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Ferrari’s changing demographics
Ferrari, the epitome of luxury and performance, is witnessing a remarkable shift in its customer demographics. According to CEO Benedetto Vigna, a significant 40% of new customers are now under the age of 40. This marks a notable increase from just 30% reported 18 months ago. The allure of Ferrari, traditionally associated with wealth and exclusivity, is now captivating a younger audience eager to embrace the brand’s legacy.
Strategies driving the change
To maintain its prestigious image while appealing to a younger demographic, Ferrari has carefully crafted its production strategy. The brand has historically limited vehicle production to ensure exclusivity, but as demand surges, it has gradually increased output. In the previous year, Ferrari delivered 13,752 vehicles, setting a new record with a modest 0.7% increase from the prior year. Despite this growth, the wait time for a new Ferrari remains over two years, underscoring the brand’s commitment to quality and exclusivity.
The electric future of Ferrari
As the automotive industry pivots towards sustainability, Ferrari is not left behind. The upcoming launch of its first electric vehicle (EV) is poised to further attract younger buyers. Scheduled for debut on October 9, the sleek SUV has already generated buzz, with camouflaged prototypes spotted in testing. Vigna notes that many prospective buyers are exclusively interested in EVs, indicating a significant shift in consumer preferences. By 2030, Ferrari anticipates that hybrids and EVs will constitute 80% of its deliveries, a strategic move to align with global emissions regulations.
Maintaining performance and legacy
While embracing electrification, Ferrari remains committed to its performance roots. The brand is exploring synthetic fuels as a potential solution to keep traditional gas engines alive in an increasingly eco-conscious world. This innovative approach ensures that Ferrari can continue to deliver the exhilarating driving experience its customers expect, even as it transitions to a more sustainable future.
Conclusion
Ferrari’s evolution is a testament to its ability to adapt while preserving its core values. By attracting a younger clientele and embracing electric technology, the brand is not only securing its future but also redefining luxury in the automotive industry. As Ferrari continues to innovate, it remains a symbol of aspiration and excitement for generations to come.