Premium and luxury car sales plummeted in the March-May lockdown phase in Canada in 2020. Provincial governments, such as the largest province of Ontario, implemented emergency orders in early April which shut down in-person vehicle sales and showrooms.
First-time buyers of premium and luxury cars were a catalyst as sales bounced back in the reopening phase. Consumers showed new interest in car ownership due to concerns over the health risks of COVID-19 on public transport and through ride sharing services such as Uber.
While car dealerships remain the most popular distribution channel for luxury cars, the internet has changed the car buying process. Customers can research online and obtain the information they need about the features and prices of premium and luxury cars.
The decline in sales of premium and luxury cars in Canada in 2020 looks to be a temporary setback. Sales are set to witness strong recovery in 2021 and exceed 2019 levels.
The recovery in sales of premium and luxury cars is expected to be led by SUVs which remain exceedingly popular with Canadian consumers. Multiple factors create strong demand for SUVs, including an ageing population looking for safe and roomy vehicles, Canada’s harsh winters and long road distances, as well as SUV features such as ample boot space, ease of entry/exit and luxury features in a range of vehicle sizes.
Electric vehicles have continued to improve in terms of performance and environmental trends. Brands are continuing to introduce new models in Canada despite the economic impact of COVID-19.
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This report originates from Passport, our Luxury Cars research and analysis database.
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