Luxury Car Sales Booming in China
Wednesday, July 29th, 2009 |At the Beijing Auto Show organizers assigned 4,000 square meters of space for luxury cars, where top brands are displaying their new models.
Competition among luxury car brands in China is becoming more and more intense, with the latest indication of exciting times being the launching of Porsche AG’s new showroom in Shanghai last week. Even though the European luxury brands spread over different price ranges, they all have the climbing number of affluent Chinese customers in their sights.
According to a survey conducted, the number of China’s middle class, aged between 20 and 49 with annual incomes in the range of $8,000 and $27,000, will reach 100 million by 2016, an increase of 35 million from last year. Meanwhile, the nation has attained growth of more than 10 percent annually in gross domestic product over the past few years and has given birth to more than 300,000 millionaires in U.S.-dollar terms. According to the latest “rich list” made public in China, more than 500 people had assets of more than $100 million.
The market for luxury cars in China is not showing indications of backtracking. It is anticipated to grow 20 percent annually until 2008 and then at 10 percent per year until 2015, according to Ernst & Young. Freshers including Aston Martin, Lamborghini and Spyker are all struggling for new customers by taking part in auto shows.
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