Photo: Chinaautoweb.com
According to Bloomberg, which has been covering the luxury segment of car sales for quite a while now, the Chinese will end up buying more luxury cars than Americans by 2016.
A McKinsey study shows that “China premium car sales will probably surpass the U.S. as early as 2016 and equal that of Western Europe by 2020, driven by rising incomes in the world’s second-largest economy.”
This seems to fall exactly within what Susan Docherty, president and managing director of Chevrolet and Cadillac in Europe, said a while back: “If a luxury brand is successful in Europe, whether that brand is Chanel or Prada, or Mercedes or BMW, people in parts of Asia look to see what Europeans validate as true luxury.”
In China, the demand for luxury cars will continue to increase, based on the constant increase in revenue for the Chinese population. This upward tendency will continue until, in 2020, the sales will almost double from the 1.25 million cars sold in 2012. According to McKinsey, by 2016 the number of luxury cars delivered in China will reach 2.25 million.
This is good news for luxury brands such as BMW, Audi and Mercedes-Benz, especially since India seems to be closing the doors on luxury cars with the new Union Budged that has just been approved. However, that will only mean good news for the Chinese market since the 3 luxury giants will have to battle for the first place in the Chinese people's preferences.
This seems to fall exactly within what Susan Docherty, president and managing director of Chevrolet and Cadillac in Europe, said a while back: “If a luxury brand is successful in Europe, whether that brand is Chanel or Prada, or Mercedes or BMW, people in parts of Asia look to see what Europeans validate as true luxury.”
In China, the demand for luxury cars will continue to increase, based on the constant increase in revenue for the Chinese population. This upward tendency will continue until, in 2020, the sales will almost double from the 1.25 million cars sold in 2012. According to McKinsey, by 2016 the number of luxury cars delivered in China will reach 2.25 million.
This is good news for luxury brands such as BMW, Audi and Mercedes-Benz, especially since India seems to be closing the doors on luxury cars with the new Union Budged that has just been approved. However, that will only mean good news for the Chinese market since the 3 luxury giants will have to battle for the first place in the Chinese people's preferences.
Google News