China’s affinity for luxury supercars, especially Ferraris, has taken a unique and unexpected turn. The streets of China have become a haven for these iconic Italian speedsters, and intriguingly, a significant proportion are being driven by women. In a groundbreaking revelation, it has been disclosed that China stands as the pioneer country where Ferrari NV, the renowned supercar manufacturer, sells more than a quarter of its new and pre-owned vehicles to female drivers.
Over the past five years, on average, female buyers have accounted for a staggering 26 percent of Ferrari’s sales in China, according to sources familiar with the matter. This revelation is not inclusive of Taiwan and Hong Kong. The remarkable figure surpasses the percentage of Ferraris sold to women in any other country, although exact comparisons remain undisclosed.
Ferrari’s CEO, Benedetto Vigna, acknowledges this fascinating shift in dynamics. He notes that there has been an upsurge in enthusiasm from female clients for their products and experiences. This growing trend is evident not just in sales figures but also in the rising number of women participating in company-sponsored events such as race-car training.
These female buyers in China’s supercar frenzy encompass a diverse spectrum, including tech industry executives, property moguls, and the ultrawealthy. While their identities remain confidential, they are driving the surge in Ferrari’s sales to women in the region. A spokesperson for Ferrari has refrained from providing specific figures on the phenomenon.
China’s status as a global hub for billionaires, second only to the US, plays a significant role in this trend. The country also boasts a considerable number of self-made female billionaires, contributing to the surge in luxury car purchases. Among the notable names are Wu Yajun, founder of Longfor Group; Zhou Qunfei, chairman of Lens Technology Co.; and Gu Xiaoqing, a high-ranking executive at fashion unicorn Shein.
Social media, particularly platforms like Douyin (China’s TikTok counterpart), has amplified the allure of Italian supercars among Chinese women. Videos featuring women cruising in Ferraris have captivated audiences, exemplifying the stylish and empowered image these cars embody.
Ferrari’s headquarters in Maranello, Italy, has long kept an eye on the rising interest from female buyers in China. A decade ago, then-CEO Amedeo Felisa revealed that nearly a fifth of the company’s Chinese sales were to women. At that time, shipments to China were significantly lower than the current volume.
China’s prominence in the luxury goods market is undeniable, and consultancy Bain & Co. predicts that Chinese consumers will represent 20 percent of the global personal luxury goods market in 2030.
This automotive paradigm shift emphasizes China’s role as a trendsetter in the luxury car industry, showcasing the fusion of status, power, and style with the wheel now in the hands of women drivers.