New wealth vs. old money: Ultra-Luxury Clientele Is Accelerating Reshuffling

At this year's Chengdu Auto Show, luxury car enthusiasts might be disappointed. Porsche, Bentley, Lamborghini, Rolls-Royce... these usually dazzling stars are collectively absent this year!

Are these top brands also about to collapse? To be precise, they are experiencing unprecedented challenges in a century.The wave of electrification and intelligence has arrived, and even the most top-tier ultra-luxury brands cannot escape it.

Handcrafted warmth is irreplaceable, but change is inevitable, and they stand at a crossroads.

True luxury is not about clinging to tradition, but about redefining what true luxury means in the new era.

1. The Last Stand of Ultra-Luxury Brands: The Swan Song of Handcrafted Art

The wheels of history roll forward, and in the landscape of the global automobile industry, ultra-luxury brands are undergoing a silent transformation.

Reflecting on the glorious past of these brands, especially their sales in China, which once reached great heights. Rolls-Royce's sales in China in 2021 increased by nearly 50% year-on-year, with China becoming its largest global market for consecutive years; Bentley's global sales in 2022 were 15,174 units, with the Chinese market contributing more than 30% of the share.

Image / Rolls-Royce Sales Store

Beneath the brilliance, undercurrents surge, concealing a harsh reality.In the accelerated evolution of the automotive industry landscape, some legendary luxury brands have quietly exited the historical stage or been forced to restructure.

For example, after Maybach was acquired by Mercedes-Benz, it continued to exist as a sub-brand but lost the original glory of an independent brand; Hummer's transition to electric vehicles also marked a complete farewell to the supreme glory of the fuel era; in 2017, luxury sports car brand Koenigsegg exited the mainland Chinese market; in 2022, Acura officially withdrew from the mainland Chinese market...

Image / Hummer Electric Vehicle

Moreover, Although brands like Infiniti and others have not exited the Chinese market, they are facing serious difficulties in their development in China, with declining sales and shrinking market share.。

In 2023, Maserati's import sales in the Chinese market were 4,264 units, a year-on-year decrease of 12%. From January to August 2024, the total import sales were 840 units, a year-on-year decrease of 74%. Infiniti's annual sales dropped from 48,000 units in 2017 to 4,237 units in 2022. Although there was a brand revitalization plan in 2023, its effect was minimal, and only 58 stores remain nationwide.

These cases outline the harsh reality of the luxury car market.In the midst of the great historical transformation of the automotive industry today, craftsmanship seems to have become the last moat for these luxury brands.

Every Rolls-Royce requires 60 pairs of artisan hands and more than 800 hours of meticulous craftsmanship. From the polishing of the body to the stitching of the interior, the value of handcrafted artistry is infused with time and effort in every detail.

Bentley still adheres to the century-old leather sewing craftsmanship at the Crewe factory. Each car requires 10 to 14 selected bull hides, all hand-cut and sewn by craftsmen.

Customization is the exclusive skill of ultra-luxury brands.Rolls-Royce's "Bespoke" customization can do it all: starlit headliners, mini bars, special paint finishes... whatever you can imagine, they can make it happen. Bentley's Mulliner customization department goes even further by allowing customers to become "designers". You can even bring your own materials and have craftsmen create a one-of-a-kind vehicle for you.

Image / Bentley Mulliner Customization Rendering

This kind of experience can never be provided by mass-produced cars, as scarcity is the guarantee of value. Rolls-Royce produces only a few thousand units annually, and some models of Lamborghini are produced in quantities of only a few hundred, which precisely contributes to their exceptional rarity and preciousness.

The Arrival of Electrification: A Life-or-Death Decision for Ultra-Luxury Brands

As the wave of electrification sweeps through the global automotive industry, ultra-luxury brands, which are centered around a century-old craftsmanship and mechanical aesthetics, are standing at the crossroads of "transformation" and "preservation".Should they actively embrace electric technology or hold on to the sentiment of traditional power? Different brands have given varied answers, and behind these choices lies not only a response to the trends of the times but also a renewed exploration of the essence of "luxury."

Porsche is undoubtedly a pioneer in electrification. Its first all-electric model, the Taycan, dispelled doubts that "electrification would weaken the sports gene." In 2024, the global sales proportion of Porsche's electric models (including all-electric and plug-in hybrids) exceeded 40%, a figure far exceeding industry expectations and providing a model for the electrification transition of ultra-luxury brands.

Image / Porsche Electric Car - Taycan

Rolls-Royce approaches with a sense of "ceremony," as its first pure electric model, the Spectre, does not pursue extreme performance but focuses on the "seamless integration of luxury heritage and electric technology." It retains the "Spirit of Ecstasy" emblem and handcrafted interior panels, and by optimizing sound insulation materials, it elevates the quietness of the electric motor to an "ultimate experience beyond that of fuel-powered cars."

Lamborghini has opted for a "strategic layout" with the launch of its pure electric concept car, the Lanzador, announcing the goal of electrifying its entire lineup by 2028. This move not only demonstrates alignment with the trends of the times but also allows the brand ample time to refine electrification technology, ensuring that future models retain the signature aggressive performance of the "Bull."

