London, UK, 2 October 2008: Research released by luxury motor insurer Hiscox finds the British car marques of Aston Martin, Bentley and Rolls Royce are the top three most luxurious brands of the contemporary era.
High-net-income individuals (HNIIs) cited the three British marques as the most luxurious brands of the contemporary era – suggesting HNIIs still have luxury car aspirations yet to fully realise, despite owning German luxury car brands such as Mercedes and BMW.
250 HNII owning luxury cars – with an average household income of nearly £250,000 - were asked which brands they perceived as luxury brands 10 years ago, now and in 10 years time. At each point in time, the top three luxury brands chosen were the quintessentially British stable of Aston Martin, Bentley and Rolls Royce. The top five included Ferrari and Mercedes-Benz.
In 1998, they determined a luxury car by its brand image, its legacy and the style trends at that time. Almost 60% considered the top three were:
- Rolls-Royce
- Bentley
- Aston Martin
- Ferrari
- Mercedes
Now, in 2008, a luxury car is determined by the default in-car technology as well as the brand image and legacy. The top three are:
- Bentley
- Aston Martin
- Rolls-Royce
- Ferrari
- Mercedes
By 2018, a luxury car, it seems, will be determined by its brand image and legacy as well as the default in-car technologies, the car’s presence on the street and the style trends at that time. Top luxury car brands will be:
- Aston Martin
- Bentley
- Rolls-Royce
- Ferrari
- Mercedes
Steve Langan, Managing Director of Hiscox UK commented: “We had always suspected that the real gold-standard of luxury has a British heritage. Discerning customers look for quality, exclusivity and uniqueness. They are passionate and knowledgeable about luxury motors and still have aspirations in this area.
“The decade to decade consistency shows clearly that luxury car marques do not achieve luxury status overnight. Heritage and pedigree are crucial to the image of a luxury car brand. All the brands have been making cars for at least half a century; for Rolls Royce this history goes back more than 100 years.”
-ends-
Notes to editors
In August and September 2008, on behalf of specialist insurers Hiscox, The Future Laboratory carried out a survey of 250 luxury car owning high-net-income individuals (HNIIs).
The survey found 60% owned a Mercedes, BMW or Porsche and most had more than one vehicle and on average paid £50,000 per vehicle.
Aged between 35-55 the respondents had an average household income of nearly £250,000. The aim was to gain a fuller understanding of the luxury car market; identify the key factors influencing the purchase of a luxury car; and highlight particular characteristics and concerns of high-net-income luxury car buyers.
For further information
Resonate PR:
Abbie Cohen – Acohen@resonate.uk.com or 020 7861 3815
Kim Power – Kpower@resonate.uk.com or 020 7861 2430
Sarah Street – Sstreet@resonate.uk.com or 020 7861 3970
Hiscox Group Communications
Kylie O’Connor – Kylie.oconnor@hiscox.com or 020 7448 6656
About Hiscox
Hiscox, headquartered in Bermuda, is a specialist insurance group listed on the London Stock Exchange (HSX.L). There are three main underwriting parts of the Group – Hiscox Global Markets, Hiscox UK and Europe, and Hiscox International. Hiscox Global Markets underwrites mainly internationally traded business in the London Market – generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd’s. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. Hiscox Insurance Company Ltd, Hiscox Underwriting Ltd, Hiscox ASM Ltd and Hiscox Syndicates Ltd are authorised and regulated by the Financial Services Authority.
For further information, visit www.hiscox.com