Gulf’s Luxury Car Market Seems To Be Recovering in 2017
Saudi Arabia has shown significant growth for Aston Martin.
Gulf’s luxury car market has been heavily impacted by government budget cuts, lower oil prices, and currency fluctuations. But the stats of the first half of 2017 indicate that luxury car market in the Middle East seems to be recovering.
The financial services firm IHS says, Saudi Arabia has shown significant growth for Aston Martin with 20 cars already sold this year in comparison to 8 in 2016, which shows a 150 percent growth. Jeddah came on the top while Riyadh and Al Khobar also contributed well.
Christopher Sheppard, chief executive of Aston Martin, elaborated that the belief of consumers was affected by the decreased oil prices and spending cut backs. Luxury and e-commerce indeed go hand-in-hand. But this year has been very kind to gulf’s luxury car market especially to Aston Martin since they are now second to Ferrari, the long-term market leader.
IHS figures further state that Aston Martin grew by 15 percent, while Bentley rose by 9 percent by mid-may in the UAE. As the spending of governments in GCC is recovering, it is analyzed the gulf’s luxury car market may not hit bottom.