on-going cost-of-living crisis in many international markets and consumer wariness about price hikes in 2023 it is perhaps unsurprising that two-fifths of global consumers say they are unlikely to purchase any luxury products in the next 12 months (40%).
Coming to product categories where consumers are likely to spend the big bucks, clothes and shoes (31%) and food products like meat, fruit and vegetables (30%) top the list. This is followed by nearly a fifth of consumers who are likely to buy high-end household appliances (19%) and luxury desserts (17%).
Luxury cars occupy the bottom spot on the list, with just one in ten consumers saying they are likely to invest in one in the next 12 months (11%).
Taking a closer look at these respondents by country reveals some interesting differences.
Globally, consumers in Indonesia are the most likely to purchase a luxury car in the next year (33%) followed by a third of consumers in the UAE (31%) and a quarter of consumers in India (24%). Since we didn’t specify what constitutes a ‘luxury car’ in the question, notions of what constitutes luxury are likely to differ by market.
However, the likelihood of high-end cars being purchased in the next 12 months drops significantly when we look at the other polled markets.
Unlike their counterparts in Indonesia and India, consumers across other APAC markets resonate more closely with the global average (Australia, 12%; China, 11%; Hong Kong, 9%). In fact, consumers in Singapore (5%) are the least likely of all to buy a luxury car in the next 12 months.
With more than one in eight consumers in Mexico (14%) saying they plan to purchase a luxury car in 2023, this is the only North American market to outpace the global average. On the other hand, less than a tenth of consumers in Canada (9%) and the US (7%) say the same.
The horizon for the luxury car market in Europe over the next 12 months also looks less flattering with less than one in ten respondents in all polled European markets saying they plan to buy a high-end car during this period with the proportion falling to as low as 6% of consumers in Great Britain, Germany and Italy.
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Methodology: YouGov Surveys: Serviced provide quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 18 markets with sample sizes varying between 512 and 2,034 for each market. All surveys were conducted online in February 2023. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples. Learn more about YouGov Surveys: Serviced.
Photo by Dmitry Vechorko on Unsplash