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Millennials Want Luxury Cars

Millennials Want Luxury Cars Featured

Millennials may not be as indifferent to American car culture as is often suggested – their aspirations for luxury are driving the U.S. automotive brand landscape, according to new research from The Harris Poll.
The Harris Poll's 29th annual EquiTrend Study reveals the strongest brands across the media, travel, financial, automotive, entertainment, retail, restaurant, technology, household and nonprofit industries, based on consumer response.
In this year's study, Mercedes-Benz reclaimed the Luxury Automotive Brand of the Year honor from Lexus. Mercedes-Benz held the title 2011-2015. Toyota maintained the Non-Luxury Automotive Brand of the Year for the third consecutive year.
Notably, Mercedes-Benz and Toyota's equity scores rank in the top 25 percent of all brands measured, across industries.
According to Harris Poll's research, seven of the top 10 millennial car brands are luxury brands, versus five each for Generation X and baby boomers. Mercedes-Benz boasts an equity score of 73 among millennials, compared to an equity rating of 66 among consumers overall. Aspiration, however, outpaces ownership as millennials are much less likely to actually own luxury cars than older generations.
Measuring brand health over time, the EquiTrend Brand Equity Index is comprised of three factors: familiarity, quality and purchase consideration.
This year, more than 100,000 U.S. consumers assessed more than 4,000 brands across more than 450 categories.

Last modified on Thursday, 04 May 2017 00:48
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