Despite growing fears of deflation, luxury cars brands such as Lamborghini are enjoying strong sales in Korea.
From January to October of this year, 18,194 units of imported cars were sold in Korea, down 13.2 percent from the same period of last year, said the Korea Automobile Importers and Distributors Association (KAIDA) on Nov. 10.
Imported car sales reached the highest point in Korea last year. Yet sales declined this year due to a combination of environmental regulations and a supply shortage. But such luxury brands as Lamborghini, Rolls-Royce and Porsche, with prices ranging from 200 million won to 700 million won a unit, are enjoying a steady increase in sales this year.
The most prominent brand is Lamborghini. Audi Korea, the sales agent in Korea of the Italian brand, sold 130 units by the end of October. The figure represented a 16-fold increase from eight in the same period last year.
Sales of Rolls-Royce, one of the most famous luxury car brands in the world, are on a sharp rise. Rolls-Royce sold 140 units in October this year, up 44 percent from 97 in the same period of the previous year.
Porsche’s sales are also soaring in Korea. Its sales in the January-October period of this year declined from last year as customers waited for the release of new models in October. Yet its sales of 3,351 units in the first nine months were a 10.3 percent jump from 3,037 units in the same period of last year.
Wealthy people’s spending drove up sales of high-priced luxury imported cars. A fear of deflation is rising and private consumption is shrinking as the inflation rate fell for two consecutive months in August and September, but the wealthy are using a price drop as an opportunity for shopping.