Foreign luxury cars see brisk sales in Japan

Japan Today -- Jul 19
Foreign luxury cars priced at more than 10 million yen in Japan are becoming popular among wealthy people who cannot travel abroad amid the coronavirus pandemic and who are willing to spend money on the back of higher global share prices.

Domestic sales of luxury foreign-brand vehicles such as Italy's Ferrari and Britain's Bentley hit record highs in June since 1988, when comparable data became available, industry data showed.

The trend clearly contrasts with worsening living conditions for some people, including part-time and nonregular workers, as the spread of the coronavirus dealt a blow to employment in the service and other business sectors.

Sales of foreign-made luxury passenger cars priced at 10 million yen or more surged 60.9 percent to 3,336 units in June from a year earlier, exceeding the previous year's level every month since the beginning of this year, according to the Japan Automobile Importers Association.

Sales in 2020 were also solid, increasing 0.5 percent from the previous year to 22,712 units, even though the economy was significantly damaged by the coronavirus pandemic.

Last month, sales of Ferrari jumped 80.6 percent from a year earlier to 121 units, while those of Bentley expanded 23.9 percent to 83 units.

- Japan Today