Government measures to contain the COVID-19 pandemic is set to have a significant impact on sales of premium and luxury cars. The lockdown announced by the Swiss Bundesrat between March 16th and May 11th shuttered car showrooms, and effectively cut off consumer ability to place new orders for two months.
Switzerland is an affluent country, with a large base of high net worth individuals. These consumers are less likely to be hit by any pandemic-driven economic contraction.
German companies Daimler AG, Bayerische Motoren Werke AG and Volkswagen AG continue to dominate sales of luxury cars in 2020, accounting for well over three quarters of sales between them. However, the three leading brands Audi, BMW and Mercedes-Benz have all seen a difficult first half of the year, with Audi registering the highest drop in value sales and new car registrations.
Strengthening green trends offer significant opportunities for value development in premium and luxury cars. Switzerland is a relatively small country, with a high density of electric charging stations.
The onset of COVID-19 meant that the Geneva International Motor Show, the flagship premium and luxury car show in Europe, had to be cancelled at very short notice. This rattled the industry.
Typically associated with lower budget options, flexible car ownership and car sharing models are set to grow in importance in premium and luxury cars in Switzerland. Consumer trends created by the pandemic, such as the increase in working from home, a reluctance to travel and the short term desire to reduce spending, are leading even the wealthiest consumers to look at flexible car-use solutions.
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This report originates from Passport, our Luxury Cars research and analysis database.
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