Premium and luxury cars are viewed as a symbol of high socioeconomic status in Ukraine and there was still demand for such cars in 2020, despite COVID-19 and the worsening economy. Wealthier Ukrainians, typically large business owners, consider a premium or luxury car as a must-have item.
Daimler’s Mercedes-Benz is the clear leading brand in luxury cars. A very strong brand image is enhanced by advertisements in the printed media, especially business magazines, and sponsorship events.
Though premium and luxury cars were not as badly hit as other luxury goods due to COVID-19, the pandemic did bring about a change in consumer behaviours. With finances tighter for many consumers, there was a surge in second-hand sales of premium and luxury cars.
Value sales in premium and luxury cars is expected to gradually rebound after COVID-19 and perform better than overall value sales in cars in Ukraine. Once, the threat of COVID-19 subsides and there are no social distancing and hygiene measures in show rooms, then value sales should pick up.
Ukrainians are gradually shifting to more affordable premium and luxury cars such as BMW and Mercedes-Benz, which are still seen as a status symbol, but are more affordable compared to other premium and luxury brands. These brands are expected to grow even more popular over the forecast period, as consumers become more price sensitive, due to the economic effects of COVID-19.
An underdeveloped infrastructure is keeping the brakes on value sales of electric cars. In the longer term, if the infrastructure improves, in terms of availability of charging points and an increase in operators that have the know-how to service electric scars, then value sales should increase.
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This report originates from Passport, our Luxury Cars research and analysis database.
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