On March 24th, 2023, in cooperation with Dentsu China, we released our latest research paper on China’s Electric Vehicle market. “A new notion of premium” points to shifting consumer purchase behaviours that reshape the perception of ‘premium’ in the local EV market.
The paper reveals a greater emphasis of Chinese EV brand buyers on experience purchase (essentially service-based purchases in restaurants and coffee shops, for entertainment, travel, etc.) than buyers of conventional fuel-based cars. In the upper-mid EV segment, where the average purchase amounts (per payment transaction) for Nio, Xpeng and Li Auto models are slightly higher than mainstream international premium car brand models, the combination of purchasing power and experience purchasing has the potential to disrupt the long-established perception of premium in the automotive industry, long defined by brand heritage and origin.
To learn more, please click the button to download the press release.