Predicted to become the biggest premium car market in 2016, China – a nation of a million millionaires – are buying more luxury cars than ever. Research from the Hurun Research Institute finds young, wealthy men to be the most prominent buyers.
Supercars are high performance vehicles; super fast, super exclusive, and super expensive. About 20,000 supercars are sold globally each year, but in Korea the market for them is rapidly expanding - opening a new channel for manufacturers to explore.
The global premium and luxury car industry was worth €319 billion in 2013. As Audi, BMW and Mercedes compete for market share, can Mercedes' Predictive User Experience – which accurately predicts the driver’s behaviour and adjusts to their preferences – put it on top?
Is tea still the most popular drink in China? And do logo-centric brands still dominate luxury? In our 2014 / 15 cultural snapshot of China, we demystify cultural myths, shed light on the country’s economic outlook, and explore the emerging and established trends across eleven sectors.
Chinese consumers are buying up luxury goods both domestically and abroad at an unprecedented rate, and there seems to be no limit to the growth in their luxury purchases. But the question remains – why do they buy?