Edmunds Says Model X Is Attracting Younger, More Affluent Buyers To Tesla
Edmunds executive director of industry analysis, Jessica Caldwell, issued a release from a study of 5,523 Model X registrations.
According to Caldwell, Model X buyers are more affluent than Model S buyers (no surprised there, as the Model X costs slightly more than the S). In addition to being more affluent, Caldwell found that Model X buyers are younger than S buyers. This is somewhat surprising, considering wealth usually comes with age.
“If Tesla is going to succeed over the long term, it needs to break through to all shoppers and not just rich early adopters who tend to skew older and male.”
“The company certainly has a long way to go with affordability, but Model X has undeniably brought in more female buyers and Gen X’ers to the Tesla brand. That’s an encouraging sign as Tesla takes a make-or-break plunge into the mainstream market with the upcoming Model 3.”
Encouraging it is.
MediaPost details the process of the study and provides us with a breakdown of the results:
“Edmunds’ study looked at all 5,523 Model X registrations recorded during the model’s first nine months on the market, and compared them to all 4,242 Model S registrations during the sedan’s first nine months of sales.”
“In the first nine months of its life, only 14% of Model S buyers were women. The Model X, on the other hand, has more than doubled that figure, with women making up 30% of its buyers. Generation X, the forgotten generation sandwiched between Baby Boomers and Millennials, is the most important demographic for Tesla, but especially for Model X. Three out every five Model X owners are between the age of 35 and 54, compared to only about half of Model S buyers.”
“Neither Model X nor Model S falls within the price range of the average car shopper, but Tesla’s audience has only grown wealthier since the SUV’s introduction. Model X is selling to a slightly more affluent audience, with 87% of buyers having reported income in excess of $100,000, compared to 78% of Model S buyers.”
Are you surprised by these results?