Statistics from Boston Consulting Group show that by the end of 2009, China had 450,000 millionaires (calculated in US dollars), and over the next four years that number will rise to 800,000.
(…) "China has been the most important market for luxury vehicles, so with consumption power increasing, the structure of the global automobile market is also changing and shifting its focus to China," said Liu Siyang, chief researcher with Samsung Economic Research Institute. (…)
In 2008, 33.4 out of 100 Chinese families owned a vehicle, compared with 16.2 out of 100 in 2005.
According to the German luxury carmaker Audi, last year, 392,000 premium cars were sold in China, a surge of 38 percent over 2008.
"In the European and American markets, as well as Japan, one out of every five car owners drives a luxury sedan. However, the figure in China is one in 10," Klaus Maier, president and CEO of Mercedes-Benz China told China Daily, indicating the growth potential for the luxury car market is strong.(…)
"China was our group’s fourth-largest market last year we are confident that the country will be Mercedes’ No 3 global market this year," said Maier.(…)
Johannes Thammer, general manager of Audi sales division at Sino-German joint venture FAW Volkswagen Automobile Co, said he expects China’s overall luxury car sector to rise by 25 to 30 percent this year.(…)
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