Sports utility vehicles are high on luxury shoppers’ list, Kelley Blue Book found in its first-quarter report Brand Watch report.
Nearly 75% of luxury shoppers considered an SUV during the quarter, a record.
Luxury Shoppers Favor SUVs in Q1
Cars lowest-ever on their list, compounding an already ‘bloated’ supply.
May 22, 2023
Luxury SUV demand is likely to be sustained with the launch of new models, including the Buick Envista.
IMAGE: Buick
1 min to read
Luxury car shopping, though, fell to a new low, the consumer survey found.
SUVs were on 73% of first-quarter luxury shoppers’ list, up five percentage points, both quarter-over-quarter and year-over-year.
Shopping for luxury cars, meanwhile, fell sharply. Just 45% of luxury-vehicle shoppers looked for cars, down six percentage points month-over-month and year-over-year.
“Five and six percentage points represent huge swings when normally, one or two percentage points are worth noting,” a press release on the report indicated.
The report called luxury car supply “bloated,” with interest in them declining, so incentives will likely be needed to move them.
Luxury SUV demand, though, is likely to be sustained with the launch of new models, including the Acura ZDX and the Buick Envista, the report said.
Originally posted on Auto Dealer Today
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