Chinese Millionaires Go To Guy for exotic cars | CNBC
The young man in his early 30s entered the Jaguar Land Rover dealer in the Pudong District of Shanghai upscale and surveyed a new model XF.
This is the new face of the buyer of luxury automobile in China.
Young, rich and looking for a luxury car that makes a statement.
The average buyer here in China is about 10 years less than in the US, said Ralf Speth, CEO of Jaguar Land Rover.
The youth movement in luxury motoring in China is driving the luxury car market to record sales over the past ten years, luxury car sales in China increased by 36 percent per year.
These are people who are young and enterprising and have wealth, so they want a car that shows, said Speth.
As China's rich have bought more luxury cars and sport utility vehicles, one thing is clear they love the German automobile brands.
The Big Three automakers are Audi, BMW and Mercedes-Benz.
Between them, they account for nearly three out of four luxury cars sold in China.
China is the place to be, said CEO of Mercedes-Benz, Dieter Zetsche, shortly after unveiling new compact luxury SUV of the company, the GLA class.
Zetsche said that China is changing so rapidly, it seems like a different country when he visits every three to four months Another thing he's noticed how young buyers now dominate the market.
It is not unusual for a former driving an S-30 class here In fact, it is expected, Zetsche said.
For decades, America has been the most lucrative auto market in the world it was not only the biggest brands for the mass market, but also for the luxury segment.
He is the reason for BMW, Mercedes and Lexus have fought so hard over the last decade to win the title of best-selling luxury brand in the U S.
These days the battle is widespread in China, now the second largest luxury car market in the world, with sales of $ 1 25 million in luxury cars and sport utility vehicles last year, relative to 1 7 million in the U S.
By 2016, China will take the U S in luxury vehicle sales.
Forecast Now the Chinese plan to buy 3 million luxury cars every year at the end of the decade By comparison, sales of luxury U S 2020 should be February 25 millions.
That is why many believe that China, not the U S has already become the largest market in the world for luxury carmakers.
The market in California and flows back down like any other market in the US, said Michael Robinet, a consultant IHS Automotive But I think China is really considered and reserved as a luxury growth market for the next decade.
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