2024-03-20 23:10:23
The boss of Bentley named an unexpected reason for the decline in sales of the British brand. Last year, demand for the luxury car fell for the first time in five years, with Bentley setting record after record since 2019. In addition to economic problems and high interest rates, “a certain level of emotional sensitivity” among wealthy customers is the reason for the decline in sales, according to Bentley CEO Adrian Hallmark.
The company ended last year with an 11% decline, selling 13,560 cars worldwide. According to Hallmark, Bentley customers can still afford the brand’s cars despite the shaky economy. The main reason for the decline in sales is “emotional sensitivity”.
Clients have become more cautious about displaying wealth in some countries experiencing economic and political difficulties. These are, for example, Great Britain and the largest car market in the world – China.
Bentley has seen an increase in interest in the expensive versions of the Azure, S and Speed. Their share jumped to 70 percent from 30 percent in 2022. This means that “emotional sensitivity” is more likely to hinder buyers of the base Bentayga crossovers, which are significantly cheaper.