Over the review period Spain went through one of the most difficult economic times in its recent history. This dramatically changed the attitude of Spaniards towards spending.
After managing a difficult review period, with most Spanish consumers being affected by the deep economic crisis and their expenditure behaviour being influenced by declining average wages, the recovery of the Spanish economy is resulting in Spaniards allocating a higher amount of their disposable incomes to having experiences rather than accumulating goods. This limited the performance of luxury cars in 2018, and is also set to continue do so over the forecast period.
Spanish cities are increasingly working to be more sustainable. This is resulting in bigger cities having more space dedicated to bikes, the arrival of public electric bicycles, and the prohibition of driving cars within city limits if pollution is high.
The competitive landscape in luxury cars in Spain is almost entirely in the hands of three mainstream German manufacturers – Volkswagen, Daimler and Bayerische Motoren Werke in value terms. These companies benefit from the good reputation and image of their respective heritage brands – Audi, Mercedes-Benz and BMW.
Amongst the three leading companies, the one recording the weakest performance in value terms in 2017 was Volkswagen. This was the result of a decline in the average unit price of its cars sold in the country.
In Spain there are a number of luxury car brands that are not particularly popular; this is the case with Alpina, Fisker and Bugatti. In fact, in 2017 no cars were sold by these brands.
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This report originates from Passport, our Luxury Cars research and analysis database.
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