A Study on Factors Influencing Brand Preferences among Baby Boomers and Generation Y Buyers in Passenger Car Segment Focussing Chennai Region
Transportation system is a prodigy by human kind which satisfies the most essential feature called mobility. India is one of the most encouraging and deliberately growing economies followed by china as it has enormous consumer base populations having an ample amount of spending space. It creates employments for thousands and spawn many entrepreneurs. Giant number of foreign brands have come and established in to the Indian automobile industry but due to the constant change in consumer preferences not all of them were able to drive the success waves. It is so convoluted because of the divergent regions, culture and income levels of the people. Therefore in order to attract the customers the marketer has to understand their customers well and also the local market conditions to sustain in their minds. The Indian luxury car market witnessed growth in 2015 and the three German players Mercedes Benz, Audi and BMW dominated the market, posting combined sales of approximately 31,000 units. In 2015, the Indian luxury car market sold 35,300 units and it is expected that sales will grow to 87,300 units by 2020. The sector is expected to grow at a rate of 15% per annum in the period 2015 2018. Growth in the sector has been boosted by a number of new product launches across price points coupled with enhanced dealer network beyond the metropolitan areas in India. Other growth drivers include availability of robust financing options and a focus on localisation of parts. The luxury automobile manufacturers are consistently targeting the young achievers in India who are emerging as an important target segment for the luxury segment in the country. Product launches are catering to the demand from this segment.