Ferrari sees a surge in women buyers in China

China has become the frontrunner in Ferrari sales to women.

Ferrari sees a surge in women buyers in China
Ferrari CEO Benedetto Vigna poses for a photograph as Ferrari unveils a new long term strategy, in Maranello, Italy, June 15, 2022. Picture taken June 15, 2022. REUTERS/Flavio Lo Scalzo/File Photo

The backstory: China's right behind the US in the billionaire arena, ranking as the second-biggest hot spot for the mega-rich. But within this landscape, a narrative is taking shape. According to the Bloomberg Billionaires Index, Chinese women top the list of Asia’s wealthiest women. For example, at the top are self-made female billionaires like Wu Yajun, who's the brains behind Longfor Group, Zhou Qunfei, chairman of Lens Technology (an iPhone supplier) and Gu Xiaoqing, a co-founder at Shein (the fast-rising Chinese fast-fashion giant). And, it turns out, these mega-rich women like luxury Italian sports cars, like Ferraris.

More recently: Last year, Ferrari's sales have skyrocketed, and mainland China, Hong Kong and Taiwan account for 12% of all Ferrari sales. That's more than double what it was just five years ago, according to the company’s annual reports.

The development: China has become the frontrunner in Ferrari sales to women. According to those in the know, over a quarter of all new and pre-owned Ferraris are being snapped up by women in China. We're talking about around 26% of all the company’s sales for the past five years – and this doesn't even count the sales in Taiwan and Hong Kong.

To put things in perspective, this tops every other nation when it comes to the proportion of Ferraris sold to women, although the exact figures for comparison are kept under wraps. Insiders said that among Ferrari's female Chinese clientele, there are tech executives, real estate moguls and the super-rich.

Key comments:

“In recent years we have seen growing enthusiasm from female clients for our products and experiences,” said Ferrari CEO Benedetto Vigna in a statement to Bloomberg.

“It would be so ignorant to identify the buyer of a car today based on paint color or trim preference,” said Miami Lamborghini dealership Prestige Imports’ Brett David to Bloomberg. “That’s ridiculous. It’s not about whether there is a hole in the back seat for a purse. It’s about a new experience. Women want a car that means something.”