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Pre COVID-19, South Africa was already experiencing low consumer confidence, low economic growth and high unemployment. In 2020, with the emergence of COVID-19 and measures implemented to control the virus, South Africa’s real GDP declined into a deep recession, and unemployment rose above 30% by the end of the year.
Luxury cars produced locally by leading international players such as Mercedes-Benz, Bayerische Motoren Werke (BMW) and Volkswagen saw the interruption of their production at the start of the COVID-19 outbreak in South Africa during Q2 2020. Luxury car dealerships also closed during the second quarter of 2020, which negatively impacted sales.
Most retail value sales of premium and luxury cars are accounted for by the leading four brands, namely Mercedes-Benz, BMW, Audi and Land Rover. These brands continue to offer a wide range of premium and luxury cars to cater for different price points in the luxury segment.
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Discover the latest market trends and uncover sources of future market growth for the Luxury Cars industry in South Africa 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 South Africa, 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.