Shulou(Shulou.com)11/24 Report--

Economical and durable household cars are still the mainstream consumption in the domestic market, but we can clearly feel that high-end models are gradually being accepted by more consumers.

The Federation released the latest in-depth analysis of the national passenger car market, which said that in the first nine months of this year, the Chinese market sold a total of 15.233 million passenger cars, while the sales of high-end models exceeding 300000 yuan have exceeded 2.1 million, an increase of 2.4 percent over the same period last year, accounting for 13.8 percent of the total sales.

If you only look at the third quarter, the proportion of sales of high-end models worth more than 300000 yuan is as high as 14.1%. To make a simple conversion, 14 out of every 100 people bought cars worth more than 300000 yuan in the third quarter. To be clear, it was less than 10% in 2020 and 2021, and just exceeded 10% in 2022, which shows a rapid growth rate.

Correspondingly, sales of cars under 300000 fell 1.3 percent, and sales of cars under 300000 yuan and MPV declined to a certain extent. 100000 household cars are still the main consumption, but at the same time, more and more people choose high-end products worth more than 300000 yuan, and the demand of the domestic car market is obviously stratified.

The end of buying a car is a luxury car. "when I have money, I will definitely buy XX (a luxury brand)!" "

Such ambitious and hesitant words have appeared in many movies, but in real life, there are indeed many consumers who tend to regard family cars as a "springboard" before buying luxury cars, especially the desire to upgrade scooters.

According to the 2023 Chinese Automobile Consumer Insight report released by McKinsey, 54 per cent of respondents with existing car prices in the range of 10-150000 yuan said they would consider higher-priced models the next time they bought a car, while 47 per cent of existing car owners with prices in the range of 15-200000 yuan said they would upgrade to high-end models when repurchasing.

Of course, a small number of respondents tend to be rational, saying that they will consider lower-priced models, but overall, consumers' pursuit of high-end models still belongs to the majority.

An economical and practical family car is just a transition, and the end of buying a car is a luxury car! Of course, this is only the superficial reason for the growth of luxury cars. after in-depth analysis, the growth of luxury car sales is more directly related to the car market.

The more "inside" the car market, the better the high-end cars sell? Leaving aside the impact of the three-year epidemic on the domestic car market, the domestic market has experienced many "price wars" since 2023.

In the first quarter, the subsidy policy for new energy vehicles officially withdrew from the historical stage, but it may be affected by Tesla's price reduction. Instead, many car companies and local governments have increased subsidies for car consumption. In the third month, fuel vehicles dominated by Dongfeng also joined the "price war."

The "price war" effect of the first quarter lasted into the second and third quarters, which also made luxury brands make a lot of concessions.

The guiding price range of the new Mercedes-Benz C-Class listing is 332300 yuan to 375600 yuan. It seems that the starting price has not dropped, but in fact, the middle-to-high-end version is 2500 yuan cheaper than the old Mercedes-Benz C-Class, and the new model already has a discount of about 100000 yuan in some areas. BMW offers more concessions for i3 and iX3 pure electric vehicles, and the Guangzhou area where Xiaotong is located has offered preferential policies of more than 100000 yuan. FAW Audi announced a 221000 yuan reduction in the guidance price of its Audi RS e-tron GT.

Many consumers believe that it is really cost-effective to grit their teeth to buy a luxury brand model that they dare not buy at a lower transaction price, which is one of the factors contributing to the growth of sales in the luxury car market.

Another factor is the strong layout of new power brands based on ideal cars in the luxury car market.

The luxury market pattern changes throughout the market of more than 300000 yuan, fuel vehicles of traditional luxury brands are still the main sales force, but with the rapid development of the new energy market, high-end new energy brands begin to seize the market share of the original traditional luxury brands.

According to the latest sales data, in the car market of more than 300000 yuan, the top five models sold in a single month are Audi A6L, Mercedes-Benz E-Class, Audi A4L, BMW 3-Series and BMW 5-Series; in the SUV market above 300000 yuan, the top five models with the highest monthly sales are Audi Q5L, ideal L7, Mercedes-Benz GLC, ideal L9 and ideal L8.

Audi A6L, Mercedes-Benz E-Class, Audi A4L, Mercedes-Benz GLC, Audi Q5L and other best-selling luxury models all have a discount of 100000 yuan in the terminal market, but the ideal "L family", which is more popular in the SUV market, does not have too many terminal discounts, only tens of thousands of yuan limited time discount offered during the holiday period.

Although the ideal car does not have many years of historical accumulation, and the brand power cannot compete with Mercedes-Benz, BMW and other luxury brands, but thanks to the clear positioning, many functions of the products accurately hit the actual pain points of family users, and the configuration performance of each version will not be too different. The identity of added electric vehicles not only reduces the cost of short-distance travel, but also avoids drivers' mileage anxiety of long-distance travel.

It is understandable that there is enough budget to choose the BBA model, but eventually they are willing to pay for the new power of car building, because some consumers are beginning to think that the car experience is more important than the brand influence.

What's more, in addition to ideal cars, brands such as Ulay, Polar Krypton and Teng Teng have also begun to lay out a market of more than 300000 yuan. In recent years, ET5T, polar krypton 001, Teng Teng D9 and other models have been on the market, and the current monthly sales have gradually stabilized, Xiaopeng G9, MJ M7 and other modified models of the guidance price is also beautiful enough, have announced "burst order".

The launch of these new cars not only attracts consumers, but also invisibly increases the competitive pressure of traditional luxury brands, affects the market position of second-tier luxury brands, and even plays an indirect role in promoting the preferential treatment of luxury cars.

Of course, traditional luxury brands have also increased their presence in the pure electric market. Data show that BMW sold 69603 pure electric models in the first nine months, up 232 per cent from a year earlier, of which i3 and iX3 sold 35000 and nearly 30,000, respectively.

Mercedes-Benz has accelerated the product layout of new energy vehicles, and this year it has launched a number of new energy models, including the EQS pure electric SUV, the new EQE pure electric SUV, the new AMG pure electric EQE 53, and the S 450e L plug-in hybrid sedan. Data show that the cumulative sales of pure electric models increased by more than 70% in the third quarter compared with the same period last year.

The poor economic environment has the greatest impact on low-income people, who prefer "consumption downgrade", but it does not have much impact on the rich, who still have the strength to consume high-end products. Even though it is true that more and more people are buying high-end cars, the whole car market shows an obvious "hourglass", with consumption upgrading and consumption downgrade coexisting.

Although we cannot afford to buy high-end cars, we might as well open up the situation. More and more people buying high-end cars can promote economic growth, which may promote the further development of the car market, and we ordinary people may be able to benefit from it.

This article comes from the official account of Wechat: ID:dianchetong233. The author: Eagle.

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