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[Reuters] With BMWs common in Gangnam, Koreans splurge on Bentleys, Maseratis
(Reuters) – Flashy Maseratis and Bentleys are fast becoming the cars of choice for young, monied South Koreans, eclipsing German luxury brands now so commonplace that some in Seoul’s upscale Gangnam district jokingly refer to a BMW 5-series as a Hyundai Sonata.
Driving the sales of six-figure plus cars is a growing acceptance of conspicuous consumption in the conservative home of Hyundai Motor Co, where more younger, affluent Koreans are turning their backs on their parents’ frugal ways.
“While our parents saved a lot in the past, younger people nowadays spend on things they can enjoy,” said chef-restauranteur Song Ji-hoon, who last year sold his Mercedes-Benz CLS to buy a Maserati Ghibli.
“The street is now flooded with German cars. My car is not something one can see often,” Song, 34, told Reuters.
Last year, the Seoul dealership of Volkswagen (VOWG_p.DE) unit Bentley Motors was the top global seller of Flying Spur sedans, which start at just under quarter of a million dollars. The outlet, in Gangnam, ranked second in overall sales behind one in Dubai.