Youthful drive: Lamborghini's Indian buyers among the world's youngest, says global CEO
India's rising young elite is steering a surge in Lamborghini's popularity, with unique trends such as a global lifestyle and high demand for personalization shaping the luxury sports car market.
FollowIn recent years, India has emerged as a key market for luxury sports cars, particularly Lamborghini, as the country witnesses a surge in young and affluent buyers. Stephan Winkelmann, the global CEO of the renowned Italian sports carmaker, highlights the unique trend of Indians under 40 years old being among the youngest buyers globally. Despite relatively low sales numbers in India compared to the global market, Lamborghini sees tremendous potential in the country's growing awareness and enthusiasm for the brand.
"Our customers in India, rather in Asia, are getting younger, and are under 40 years. In the US, large part of our buyers are between 40 and 45 years, while at above 45 years, Europeans are the oldest to purchase our cars," Winkelmann was quoted as saying in a TOI report.
This shift in demographics underscores India's rising economic prosperity and the increasing inclination of its youth towards luxury and high-performance sports cars.
During his visit to the country, where he engaged with partners, group officials, and potential customers, Winkelmann acknowledged that Lamborghini's sales figures in India remain relatively low, with 103 cars sold in 2023 compared to 10,000 units sold globally; however, he emphasized the country's significant untapped potential.
He further stated, "The awareness of the brand is incredible here, which has improved over the past few decades in a way, which was unexpected before. So, when people approach our brand, they not only have awareness because of us or what they gather from the social media, but also from what they get from across the globe where knowledge about the brand is extremely high and growing."
The Lamborghini CEO highlighted a distinct trend where many Indians are purchasing cars not only for domestic use but also for residences in the UK, America, Dubai, and Southeast Asia, noting this as a unique phenomenon among Indian buyers.
Additionally, he noted a shift in consumer behavior, with individuals now more open to experiencing sports cars from the brand, contrasting with previous apprehensions. Customers today recognize the ease of driving and handling these vehicles, signaling a change in perceptions towards Lamborghini cars.
When asked about the level of demand for personalisation among Indian buyers, especially considering the high prices of their cars retailing upwards of Rs 4 crore, Winkelmann confirmed that Indian buyers are indeed as demanding as those in the West.
"Yes, yes they are. One of the key elements of luxury customers in general is to have a high degree of personalisation. And, this is something across all the countries we are in. We have more than 400 colours, and offer a lot of opportunities in terms of leather, stitching, piping to getting your car individualised in a way that there is not a similar one out there," he told TOI.
Lamborghini is currently experiencing a peak in demand, largely attributed to the phenomenon of 'revenge buying' post-COVID, as individuals embrace the 'You Only Live Once' (YOLO) philosophy. Winkelmann emphasized the sustained robustness of demand, with waiting periods averaging 18-24 months globally and models like the Huracan and Urus completely sold out.
Despite acknowledging a potential slowdown in the COVID rush, Winkelmann noted a significant increase in the number of young buyers globally who have the means to invest in luxury cars, reflecting a growing wealth trend worldwide.
"Today, it is different. We now have much more young people around the globe who are able to purchase such cars. There is much more opportunity and a lot of cash ready to be spent. There has been a lot of wealth across the world," he concluded.
