At the ongoing Guangzhou Auto Show, luxury car makers from around the world are displaying their posh rides in a bid to attract China's ultra-rich. Bentley's, Maybach's and Rolls-Royces, just to name a few, were all in attendance. They know that China’s wealthy love to flaunt it and they’ve got just the rides for them to show it.
Forget BMWs and Mercedes, China’s ultra wealthy needs something much more exclusive. We’re talking about Bentleys, Maybachs, and Rolls Royces. These ultra luxury cars were lined up at the annual Guangzhou auto show, ready for inspection by mainland buyers. The star of this year’s show is a special Year of the Dragon Rolls Royce, marking the Chinese Year of the Dragon which starts next year.
Global luxury carmakers are bringing out limited edition models just for the Chinese market, as the number of millionaires created every year continues to rise.
Brand director Richard Leopold from Bentley China said: "The reason we do the exclusive limited editions is because that’s exactly what the Chinese like. They like to have something built for them, that is very specific."
China is fast becoming a major market for luxury car makers, the number of Chinese who are able to afford these cars are growing at a remarkable pace. Surveys show the number of high net worth individuals in the country blew past the half million mark last year with luxury auto sales seen topping the U.S. in the next few years, and many Chinese are certainly not afraid to show that new found wealth to society.
Auto analyst Klaus Paur from Synovate Motor said: "They are more and more comfortable in showing their richness, in showing off, of course, their economic success, but also they are buying these cars in order to obtain some self-gratification."
The 2011 Guangzhou Auto Show comes at a critical time for the Chinese car market, which after years of explosive expansion, has seen signs of slowing growth. But car makers are optimistic for the upcoming year, with many of China’s major joint ventures announcing new brands.