What does it mean when you lose a third of your wealth in a deep economic downturn?
For the average consumer, it could leave you struggling for survival, and certainly not in the position, never mind the mood, for buying a new car. Even the world’s most elite have been hurt by the latest recession, however. If you’ve seen your net worth drop from, say, $3 billion to 2, you’re not likely worrying about the rent money. Even so, the affluent have reined in spending, as well, says Tom Purves, the long-time head of BMW’s North American operations, and now the CEO of Rolls-Royce Motor Care.
“Rolls’ customers are insulated but not immune,” Purves said, during a conversation with TheDetroitBureau.com about the sharp slide in global luxury car sales.