How rich Chinese women became a key market for Ferrari: female buyers account for over a quarter of the supercar-maker’s sales in China – not counting Hong Kong and Taiwan

Aug 13 , 2023

Wealthy women in China are emerging as a key leading consumer market for Ferraris. Photo: AFP

China is now the first country where Ferrari NV sells over a quarter of its new and pre-owned cars to women, which far exceeds the proportion in other countries

These ladies are typically described as tech industry executives, property entrepreneurs, and the like, in a region accounting for an ‘unusually high’ amount of self-made female billionaires

If you spot four Ferraris on a street in China, chances are a woman is behind the wheel of at least one.

That’s because China has become the first country where supercar-maker Ferrari NV sells more than a quarter of its new and pre-owned vehicles to women, according to people familiar with the matter.

A Ferrari 488 GTB is presented during the first day of the 17th Shanghai International Automobile Industry Exhibition in Shanghai. Photo: AFP

Female buyers on average accounted for 26 per cent of the company’s sales in China over the last five years, the sources said, a figure that does not include Taiwan and Hong Kong. That far exceeds the proportion of Ferraris sold to women in any other country, they said, declining to give a precise figure for comparison.

Ferraris are a hot commodity in China. Photo: AFP

“In recent years we have seen growing enthusiasm from female clients for our products and experiences,” Ferrari chief executive officer Benedetto Vigna said in a statement to Bloomberg. An increase in women signing up for company-sponsored events like race-car training has been pointing to the trend, he said.

A model stands next to a luxury Ferrari sports car on display at the Auto Shanghai exhibition. Photo: AFP

The Chinese women snapping up Italian-made supercars include tech industry executives, property entrepreneurs and the super-wealthy, the people said, asking not to be named discussing confidential information. A spokesman for Ferrari declined to comment on specific numbers concerning female Chinese buyers.

A line up of Ferrari classic cars is displayed in front of Hong Kong Island. Photo: AFP

Mainland China, Hong Kong and Taiwan accounted for 12 per cent of Ferrari’s sales last year with almost 1,600 cars, more than double compared with five years ago, according to the company’s annual reports. With the country’s tariffs on luxury imports weighing on returns, Ferrari is seeking to keep deliveries in China to around 10 per cent of total shipments.

Ferrari remains one of the most popular supercar makers. Photo: AFP

China is the global No 2 spot for billionaires, trailing only the US, and Chinese citizens dominate the list of Asia’s wealthiest women, according to the Bloomberg Billionaires Index.