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Luxury cars registered positive retail value growth in 2018. Luxury cars are still in demand by high net worth individuals given that they are the ultimate status symbol.
The clientele for high-value cars are high net worth individuals and consumers in the upper income bracket, earning a high salary but who may not necessarily be wealthy. High net worth individuals are price-inelastic and have the necessary income stream to support the purchase and subsequent maintenance of a luxury car.
The anaemic economic situation, characterised by rising unemployment, higher income taxes, restricted access to credit, and marginal recovery from recession are having an impact on consumer behaviour. The weakening of the rand against major currencies is adding upward pressure to unit prices.
Almost all retail value sales of luxury cars are accounted for by the leading four brands, namely Mercedes-Benz, BMW, Audi and Land Rover. The success of the top four brands lies in the fact that they have a wider product offering with more varied model ranges at different price points, even within their luxury range.
The remaining small retail value share in the category consists of other brands such as Porsche, Jaguar, Lexus, Ferrari and Maserati. High-priced brands such as Ferrari have a very low retail value share of luxury cars in South Africa because they appeal to only a highly niche number of consumers, primarily high net worth individuals.
Consumers of luxury cars enjoy the option of being able to personalise their vehicles, while most also consider service levels among their most important reasons behind purchasing a luxury car. Given these criteria, such consumers expect to receive a positive shopping experience.
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Discover the latest market trends and uncover sources of future market growth for the Luxury Cars industry in South Africa with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Luxury Cars industry in South Africa, our research will save you time and money while empowering you to make informed, profitable decisions.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.