New Altiant research reveals EV ownership could more than double among affluent/HNW drivers, while cars remain powerful expressions of identity and status. “Our research shows just how central cars remain to affluent and high-net-worth consumers. They are not simply a means of getting from A to B: 62% see their car as an expression of their personality and 56% as a way to pursue their passions. Yet when it comes to choosing one, practicality and safety still come first.” Lars Long, CEO, Altiant
Based on a survey of 600 affluent and high-net-worth individuals across the UK, US, France and China, with median investible assets of US$2.75m and median household income of US$386k, the Luxury Automotive: Insights from Affluent and HNWIs report provides a consumer-led view of how wealthy drivers buy, use and perceive luxury cars.
New research from Altiant reveals a luxury automotive consumer in transition: increasingly receptive to electric and hybrid vehicles, highly engaged with automotive brands, but still placing practical considerations such as safety, comfort and design ahead of pure performance
Key findings
• EV adoption could accelerate dramatically: Today, 38% of affluent/HNWIs own at least one electric or hybrid vehicle, with a further 17% saying they will definitely acquire one within the next two years. Based on broader purchase intentions, the report suggests ownership could potentially reach as high as 81% by 2028.
• Fuel prices are changing the equation: Almost three in five (59%) say rising fuel prices are making electric and hybrid vehicles more interesting to them - suggesting that economics, as well as environmental considerations, are influencing the transition.
• For wealthy drivers, the car remains deeply personal: While 82% consider cars a necessary part of daily life, 62% say cars are an important expression of their personality and 56% see them as enabling them to pursue their passions.
• Practical luxury beats raw performance: Despite the emotional appeal of acceleration and engine sound, practicality, safety and comfort collectively account for 42% of the top-ranked considerations when choosing a car. Design, technology and acceleration follow.
• Luxury automotive brands still occupy very distinct territories: Bentley is most strongly associated with luxury (82%), Ferrari and Lamborghini with power (81% and 79%), and Mercedes-Benz with comfort (75%).
• Wealthy consumers actively engage with automotive culture: Some 43% engage with automotive content online every month, while 35% read automotive magazines — reinforcing the category’s role as an interest and passion rather than simply a purchase.
A surprising takeaway
Wealthy consumers want innovation, but not reinvention. EV and hybrid adoption could accelerate sharply, while the fundamentals of luxury automotive: comfort, safety, practicality and design remain firmly in place. Yet innovation is still a weak association for most luxury car brands, with Tesla the only one scoring above 40%.
Download the report: https://altiant.com/luxury-automotive
