People indulging in post-pandemic ‘revenge spending’ have snapped up almost the entire year’s supplies of Lamborghini cars.
Tired of having spent much of the last year cooped up at home, customers are splurging cash on high-end items as they emerge from lockdown.
In scenes reminiscent of the carefree spending of the Roaring Twenties, some have decided that they deserve the iconic car as reward for enduring the pandemic.
Lamborghini announced it was set for “strong growth” this year, despite being forced to shut down for two months due to the coronavirus.
The Italian supercar brand had sold out 10 months worth of its annual supplies, Bloomberg reported.
“Despite a two-month shutdown due to the pandemic, Lamborghini ended 2020 as its second-best year ever,” said CEO Stephan Winkelmann at the Milano Monza Motor Show.
Buyers are splashing out on performance cars such as the track-suited Aventador, as the gloom and doom of the pandemic lifts.
People are splashing out on luxury cars such as the Lamborghini Aventador
Credit: Chris Watt Photography
Lamborghini deliveries spiked by almost 25 per cent, a record, in the first quarter as shoppers made the most of their new found freedoms and enforced savings.
The sales will offset a record £1.29 billion that the company is investing in plug-in hybrid versions of each of its models by 2024. Lamborghini wants to launch its first exclusively eclectic care in the second half of this decade.
“Revenge spending” is a buzzword that originated in the US, where tens of millions of customers are expected to go on a massive spending spree to make up the last 15 months.
Financial experts predict a boom in retail spending because people who have not lost their jobs have spent far less than normal during lockdown.
In the US over the past four months, there was an 80 percent increase in foot traffic to restaurants, retail and entertainment, marketing company Zenreach said.
“We saw this revenge spending early in China, when China opened up before we did,” Nicole Penn, president of EGC Group, told CBS news.