The number of Chinese millionaires is growing rapidly, and women account for a third of that rising, affluent population. This is good news to exotic car manufacturers because wealthy Chinese women are snatching them up like Italian pastries.
Sales of high-end automobiles rose 60 percent last year and analysts are already pegging a 35 percent climb for 2011. Maserati reports that 30 percent of its Chinese sales are to women, compared against just 10 percent for European sales. China is now on track to pass Italy as the automaker's second largest market.
It's not just Maserati, either; Ferraris and Lamborghinis are being purchased in large numbers. The wealthy women of China account for 20 percent of local Ferrari sales, which is double the global average. The rise in exotic vehicle sales has even gotten the attention of Bugatti, and the Volkswagen Group is now discussing a potential sales plan for China.
Thanks for the tip, Art!