Tesla has tied Lexus for the lead in customer satisfaction among luxury automakers, according to a new study.
The American Customer Satisfaction Index (ACSI) is a national indicator of the quality of economic output for goods and services and helps consumers make decisions based on the experiences of others. The Index was developed at the University of Michigan and helps track customer satisfaction among more than 400 of the largest companies in the United States.
The ACSI released its 2023 study for the American automotive industry, which revealed Tesla had tied Lexus for the lead among luxury automakers.
Last year, Lexus scored an 84 out of 100. This year, the company slid just one point to 83, while Tesla improved from 79 to 83 to tie Lexus for the top spot.
According to the ACSI report, technology is a major factor for younger buyers of luxury vehicles, and more younger people are buying cars that fit this category.
“For these younger buyers, technology is the driving factor,” the survey said. “In this area, luxury vehicles live up to the hype: They outperform mass market by a score of 83 to 78.”
Younger car buyers are more satisfied with luxury purchases than those who purchase mass-market cars. Younger people are defined as those aged between 26 to 41, and their satisfaction with luxury vehicles as a whole is five points higher than those who bought mass-market cars, scoring 82 as opposed to 77.
In terms of the industry as a whole, customer satisfaction improved by 3 percent to a score of 79.
Associate Professor of Marketing at Michigan State and Director of Research Emeritus at the ACSI, Forrest Morgeson, said:
“Satisfaction with the auto industry as a whole has fully rebounded to pre-pandemic levels, and consumer demand is strong despite rising interest rates. The supply chain kinks that slowed production during the pandemic are starting to wane, and more cars are back in stock. Nearly every aspect of the driver experience — including driving performance, safety, dependability, gas mileage, and warranties — is better. And, despite higher prices, value perceptions have improved as well. These factors bode well for automakers — and their sales figures — in the second half of 2023.”
Tesla has been crowned the king of luxury vehicles by other publications, including recognition from Experian earlier this year.
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