Image / Lamborghini Pure Electric Concept Car - Lanzador

However, the advancement of electrification invariably encounters the "emotional dilemma" associated with traditional power systems.In 2024, Bentley announced the discontinuation of the W12 engine, marking "the end of an era." This 6.0-liter twin-turbocharged 12-cylinder engine was a symbol of Bentley's "ultimate performance and prestigious status." Its roar, smooth output, and the precision craftsmanship of "one spark plug per cylinder" represented the pinnacle of mechanical aesthetics in the fuel era.

In contrast, Lamborghini's "last stand" for the V12 naturally aspirated engine appears more sentimental with the launch of the Aventador Ultimae model, marking the final chapter for this engine. The unique roar and linear power delivery of the large-displacement naturally aspirated engine put a romantic end to traditional powertrains.

Image / Lamborghini - Aventador Ultimae

Hybrid power, although regarded as a "transition solution," faces several technical challenges: How can two power systems be integrated without increasing the vehicle's weight? How can the quietness of the electric motor be naturally integrated with the roar of the internal combustion engine? These challenges test the engineers' ability to manage "balance."

The more fundamental transformation lies in the fact that electrification is redefining the connotation of "ultra-luxury."

In the past, the roar of large-displacement engines and smooth power output were important symbols of a luxury experience. Nowadays, the quietness of electric motors has become a new competitive point. The Rolls-Royce Spectre, through active noise cancellation technology, makes it almost impossible to hear external disturbances inside the car, elevating "quietness" to a new symbol of luxury.

At the same time, the integration of electric performance with traditional driving experience has also become a focus of brand exploration. Ferrari has added "simulated gear shift logic" to the hybrid model SF90 Stradale, allowing drivers to feel a power interruption similar to that of a fuel vehicle; Porsche, on the other hand, has retained the classic "five-dial instrument cluster" layout in the Taycan, using digital screens to continue the traditional driving ritual.

From Porsche's pioneering efforts to Lamborghini's strategic planning, from Bentley's farewell to the W12 to Rolls-Royce's redefinition of tranquil luxury, the electrification choices of ultra-luxury brands have long surpassed the binary opposition of "transformation" and "persistence."Electrification is not a negation of tradition, but rather allows "luxury" to find new expression in the new era.Whether it is performance, craftsmanship, or experience, only by following the trend while preserving the core can one survive the test of time.

3. New Rich vs. Old Wealth: The Ultra-Luxury Clientele is Accelerating Reshuffling

The aesthetic differences between traditional tycoons and new tech elites are becoming increasingly pronounced, forcing brands to rethink their product strategies. In fact, the customer base of ultra-luxury brands is undergoing a quiet revolution.

The most noticeable change is the steep decline in the age of car owners—the average age of car owners in China has dropped to 35, which is a full 20 years younger than in the European and American markets! These young people have grown up in the digital age and desire technology and personalization, leading to a redefinition of the traditional concept of luxury.

Graph / Proportion of Car Purchases by Young People Source / Yiche Research Institute

What is even more surprising is that the proportion of female car owners has reached a record high, with more and more female entrepreneurs and executives becoming customers of ultra-luxury brands.Their unique insights into aesthetics and comfort are transforming the design language of ultra-luxury cars.

Graph / Car Purchase Ratio of Males and Females Source / Automotive Consumer Quantitative Research

The global market is diverging, with Chinese consumers favoring SUVs and long-wheelbase models, emphasizing rear-seat comfort. In contrast, the markets in Europe and America place greater importance on driving experience and personalized customization. Some customers remain fond of the understated luxury of classic black and white color schemes, while others boldly choose eye-catching colors to express their individuality. This divergence forces brands to launch more diverse product lines, with clashes of values evident everywhere.

Environmental awareness also influences purchasing decisions.Modern tycoons not only seek luxury but also prioritize environmental friendliness. They want their vehicles to reflect their status while embodying eco-friendly principles. This demand is pressuring brands to use sustainable materials.

Digital experience has become the new standard of luxury.Young car owners expect their luxury cars to have the most advanced smart connectivity features: remote control via mobile phone, intelligent driving assistance, OTA online upgrades... Without these, no matter how expensive the car is, it will be considered "outdated."

The rise of Chinese domestic brands cannot be underestimated. Brands like Li Auto, Zeekr, and HarmonyOS Intelligent Mobility, with their deep understanding of local consumers, are demonstrating strong competitiveness in electrification and intelligence. They are rewriting the rules of the game in the ultra-luxury market.

Even the way of telling brand stories needs innovation. Young customers value experience and emotional connection more than mere historical heritage. Ultra-luxury brands must establish connections with customers in a more modern way.

The ultra-luxury brand is undergoing unprecedented changes in a century, with the unstoppable wave of electrification and intelligence, and the transformation of the customer base reshaping the market landscape.Only those brands that can both inherit the classics and innovate breakthroughs can continue to win the favor of the new era.

True luxury is never stagnant. It requires constant redefinition through change and continuous elevation through innovation. Only those brands that both preserve the essence of craftsmanship and dare to embrace change can truly win the future.