Unlike lower and mid-priced cars, the luxury segment saw strong resilience during the pandemic in 2020. The restrictions on international trips led to high net worth individuals seeing unplanned savings in this area, and their spending was often diverted to other categories, such as cars.
Bans on overseas travel from Brazil have led to a more dynamic local luxury market. High-standard condominiums in the countryside or on the coast have become temporary homes for many high net worth consumers.
The local production of cars helps to reduce the prices for final consumers, as it avoids import taxes and protects the brands from the impact of unexpected currency devaluations. Imported hybrid and fully electric cars are free from some import taxes as they represent a more sustainable alternative than conventionally powered vehicles, since these cars emit less pollutants, and the government is offering incentives to accelerate the popularisation of these models.
Even though major mobility services operators, such as Uber, have been changing perceptions regarding the need to own a car, mobility services are now in a different situation due to the new worries brought by the pandemic. Private cars are likely to benefit from the need to avoid sharing items for personal use.
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This report originates from Passport, our Luxury Cars research and analysis database.
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