Ferrari is experiencing a growing demand among younger buyers, with the luxury automaker’s CEO, Benedetto Vigna, revealing that 40% of new customers are now under the age of 40. This marks a notable increase from just 18 months ago when only 30% of Ferrari’s new buyers fell into that age group.
“40% of the new clients are below 40 years,” Vigna told CNBC at the CONVERGE LIVE event in Singapore. “I don’t know for other brands, but for us, it is an achievement that is thanks to our team.”
Commitment to Exclusivity and Quality
Ferrari has long been known for maintaining tight control over its car production to uphold the brand’s exclusivity. As of last year, nearly 75% of Ferraris were sold to existing customers, a testament to the company’s loyal customer base. Ferrari’s founder, Enzo Ferrari, famously stated that the company would “always deliver one less car than the market demands,” a philosophy still echoed by the brand today.
Vigna shared examples during his fireside chat at CONVERGE LIVE about the growing anticipation for Ferrari vehicles, with some prospective buyers urging the company to speed up production. However, Vigna explained that the current two-year wait is part of the appeal for many Ferrari customers.
“One client at 78 years old had to buy a Ferrari, and he said: ‘Look, I cannot wait two years.’ I said: ‘This is a motivation,’” Vigna recalled. “There is another guy, younger, 37, and he said: ‘When I am older, I would like to get the car before I am 40.’ I said: ‘Don’t worry, you will get it when you are 39,’” he added.
Ferrari’s Transition to Electric Vehicles
Looking ahead, Ferrari is on track to release its first fully electric vehicle on October 9. The upcoming EV model, which will be manufactured in Italy, is part of a broader strategy that includes six new models set to be unveiled this year.
When asked about the potential demand for an all-electric Ferrari, Vigna expressed pride in the company’s decision to enter the electric vehicle market. “I think this is one of the decisions that we are more proud of,” Vigna said. “During the last capital market day, we as a company said we will make three types of cars: the traditional combustion engine, the hybrid, and we will also make electric.”
While some customers may never consider purchasing an electric Ferrari, Vigna noted that others have made it clear they will only buy an EV. Ferrari’s shift to electric cars represents a significant step for the company as it adapts to changing consumer preferences and a global push toward sustainability.
