With the demographic on high net worth/high-income individuals set to grow three to five percent annually over the next several years, the trend of the highest end of the luxury market growing and experiencing record-setting sales is expected to continue.
The Economist reports that Rolls-Royce, a division of the BMW Group, sold a record 3,575 cars in 2012. Volkswagen’s Bentley Motors also experienced a record-setting year in sales, showing a growth of 24 percent in 2012 over the previous year.
“One thing is for sure,” says Rolls-Royce’s boss, Torsten Müller-Ötvös. “You will see more rich people in the world.” The group of “ultra-high net worth individuals” from which his customers are drawn is expected to grow by 3-5% a year in the years ahead. And in East Asia, where sales are growing fastest, it is more acceptable—expected, even—to underline your success in life by conspicuous consumption.