Jets, yachts and automobiles: the most successful luxury markets of 2021

Ohe 2021 saw widespread financial problems as the COVID-19 pandemic wreaked havoc on the economy, a few markets excelled amid the chaos. Producers of the highest quality products for the wealthiest locals saw their sales rise across the board last year.

luxury cars

Premium automakers such as Rolls-Royce, Bentley and Lamborghini achieved the luxury vehicle industry’s record sales in 2021.

Rolls-Royce sold 5,586 vehicles in 2021, the highest number in the company’s history, according to company CEO Torsten Müller-Otvös. Lamborghini also reported record numbers, sale 8,405 models in 2021. Bentley sold 14,659 units in 2021, a 31% increase in sales compared to 2020.

When asked why sales had increased, Müller-Otvös said the surge was because people realized “life can be short” and they should make the most of it.

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Boats and superyachts

After a significant increase in sales in 2020, the boating industry continued to ride this wave in 2021.

The surge in boat sales is attributable to an increase in local vacations due to travel restrictions, said John-Michael Donahue, vice president of the National Marine Manufacturers Association. Washington Examiner. He said with pandemic restrictions limiting vacation options, families have invested in owning recreational boats.

“After record sales in 2020, boating remained the leading outdoor recreation in the United States in 2021 with new powerboat sales exceeding 300,000 units for only the second time in 15 years,” said NMMA President Frank Hugelmeyer said in a statement. Press statement.

There has also been a significant increase in the sale of superyachts or yachts over 24 meters. More than 800 superyachts have been ordered in 2021, according to the Global order book 2022, more than double the number purchased in 2020 (409) or 2019 (406).

private art

Art experts could hardly imagine a rosier market, with several auction houses announcing record sales figures in 2021.

Sotheby’s reported selling over 7.3 billion goods in 2021, a 32% increase in sales from 2020, and UK auction house Christie’s reported it sold $7.1 billion worth of products in 2021, its best in five years. The company only sold $4.4 billion worth of products in 2020 and $3.6 billion in 2019.

The sales success can be partly attributed to the sale of non-fungible tokens, or NFTs, from creators such as Beeple, including $150 million Christie’s sales in 2021.

Private jets

Private jet sales took off in 2021, to the point that companies struggled to keep up with demand.

More than 1,200 jets were delivered in the second quarter of 2021, compared to less than 1,000 in the second quarter of 2019, CNBC reported.

“With 3.3 million flights from January to December, business jet traffic increased by 7% compared to 2019, the previous high point in global demand for business jets,” the company said. private jet company WingX in a press release.

When asked the reason for the increase in flights in 2021, a WingX spokesperson said it was loosely correlated to COVID-19 and an increased desire for leisure travel.

Doug Gollan, editor of Private jet card comparisons and Forbes contributor, confirmed the effects of the pandemic on travel, telling the Washington Examiner private jet sales increased as people with sufficient wealth realized that flying privately could minimize exposure to COVID-19.

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While some executives translate the success of luxury markets into a “life is short” mentality, another reason could be the growth of the upper class.

In 2021, 660 people became billionaires, bringing the number of billionaires worldwide to 2,755, according to Forbes. The year 2020 also saw 1.7 million people in the United States become millionaires, according to Credit Suisse World Wealth Report, bringing the number of people with $1 million in assets to 21,951,000, or 8.8% of the United States