There was a time when it was believed that luxury cars belonged to successful old men, men who have worked their entire lives to rake n enough money and success. However, times have definitely changed and the higher end luxury cars, like the BMW M3, which once belonged to those who had worked hard for years or those who had come of blue blood, now belongs to the young entrepreneurs.
The new age owners of luxury cars are no longer in their fifties. Even young twenty somethings in India today have the purchasing power to buy themselves the best luxury that vehicles can provide. Though the car still remains a hit amongst the older enthusiasts, its he young ones who are in total control now.
The changing trend is owed largely to the increased salaries and the IT boom in India. The young corporate India today has higher buying power than their older counterparts, who have been culturally accustomed to saving rather than spending.
Looking at the increased sales of all luxury cars like the BMW, Mercedes and Audi are an indication of the the inclination and the ability to buy luxury cars. Mercedes in fact, has been able to launch two new series, the C class and the E class, only because of the increased sales volumes. The affluent section has been helping boost sales, increasing sales percentages more than 100 percent for all luxury car makers that are selling in India. While car makers like Mercedes only had manufacturing units in Tier 1 cities like Pune and Mumbai, now they are coming up with units in tier 2 cities like Surat.
According to the profiling done by the car makers, this new customer class belongs to the families which are already established in business. The thriving merchants, especially gold and diamond, young executives who have reached the top of the corporate ladders at a young ages and self employed professionals like those in the medical community are also most likely to opt for a luxury car these days.
This new trend seems to work for the benefit of luxury car makers who seem to be building aspirational models and are marketing their new vehicles especially to the younger class of consumers. Cars like the Volkswagen Beetle, which has recently come into the market, are being bought by parents as presents for their young ones. The car is being marketed to appeal to that set of consumers as well.