Having plunged by almost a quarter during 2020 due to the economic shock of the pandemic and the fact that most consumers were driving much less, unit volume sales of premium and luxury cars soared by more than a third in 2021. With the Spanish economy in crisis and the rate of unemployment soaring, conspicuous consumption fell out of fashion during 2020, but it made a comeback in 2021.
German marques remain dominant, with Daimler AG’s Mercedes Benz, Bayerische Motoren Werke AG’s BMW and Volkswagen AG’s Audi accounting for more than four fifths of retail value sales of premium and luxury cars between them in 2020. However, Tesla Inc’s eponymous marque is an emerging presence, as interest in electric cars is growing.
The second-hand market for luxury cars is growing in Spain, and some purchasers of premium and luxury vehicles view them (at least in part) as an investment. Marques like Porsche tend to particularly popular in this regard.
While unit volume sales of premium and luxury cars will continue to rise in 2022, they will decline during the forecast period as a whole. This fall will be even steeper in terms of retail constant value sales.
Electric cars will continue to grow in popularity, with Tesla leading the way. As baby boomers age, marketing in premium and luxury cars will increasingly focus on Gen X and millennials, and members of the latter cohort in particular tends to be more aware of the environmental impact of their consumption choices.
A new incentive plan came into effect in Spain during 2020 to encourage sustainable mobility. The plan, called MOVES (mobilidad eficiente y sostenible), has a budget of EUR65 million.
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This report originates from Passport, our Luxury Cars research and analysis database.
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