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The COVID-19 pandemic had a devastating impact on the global economy in 2020, with consumers in all socio-economic groups in Hong Kong significantly affected, except for the most affluent consumers. The wealthiest consumers - aged 18 and over with net wealth above USD1 million – did not experience a marked decline in purchasing power due to the pandemic and these are the main consumers of premium and luxury cars.
Mercedes-Benz Hong Kong, together with its sole dealer Zung Fu, saw the capacity to operate during the markedly changed conditions of the pandemic enhanced by the launch of a digital sales service, which offered a seamless and convenient online experience for customers. Through the virtual showroom, customers can visit the Mercedes-Benz Hong Kong Brand Centre via a 360-degree virtual tour, where they can order their favourite model at the online sales platform without stepping out of their homes.
Since the launch of electric private cars in Hong Kong in 2010, the growth of the overall number of registered electric cars has been constrained by both the number of charging stations and technological issues that affect the overall driving experience associated with electric cars. After a decade, the Hong Kong Government acted to promote electric cars in order to improve environmental conditions, launching the “One-for-One Replacement” scheme in 2018, as well as increasing the number of electric car charging stations in Hong Kong to over 3,000 in 2020, representing one-fifth of the number of registered electric cars in Hong Kong.
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Discover the latest market trends and uncover sources of future market growth for the Luxury Cars industry in Hong Kong, China with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Luxury Cars industry in Hong Kong, China, our research will save you time and money while empowering you to make informed, profitable decisions.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.