Mercedes owners top China’s rich list - report

Mercedes-Benz owners in China are probably successful and wealthy entrepreneurs while those who drive a Cadillac are likely white-collar workers, according to a brand study released yesterday. Those were among the attributes associated with owners of eight major luxury car brands in China, according to a report by the Shanghai-based Hurun Research Institute. The research company held focus groups and surveyed 800 premium car owners in 10 cities to describe the characteristics of owners of the different marques. Luxury car brands are building their image to attract consumers in China, which McKinsey & Company predicts will overtake the US as the biggest premium car market in 2016. Most consumers are buying a car for the first time with little brand loyalty, offering opportunities for newer entrants to gain market share from more established nameplates. The average luxury car owner in China is 33.5 years of age, with an annual household income of 984 000 yuan (R1.7 million), according to the report. Mercedes owners had the highest household assets at 11.3 million yuan, while Infiniti drivers had the lowest average wealth among the group at 6.44 million yuan. Audi, the best-selling luxury brand in China, was associated with government bureaucrats and BMW with members of the new rich. BEIJING BLOOMBERG