Hispanics Outpacing Luxury Market

Hispanics Outpacing Luxury Market

Autoproyecto.com just published findings from an investigating article by Javier Mota, Editor-in-Chief of Autoproyecto.com, which found Hispanics were outpacing the General market in luxury vehicle sales and interest. Below are highlights that illuminate the luxury car preferences and purchase habits of US Hispanics:

  • Hispanics represented 11% of new car sales growth and 16% of new luxury car sales growth from 2010 to 2016.
  • The Hispanic population in the US is 40-45 million, larger than the entire population of Canada
  • Hispanic car sales of $30,000 plus grew from 370,000 in 2010 to 708,000 in 2016.
  • 30% of Hispanic car-intenders considered luxury brands versus 29% of non-Hispanics
  • Receiving top consideration among Hispanics are Lexus 36% and Audi 35% for purchase or lease, versus non-Hispanics with Audi at 29% and Lexus at 35%
  • Mercedes-Benz and Lexus are tied at 19% of the preferred luxury vehicle among Hispanics
  • 17% of Hispanic Car shoppers included a luxury model as their first choice to buy or lease
  • 67% of Hispanic luxury car buyers are under 55, compared to 54% of the general market under 55.

Top 10 Luxury Considered by Hispanics 

While Lexus and Audi received the highest consideration among luxury brands, below is a list of the makes and models that the US Hispanic consumers took into account when deciding the purchase or lease (in alphabetical order):

  • Acura MDX
  • Acura TLX
  • Acura ILX
  • Audi Q7
  • Audi A3 / S3
  • BMW 3-Series / 4 Series Audi A4 / S4
  • BMW 5-Series
  • BMW 7-Series
  • Lexus RX

Top 10 Purchased by Hispanics (Luxury)

Lexus and Mercedes were top preferences, below is the list of most commonly chosen luxury models by Hispanic consumers in the United States (in alphabetical order):

  • Audi A4 / S4 / Q7
  • Acura RDX
  • BMW X5
  • BMW 3-Series / 4 Series
  • BMW 5 Series
  • BMW 7 Series
  • Cadillac Escalade
  • Cadillac ATS
  • Infiniti GS
  • Lexus RX

See the original article here.