Research shows that American adults of all ages and income levels are getting swept up in the luxury goods boom, including cars, that is currently underway. But what exactly is a luxury car?
A luxury vehicle promises quality, craftsmanship, exclusivity, and a high price tag. Luxury car makers BMW and Mercedes grew during 2022, when many car companies declined at the end of the pandemic.
According to Bain & Co research, millennials and younger generations will make up 80 percent of luxury spending by 2030, showing the growth in luxury cars.
This year, according to Forbes’s real-time billionaire ranking, Bernard Arnault, the CEO of Moët Hennessy Louis Vuitton, even overtook tech emperor Elon Musk as the richest person on Earth with an estimated $232 billion. This is a demonstration of the importance of luxury to the market.
The average price of luxury items has spiked by 25 percent in the last year. Mercedes-Maybach presents Night Series – the next chapter in the brand’s mission of evolving its curated portfolio and creating moments in which magic is born.
BMW is one of the world’s strongest luxury brands. The 2023 BMW i7 xDrive60 is just the latest in a growing line of new BMWs that are as startlingly good to drive as they are startling to look at.
Given the company’s history, you’d expect any all-new 7 Series to be a great car, but getting the electric version so right on the first go-round is worthy of commendation.
Rolls Royce will launch their new hyper luxury all-electric car later this year, "Spector."
Spector is worth around $600 million annually in income for Rolls Royce.
Luxury car sales are on the rise, and with new models being introduced, it’s clear that the market is expanding.
Whether you’re a fan of BMW, Mercedes, Maybach, Rolls Royce, or Alfa Romeo, there’s something for everyone in the luxury car market, despite your age or Income level.
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