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Learn moreFeb 2020
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Luxury cars experienced another tough year in 2019. The reason for plummeting sales can be attributed to low consumer confidence amid economic uncertainty, with real GDP growth down to a trickle.
Consumers are showing a tendency to cut down their spending on cars as they prioritise other long-term goals. In 2019, there was a record number of South Africans applying for second passports and residencies, especially in European countries.
The anaemic economic situation, characterised by rising unemployment, higher income taxes, restricted access to credit and marginal recovery from recession are having an impact on consumer behaviour. The weakening of the rand against major currencies is adding upward pressure to unit prices.
Almost all retail value sales of luxury cars are accounted for by the leading four brands, namely Mercedes-Benz, BMW, Audi and Land Rover. The success of the top four brands lies in the fact that they have a wider product offering with more varied model ranges at different price points, even within their luxury range.
There is a growing trend towards SUVs, not only for the aesthetic appeal but also because these cars provide more comfort thanks to their spaciousness, improved safety as they sit higher on the road, and versatility in terms of off-road capabilities. South Africa offers unique natural scenery and landscapes but these are often inaccessible because of poor road networks.
Institutional purchases, eg from the government and corporate sectors, boosts demand for some luxury car brands. Historically, the South African government has spent millions on luxury cars for its top-ranking officials, although there is currently a shift in spending with the present government.
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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.
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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.