In 2020, they sold 234 units of their luxury cars, which is almost 5 times more than Lambo (42) and Ferrari (44).
Why is that surprising?
Well, Bentley sold just 67 units in 2019.
For context, the highest end Bentley Flying Spur would cost you around $1m in Singapore, all-in.
Even Rolls-Royce is having a field day.
They sold 49 units in the first half of 2021.
That is almost as much as they sold in 2020, 54 units!
The Rolls-Royce Cullinan, which is their popular ultra-luxury SUV, cost a whopping $1.5m.
So…whos buying all these super cars?
Of course, the ultra-rich.
But why are the ultra-rich in Singapore spending more on luxury cars?
Why now?
Well, the first thing you have to understand is that the ultra-wealthy don’t make money like we do.
They make most of their money when passively.
Via appreciation of land, properties, stocks, bonds, equity in companies, cryptocurrencies .etc
These things make you money even when you sleep or lounge on the beach.
And no, they didn’t listen to that “financial guru” on YouTube who promised “instant wealth” if you gave him just 15s of your time.
So don’t be foolish.
That is why, during the pandemic, when ordinary joes like you and me, are panicking over whether we will still have a job, they have different concerns.
With nowhere to fly to, no lavish vacations to splurge on and no exotic places to travel to, they are forced to find pleasure and fun in whatever they can.
That means buying more toys, cars, yachts, eating really expensive food .etc
Perhaps that is why luxury car sales across ALL super car brands are posting record highs.
For startups and hustlers out there.
Take a leaf from this.
Think of what the ultra-rich will want or need when the market and economy starts opening up soon.
There have never been a time where so many ultra-rich are pent-up and tied down, unable to spend and travel.
This may be a great market to work on.
The good thing about dealing with rich people is that they are definitely different.
They see money differently and in turn, see the world differently.
Haggling with Carousell low-ballers over $5 can be such a pain.
But a wealthy client will happily tip you $500 for smiling at them when you deliver their car.
Think about it.
Don’t you agree?
Let me know what you think.
-
#startups #business #startupx #millionaires #ultrarich #wealth #finance #supercars #bentley #success #socialmedia #richpeople #entrepreneurship #strategy
