Sales of Rolls-Royce and Bentley cars set new records in 2021 as the world’s super-rich, reminded by Covid of their own mortality, decided to splash out on luxury goods while they were still alive to enjoy them.
Rolls-Royce CEO Torsten Müller-Ötvös said this week that his company’s sales, the best in its 117-years history, were helped by the realisation that “life can be short and you’d better live now rather than postpone until a later date”. For now, we should be grateful that last year’s recovery exceeded expectations. Most 2021 growth forecasts were in the 12%-15% range, with only one, at 21%, coming close to the eventual number.
Escalating cost increases and supply chain disruptions, such as the global shortage of semiconductors, will continue to hamper production. So will load-shedding. “Furthermore, the realities of rising interest rates and fuel prices are expected to impact vehicle affordability as household budgets remain under pressure, dimming the hopes of a further strong recovery in the economy any time soon.”
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