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Cadillac ranked second overall in luxury brand considerations in the first quarter of 2022, surpassing Lexus in the percentage of customers willing to consider one of its vehicles.
Based on Blue Kelley book The quarterly Brand Watches Report, a study that analyzes consumer spending behavior to determine which automaker attracts a higher level of consideration, Cadillac jumped to second place in Q1 2022 in the luxury brand consideration group. The study found that 18 percent of potential luxury car buyers are seriously considering their vehicles, up from 13 percent in Q4 2021. Cadillac surpassed Lexus, relegating the Japanese luxury brand to third place with a 17 percent rate of consideration.
Lexus is the brand with the highest level of consideration in the fourth quarter of 2021, when it holds 20 percent in the luxury brand space. Lexus also outperformed BMW which took first place in the last quarter by a consideration of 21 percent, up one percent from Q4 2021.
KBB called Cadillac’s performance in Q1 2022 a bit of a “surprise.” A five percentage point increase in brand consideration makes American luxury brands the overall “biggest winner” in the luxury brand segment. Cadillac’s success can be attributed to the soaring popularity of the coveted Cadillac Escalade, which saw a 171 percent increase in spending during Q1 2021. Full-size luxury SUVs were the most purchased luxury vehicles, and the regular-size Escalade and the extended-length Escalade ESV were Cadillac’s only offerings. to see gains in metrics.
Additionally, the Escalade’s Average Transaction Price (ATP) is up to $100,000, with many dealers asking for more than the MSRP for luxury SUVs, suggesting that the high price point is not a barrier for customers looking to secure their own.
KBB also cited the all-new Cadillac Lyriq 2023 electric crossover as a major source of publicity for the luxury brand. Beyond that, more customers shopped for the XT5 or CT5 last quarter, further driving Cadillac’s brand consideration statistics.
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