Market Report - Luxury Cars Find Traction in Asia
Created: 2007-10-26 11:33 EST
Category: Business
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ZHANG:
Asia has become the world's biggest luxury market and for high-end car makers. Home to millions of people with millions to spend, Asia is not just an "Old Boys" car club anymore.
[Marco Mattiacci, CEO, Ferrari Asia]:
"The average age of a Ferrari customer worldwide is 45-50 years old. In Asia it's 36 years old. In China, we have a percentage of women of 7-8%, compared to 1% worldwide."
Yet Rolls-Royce CEO Ian Robertson says that while his brand may be dominant, luxury auto makers must realize that competition comes not just from cars.
[Ian Robertson, CEO, Rolls-Royce]:
"In cars over $300,000 we've got about 60+% of the segment. In overall numbers that is quite a dominant position. Having said all of that, we're competing for share of mind, because the customers who are buying these products also have other things they can spend their money on, so not just cars, but boats, planes, real estate."
Japan has nearly $12 trillion in household assets, and its consumption of luxury goods is high. Whether it's the 2008 Rolls Phantom Drophead Coupe or the 1930 Phantom, some Japanese are finding garage space for classics.
Takehiko Kurihara says his 1926 Bentley is one of four vintage cars in his shed, but price can become an issue.
Indeed, whether buying new or old luxury autos, what's key for those who can afford the pleasure is getting their dream cars on the road.
Asia has become the world's biggest luxury market and for high-end car makers. Home to millions of people with millions to spend, Asia is not just an "Old Boys" car club anymore.
[Marco Mattiacci, CEO, Ferrari Asia]:
"The average age of a Ferrari customer worldwide is 45-50 years old. In Asia it's 36 years old. In China, we have a percentage of women of 7-8%, compared to 1% worldwide."
Yet Rolls-Royce CEO Ian Robertson says that while his brand may be dominant, luxury auto makers must realize that competition comes not just from cars.
[Ian Robertson, CEO, Rolls-Royce]:
"In cars over $300,000 we've got about 60+% of the segment. In overall numbers that is quite a dominant position. Having said all of that, we're competing for share of mind, because the customers who are buying these products also have other things they can spend their money on, so not just cars, but boats, planes, real estate."
Japan has nearly $12 trillion in household assets, and its consumption of luxury goods is high. Whether it's the 2008 Rolls Phantom Drophead Coupe or the 1930 Phantom, some Japanese are finding garage space for classics.
Takehiko Kurihara says his 1926 Bentley is one of four vintage cars in his shed, but price can become an issue.
Indeed, whether buying new or old luxury autos, what's key for those who can afford the pleasure is getting their dream cars on the road.
