The luxury car industry was less affected than the rest of the automotive industry during the health crisis and is now experiencing a rapid recovery.
The luxury car sector was less affected than the rest of the automotive industry by the health crisis, and is now experiencing a rapid recovery.
Accustomed to emerging intact from crises, luxury cars have become a safe haven and a reassuring purchase for investors. Yet in 2020, “they posted double-digit sales declines,” said Felipe Munoz, an expert at Jato Dynamics.
It will take until the last quarter of 2020 to see a recovery in luxury auto sales. “It wasn’t a money problem, it’s just that buyers were stuck at home. They postponed their purchases,” Felipe Munoz adds.
Luxury cars have become a safe haven and a reassuring purchase for investors as a result of the many crises they have experienced. However, in 2020, “they posted double-digit sales declines,” said Felipe Munoz, an expert at Jato Dynamics.
While the rest of the automotive sector was paralyzed due to the temporary shutdown of production lines, the majority of luxury car brands were able to continue sales through their private production.
“Luxury continues to live with very specific codes and clientele,” says Guillaume Crunelle of Deloitte. “We are dealing with behaviors that are more related to personal situations, to the evolution of wealth, than to market trends“.
These luxury brands have thus continued their sales, and the recovery has been particularly accelerated by China. Indeed, the world’s largest automotive market has been the engine of growth in the automotive industry during the crisis.
“In China, the economy was not paralyzed for months like in the rest of the world,” says Felipe Munoz. “With more and more millionaires and billionaires every year, this trend should continue.”
In an interview with AFP, Torsten Müller-Otvos, CEO of British carmaker Rolls-Royce, said, “I’ve been impressed by the number of customers who have told us that with Covid, they’ve realized that they could die tomorrow and that now is the time to enjoy life,” saying that there is “a lot of money ready to be spent ed-italia.com.”
The British car manufacturer unveiled yesterday a new model of collector’s car, whose rear is inspired by the lines of a yacht: the Rolls-Royce Boat Tail. The brand announced that only three units have been designed so far. This car would be marketed at 28 million dollars, thus becoming the most expensive new car in the world.
The Ferrari brand, which suffered a 10% drop in sales in 2020, has also been picking up speed since the beginning of the year. With the release of its first hybrid sports car, the SF90 Stradale, and the Monza, estimated at 1.7 million euros, the Italian carmaker announced that it has a “record order book“.
Featured photo : © Rolls-Royce
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