Bentley CEO says sales are down because the rich are experiencing ‘emotional sensitivity’
The UK luxury brand distinguishes itself with its stately elegance, a symbol of cool Britannia, which is one reason it was a favorite of Queen Elizabeth
Demand for luxury goods might be outpacing that of mass-market items due to the widening income gap, but Bentley Motors isn't benefiting from this trend.
Sales, revenue, and profits for the Volkswagen Group brand all saw double-digit declines last year from their record highs in 2022, reports Fortune.
This downturn occurred as a growing number of ultra-wealthy yet discreet customers chose not to purchase new cars, reportedly to avoid showcasing their wealth, according to the company's CEO.
Keep updated, follow The Business Standard's Google news channel
"Even though our customers can still afford our cars, there was a level of emotional sensitivity that slowed down demand," CEO Adrian Hallmark was quoted by CNN.
Sales of Bentley vehicles in the UK and Europe, which together rival the US as Bentley's largest market, fell by 18% and 15%, respectively. This decline was compounded by a downturn in China, where deflationary pressures caused a similar drop in volumes.
Despite these challenges, Bentley still delivered 13,560 cars to customers, marking its third-best year ever.
