Published on : Mar 10, 2015
Flashy Bentleys and Maseratis are becoming the preferred choice of car for young and riche South Koreans, shadowing the luxurious German brands which have become so common in the Seoul’s Gangnam district.
Song Ji-hoon, a chef-restaurateur sold his Mercedes-Benz CLS a year before and bought a Maserati model. He stated that the younger generation is ready to spend on things they like and enjoy with an advantage of their parents who have saved a fortune in the past. He also said that the streets are full with German models and hence a Maserati is a rare view which the owner enjoys.
South Korea being the seventh-largest market for Fiat Chrysler’s Maserati, showed an increase in sales which recorded 723 cars in the previous year. The sales reached this high immediately after the brand introduced its new model - Ghibli sports sedan, which is priced around US$90,000.
According to Kevin Kang, COO of the joint dealership of British-owned luxurious brands McLaren Automotive and Aston Martin, the Korean consumers have higher aspirations of being wealthy. Moreover, they want to flaunt themselves with their assets. Hence, driving in a six-figure plus top-end car is believed to a status symbol for the younger generation.
In some cases, owners of the ultra-luxury cars prefer discretion as well. A businessman, who is in his 40s, told that he purchased a blue Ferrari 355 Spider which he can enjoy on weekends. Moreover, he also owns a Porsche and a Maserati, but prefer driving a Hyundai SUV to work every day. He further states that with this, people look at his cars and is also kept away from his employee’s eyes.
The sales of international brands which were priced around 150 million won an amount of US$136,339 which nearly doubled in the last year. This was a result of more wealthy drivers went for “ultra-premium” cars and flaunted, a trend mocked and celebrated in the 2012 hit song by Psy – ‘Gangnam Style’.