Not only is China the world's biggest car market, but also the largest for luxury goods.
If you thought the upcoming Aston Martin DBX SUV is intended solely for European and North American buyers then think again. Quite the opposite, in fact. Speaking to WardsAuto, Aston Martin CEO Andy Palmer acknowledged that "the DBX SUV exists because of the booming Chinese market. Would Aston Martin have done an SUV if not for the China market? Probably not." This really should not come as a surprise considering China not only has the largest auto market in the world today, but it's also the largest for luxury goods.
There are no signs of it slowing down. Ultra-luxury brands, such as Aston Martin, have found China to be a very successful market and the country has since become vital to their respective bottom lines. Last year, Aston Martin's sales increased by 89 percent in China. "China is important for our future because we are booming there," Palmer added. And because of this Chinese boom, Aston Martin is investing heavily. For example, because Aston Martins are typically customized by buyers, the UK automaker has partnered up with The College of Design and Innovation at Tongji University in Shanghai.
The idea there is to guarantee Aston Martin caters to Chinese preferences, such as interior and exterior colors. Palmer said that Chinese buyers often times opt for "much more vibrant" colors than other markets. This arrangement has already gotten underway for the DB11 with the Shanghai Fashionista exterior hue, described as sort of a Frosted Glass Blue, a "specially developed paint finish with embedded glass flakes and give surfaces a deep luster." Palmer also specifically pointed out the Chinese market success of the Bentley Bentayga as a perfect example of the need for the DBX. According to Forbes, two new Chinese billionaires are created each week. The Aston Martin DBX is expected to debut next year, most likely at Geneva.