Advertisement

Updated January 19th, 2024 at 16:48 IST

Bentley grapples with tough luxury market conditions as 2023 sales decline 11%

The drop in sales was observed across Bentley's top three markets: Europe, the Americas, and China.

Business Desk
Bentley
Bentley | Image:Pexels
Advertisement

Bentley struggling: British luxury car manufacturer Bentley reported an 11 per cent decrease in vehicle sales for 2023, attributing the decline to the impact of rising costs and economic slowdowns affecting high-end consumers. 

The drop in sales was observed across Bentley's top three markets: Europe, the Americas, and China.

Advertisement

CEO Adrian Hallmark acknowledged the challenging global market conditions in the latter half of 2023, stating, "The luxury market was not immune." 

Despite the overall decline, Bentley expressed cautious optimism for the upcoming year, citing robust global demand for specific markets and models.

Advertisement

Bentley highlighted a positive trend in personalised and bespoke vehicle content, which increased by 43 per cent compared to 2022. 

The addition of custom finishes like leather and wood contributes to higher profit margins for the luxury automaker.

Advertisement

Similar to Bentley, other luxury retailers such as Watches of Switzerland and Burberry have also cautioned about a slowdown in demand for high-end goods.

In 2023, Bentley sold 13,560 cars, marking a notable drop from the previous year when the automaker achieved record sales in 2022. 

Advertisement

Sales in the Americas, Bentley's leading market, declined by 9 per cent, while China and Europe experienced more notable drops of 18 per cent and 15 per cent, respectively.

(With Reuters Inputs)

Advertisement

Published January 19th, 2024 at 07:51 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Whatsapp logo