Crisis or no crisis, luxury cars are doing very well, also in China where the number of super-rich keeps on growing. China’s rich list founder Rupert Hoogewerf bets on the country’s luxury market and especially German cars, he tells The National.
In China, a car is about more than freedom, it’s above all about social status. As the affluent classes grow, so does demand for eye-catching limousines, 4x4s and sports cars. The country already has more than 60,000 people classified as “super-rich” with assets exceeding US$12m. Some 1,000 people in China have assets exceeding $320m, according to Rupert Hoogewerf, the publisher of the China Rich List.
“The luxury market in China will remain gigantic for at least another 10 years,” says Mr Hoogewerf. “The market is becoming more differentiated and competition is increasing. But demand for German luxury cars will remain big for many more years.”
Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.
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- China: It’s not easy being rich (bbc.co.uk)
- Private shoppping: new approach for wealthy Chinese consumers – Paul French (chinaherald.net)