Porsche's record year in China and the US
Whilst Europe struggles through an economic slump, prestige car manufacturer Porsche have seen an unprecedented upturn in demand from China and the US. Bernhard Maier, Porsche AG board member for sales and marketing, reported that sales figures in the last month alone were up 39% on November 2011.
In the 11 months to November, Porsche managed to sell 128,978 cars worldwide, already beating the 118,686 cars sold in the entire of 2011. The German manufacturer is succeeding despite a 7.1% overall fall in car sales across Europe this year, driven by one of the most uncertain economic climates in the last 20 years.
Worst hit of the car manufacturers are those catering to the middle of the market, whereas the top end and budget producers are doing reasonably well. One reason for this according to international economics experts is huge growth in the emerging markets such as China. A report by Paris based research company, Robb and Ipsos, backs this up. The report shows that leather goods and automobiles are the top two products being bought by rich Chinese people, with sports cars accounting for 20% of those considered for purchase in 2012.
With the number of high net worth people in China doubling from 2008 to 2011 and expected to double again by 2015, it looks like a the unprecedented growth for prestige car makers should continue for at least the next few years.