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The lockdown measurers due to the Covid-19 pandemic forced all car dealerships to close for an extended period during the first half of 2020. In response to this, many luxury car players focused their efforts on engaging consumers online and enabling the traditionally high-touch, physical sales process to be done in an online environment.
The drastic drop in sales due to the closure of showrooms in the first half of 2020 caused many luxury car brands to react with aggressive promotions and financing options in a bid to boost sales. Examples include BMW, which slashed the prices of its luxury 5, 6 and 7 series cars by roughly a third, giving consumers up to PHP3 million off selected models.
Although impacted by the strict lockdown measurers, Lexus experienced relatively strong demand during the first half of 2020 and is expected to end the year with an increased share of sales and strong year-on-year growth over 2019. The launch of the luxury LM minivan contributed to this performance, with Lexus securing 300 pre-orders in February, even before the official launch date.
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Discover the latest market trends and uncover sources of future market growth for the Luxury Cars industry in Philippines 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 Philippines, 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.