Chinese luxury car owners seen young, educated and wealthy
Print Edition
CHINESE luxury car owners are, on average, 33.5 years old, who choose selective car brands as status symbols to support their image, according to a report released yesterday.
“The Luxury Car Brands in China 2014,” released by the Hurun Research Institute, compared eight luxury car brands in China: Audi, BMW, Mercedes-Benz, Lexus, Volvo, Land Rover, Cadillac and Infiniti.
The findings show that luxury car owners in China are young, highly educated and wealthy. Seventy-six percent of luxury car owners are men, and about 10 percent has spent at least three years overseas.
Eight hundred owners of the eight car brands from 10 major cities — including Beijing, Shanghai and Guangzhou — were surveyed between February and October. It found that those surveyed had 1.4 cars each.
Mercedes-Benz owners have the highest income, Infiniti owners the lowest; BMW owners have the highest percentage of female owners, while Cadillac has the highest percentage of male owners; Volvo owners are the highest educated, whilst Land Rover owners are the least educated, the report said.
Of those surveyed, Audi is the choice of government officials, whilst Land Rover that of entrepreneurs. Lexus has the least distinct ownership group, it said.
China has 1.09 million individuals with personal wealth of 10 million yuan (US$1.63 million), according to another Hurun report.
The average monthly income of the luxury car owners is 30,000 yuan, with their household income reaching 88,000 yuan, according to the report.
In terms of buying motivation, 50 percent of respondents said: “My old car was broken or getting old.”
Impulse was also a driving force for purchases, with 44 percent buying a vehicle after seeing it at an exhibition and 36 percent inspired by an advertisement or after a test drive.
The report also showed that 80 percent are aware of negative publicity surrounding luxury car owners.
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