Tough luxury market hits Bentley as sales drop 11% in 2023

BRITISH luxury carmaker Bentley on Friday (Jan 19) reported an 11 per cent drop in vehicle sales for 2023 as high-end consumers felt the pinch of rising costs and slowing economies, with sales down in its top three markets – Europe, the Americas and China.

“The luxury market was not immune from the challenging market conditions seen around the world in the second half of 2023,” CEO Adrian Hallmark said. “We remain cautiously optimistic for the year ahead, with a continued robust global demand by market and model.”

Bentley said that despite the overall sales decline, personalised and bespoke content in vehicles rose 43 per cent versus 2022. Adding custom finishes, such as leather and wood, means higher margins for Bentley.

Other luxury sellers such as Watches of Switzerland and Burberry have also warned of a slowdown in demand for high-end goods.

Bentley sold 13,560 cars in 2023, a year after the automaker cruised to record sales in 2022.

The British luxury unit of Volkswagen said sales were down 9 per cent in the Americas, its leading market, while China and Europe dropped 18 per cent and 15 per cent respectively. REUTERS