Ferrari has experienced a significant surge in sales thanks to the demand from wealthy customers for luxurious upgrades and personalized features on their cars. Benedetto Vigna, Ferrari’s CEO, has noted a “stunning” increase in purchases of add-ons by ultra-rich drivers, with some spending tens of thousands of pounds for these extras.
Among the popular details that have gained traction with Ferrari’s clientele are cashmere and corduroy interiors, kevlar and carbon fiber trims, and Ferrari badges emblazoned on the fenders of vehicles. In addition, customers have been requesting brightly colored brake calipers that are visible inside the car wheel.
This trend of customization and personalization extends beyond Ferrari, as other luxury car manufacturers like Bentley and Rolls Royce have also been able to charge higher prices by offering bespoke options and made-to-order cars, instead of selling ready-made models from dealerships.
Bentley revealed last month that demand for pink and orange interiors, hand-stitched seats, and stone trims has caused the average cost of their cars to increase from €170,000 before the pandemic to €237,000 today. The addition of richer wood trims, customized seat designs, and other extras can quickly add an additional €100,000 to the cost of models like the Bentayga SUV, Continental GT, or Flying Spur. Buyers can even choose from trims made of eucalyptus, walnut, or 5,000-year-old wood salvaged from East Anglian bogs and rivers.
Ferrari attributes its 15% boost in sales during the three months ending June, totaling €1.3bn (£1.1bn), to the strong demand for personalized features and the higher prices charged for their cars. Additionally, the company has seen an increase in sales due to the growing demand for environmentally-friendly vehicles, with 43% of their sales coming from hybrid cars. These hybrid models, such as the V6 296 GTB and the convertible 296 GTS, have loud and powerful engines paired with batteries that capture wasted energy from braking and use it for added acceleration, appealing to environmentally-conscious buyers.
The luxury car industry has experienced remarkable success during the pandemic, as affluent customers continue to invest in high-end vehicles despite the cost-of-living crisis. This surge in demand has propelled Ferrari’s market value to six times its initial value since its listing on the stock market in 2015, making it worth over €56bn, just shy of the €57bn valuation of Stellantis, the company that owns Chrysler, Peugeot, Maserati, and Vauxhall.
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