Sales of Imported Luxury Cars Plummet in Major Chinese Cities: Latest Data
It showed that weak consumer spending had spread from general population to higher-income groups amid a persistent sluggish economy, an analyst said.
Chinese sales of imported vehicles, particularly luxury cars, saw a significant decline in September, with imports falling 49% year-on-year. This trend is attributed to factors contributing to a sluggish economy, impacting even higher-income consumers. Major cities like Guangzhou experienced sharp drops in luxury car sales, indicating a widespread economic slowdown.
- Imported vehicle sales in China decreased by 49% year-on-year in September, totaling 21,000 units.
- For the first three quarters, total imports were down 20% year-on-year, with retail sales falling 39%.
- Luxury vehicle sales declines were most significant in major Chinese cities and regional hubs.
- Guangzhou saw a 46% drop in imported vehicle sales, while other cities like Chengdu and Hangzhou experienced over 40% declines.
- Analysts attribute the slump to a sluggish economy affecting consumer spending, even among higher-income groups.
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