luxury cars saw record sales. As the world continues to recover from the coronavirus pandemic, leading luxury car manufacturers such as Lamborghini, Ferrari, and Rolls-Royce have been experiencing an unprecedented demand for their supercars. According to market research firm Jato Dynamics’ Felipe Munoz, the richest people worldwide will cut back on their consumption in 2020, with “double-digit” sales declines for manufacturers of the most coveted automobiles. However, he went on to say that “customers for these cars were not as exposed as others” to the financial consequences of pandemic restrictions. Munoz stated that the wealthy’s “major problem was that they couldn’t get out of their houses.”
They put off making purchases. In comparison to manufacturers of mass-market vehicles, exclusive automobiles were already experiencing a rebound in the final quarter of 2020 as they resorted to their platinum credit cards to cushion the impact of pandemic restrictions. Lamborghini, which is owned by Volkswagen, sold 7,430 vehicles last year, breaking its 2019 sales record thanks to the SUV’s hefty Urus, which costs around 200,000 euros (or $243,00). However, management claims that the black horse brand now has an “order book at record levels.” This is made possible by the windscreen-free two-seater Monza, which is estimated to cost around 1.7 million euros and is priced at 450,000 euros. The SF90 Stradale is the first plug-in hybrid produced by the company. When Ferrari becomes the last luxury manufacturer to offer an SUV with the Purosangue next year, it hopes to sell more than 10,000 units. “Time to appreciate life” Guillaume Crunelle, an analyst in the automobile industry with Deloitte, says, “The luxury market still has very specific rules and customers.” “Behavior is much more linked to personal situations, how their wealth is developing, rather than market trends.”
After a year with less consumption, “there is quite some money around to be spent,” Rolls-Royce chief executive Torsten Muller-Otvos told Agence France-Presse (AFP).
But the boss of the BMW subsidiary also sees the pandemic’s effects on people’s buying habits.
