SHANGHAI: China’s most affluent young women are snapping up luxury sports cars as a symbol of their newfound wealth and status within Chinese society, according to new data.
While automotive marketing has been traditionally male-oriented, it’s the spending habits of China’s richest women who are now attracting the attention of luxury carmakers.
Brands such as Maserati, Porsche and Ferrari are all benefiting from an increased focus on self-made female entrepreneurs and professional women in China as a lucrative audience.
As reported by Jing Daily, Chinese women now account for 40% of Maserati purchases in China, according to Bo Yaming, Maserati’s Managing Director in China. This is a vastly higher percentage than in other markets, where women make up less than 5% of Maserati buyers.
Wealthy Chinese women have become an undeniable moneymaker in China’s luxury automotive category, as their purchase power continues to grow.
China is home to two-thirds of the world’s self-made female billionaires and Chinese women overall are enjoying more disposable incomes than ever before as a result of increased educational and professional opportunities.
Maserati has been quick to capitalise on the interest from Chinese women, partnering with luxury brands including lingerie company La Perla and Giorgio Armani cosmetics to raise brand awareness, while also joining other high-end luxury brands in exploring China’s booming e-commerce sector.
Other sportscar brands, including Porsche and Ferrari, are seeing similar trends, with 40% of Porsche purchases made by Chinese women in 2015, while Ferrari has noted that Chinese women are four times more likely to buy one of its models than women in the West.
Data sourced from Jing Daily; additional content by WARC staff