They say the youth is the future of our country and it is righteously true even in the world of luxury brands. India’s premier automotive luxury brands Mercedes-Benz, BMW and Audi have acknowledged that India is among the youngest luxury car markets in the world with the average age of the buyers coming down drastically. The luxury car brands are targeting the sub 40 year age group with its products that are priced more competitively in the compact luxury segments.
Case in point, Audi says that the average age of a luxury car buyer is around 35 years, whereas globally it would be 43-45 years. The company’s Q3 SUV and the upcoming A3 sedan and convertible have been targeting the young aspirational buyers as they tend to be the primary customers for compact luxury products. The same applies for Mercedes-Benz which has also been targeting 30+ buyers who would opt for an A-Class or B-Class. However, they did confirm that the average age of a buyer differs from model to model. The A-Class buyer would be around 34-35 years old while an S-Class buyer would be around 50-60 years old.
The price tag of around Rs. 35 lakhs does attract a lot of young buyers. It is not mandatory that only young buyers purchase luxury cars, but there are more young individuals entering into the segment. With compact products like the A-Class, A3 Sedan and BMW 1-Series, the entry-level luxury segment is very popular among the youth. Audi also says that its A3 and Q3 compact models will also be popular in the second hand market in a few years, and will help expand the young customer base.
The Rs. 20-30 lakh luxury car segment is one of the fast emerging markets in the country with a number of products already making their presence felt, and a whole new set of vehicles are ready to debut in the coming months. Luxury brands are also now concentrating to tap the non-metro markets to attract young buyers. The Mercedes GLA SUV, Audi A3 sedan and the all-new MINI are among the host of other models which will come to India in the compact luxury segment in the near future.
