Consumers are increasingly searching for authentic experiences, and this is something that digital tools such as customer analytics tools have the potential to deliver. Digital tools can add convenience and simplicity, which is much needed, especially for products such as luxury cars.
At the other end of the spectrum, consumers in pursuit of individuality are drawn towards making themselves as unique as possible by owning luxurious cars. Companies can take advantage of this trend by providing limited editions to this customer base.
The new Queensland luxury car tax that came into effect from July 2018 will add another 10% to the cost of a luxury vehicle worth more than AUD100,000, which includes most luxury cars, especially the top ranges of BMW, Mercedes and Porsche. This tax, present in the major states of Australia, is expected to negatively affect the demand for luxury cars.
Demand for SUVs is increasing in Australia, with many consumers looking for options that are cheaper than a Tesla. The mid-sized SUV is the most popular type, which is expected to see launches from many car brands.
Fuel-efficient hybrid cars that use less fuel and emit less pollution and greenhouse gases are seeing growing demand in Australia. An increasing number of companies in the technology and motor industry are racing to build sustainable strategies for electric/hybrid cars.
With the increasing importance of sustainability and rising concerns about fuel consumption and emissions, the future almost certainly belongs to electric cars. With more and more companies, such as BMW, Mercedes and Volkswagen, bringing their brands, suppliers and dealer networks into the fold, electric cars will dominate future sales.
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Understand the latest market trends and future growth opportunities for the Luxury Cars industry in Australia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Luxury Cars research and analysis database.
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