Despite the generally weaker economy, sales of premium luxury vehicles—or those in the multimillion-peso price points—rose 3 percent in September.
According to Glen Dasig, executive director for sales and marketing at BMW distributor Asian Carmakers Corp. (ACC), people with money to burn chose to spend on luxury items as these gave them more value for their cash.
“The luxury segment is very resilient. During a recession, people are cautious about what they spend on. Those who have the money to spend go for luxury items because of quality and reliability. They go to the brand they can trust,” he said in an interview Friday.
This was mainly why BMW fared very well in the country these past three quarters, he said. The brand registered an 8-percent increase in sales in the first nine months to 560 units, giving it a 32-percent share of the local premium luxury market.
Sales were driven mainly by the strong performance of the X-series sport utility vehicles, which sold 158 units to date. With a market share of 32 percent in its segment, the BMW X-series was the best-selling SUV in the premium SUV market.
The brand’s flagship 7 series contributed another 33 units to total sales so far, for a 27-percent market share in its segment.
Dasig said BMW’s growth in the local market tracked global growth. In the first nine months, global sales improved 14.5 percent despite problems in the United States and Europe.