If you think the worldwide economic recession is putting a damper on everything just because you and your neighbors are holding tight to whatever cash you still have, well, it may be a good idea to visit the luxury hotels and palaces of the royalties and aristocrats.
There you’ll see nothing has changed. Rich people who just can’t get enough from their money flowing out like water from a faucet think nothing of it. Recession is just another word in the English dictionary that hardly makes a dent on their lifestyles.
And that’s what’s making companies like Rolls Royce and Rolex, or the haute couture houses in Italy, the wine chateaus in France or the Beluga caviars in Russia thrive because they are making products that seem impervious to any form of economic downturn. They know there will always be the upper 20% moneyed class in any society that makes up the market for their upscale products.
In the world of automobiles, you still have Rolls Royces and the Bentleys lording over the luxury limo sedan class. You have the Ferraris, the Lamborghinis and the Bugattis in the high end category for sports luxury cars. Some can’t even cope with the demand from a long list of customers from the world’s richest people some of whom have figured in the Forbes listing.
Except for a very few brands, all the luxury marques targeting the upper 20% of the social strata in any society have survived nearly a century peddling luxury cars for sale to the rich and famous. On the contrary, car makers targeting the middles class for watered-down versions have not been as successful.
Over the last two decades, a new breed of luxury road vehicles aimed at the middle class has taken the road markets by storm. These are the luxury SUVs or Sports Utility Vehicles derived from off roaders. But precisely because the middle class markets that have been patronizing these SUVs have been hardest hit by the recession, you see their makers floundering, like the big three auto makers in the US.
Let’s not forget about used Sydney luxury car hire. Unfortunately, many are still outside of reach except for the upper middle-income group. Because these cars are so well-designed and engineered, they are basically valued as candidates for future antique or vintage cars in the same way that the Packards were in the 30s. It is not uncommon to find used Rolls Royces and Bentleys or Ferraris still quite expensive.