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NEW YORK – Conspicuous consumption has taken a back seat during these hard times, and an apparent beneficiary of that is the Hyundai Genesis, introduced last year as an affordable upscale sedan.
Starting at $32,250, it has drawn buyers who until recently might have opted for more costly prestige cars, such as the Mercedes-Benz S-Class (stickered at $89,350 and up), says John Krafcik, president and CEO of Hyundai Motor America.
Such a downshifting in consumer preferences may be tied to today’s public disdain of perceived excesses, from Wall Street bonuses to corporate jets. If there’s a time for flaunting it, it’s not now.
So, the Genesis becomes an understated luxury for many affluent consumers who want to avoid overt displays of extravagance and status, Krafcik says.
“A huge number of Genesis buyers are coming from premium brands,” he says at the auto show here, where Hyundai unveils its Nuvis concept cross/utility vehicle. It also displays the Equus, a costlier car than the Genesis, but only sold in South Korea, Hyundai’s homeland. Ward’s has reported Hyundai hopes to sell the Equus in the U.S. in about two years.
Read More at WardsAutoWorld.com
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