Authorities acted quickly against the COVID-19 pandemic in South Korea, which in turn helped luxury and premium carmakers stay afloat. The fact that wealthy people wanted to purchase new vehicles locally was also a crucial factor.

“Porsche has been my dream car… I don’t really feel the effects of COVID-19, as my company is less affected,” said Hwang Min-yong, a 37-year old South Korean businessman, who recently took delivery of his Porsche Cayenne Coupe.

“This year will be one of our strongest years,” added Porsche Korea CEO Holger Germmann, with the German carmaker seeing its sales go up 46% to 3,433 units as of January-May this year, compared to the same period last year. That’s a massive spike, especially when you consider the fact that Porsche sold a total of 4,204 vehicles in all of 2019, as reported by Autonews Europe.

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According to experts, rising sales in South Korea for imported cars show a widening wealth gap – in a country which already had one of the highest inequality levels in the world. Despite the outbreak, the monthly average income of the wealthiest 20% of households actually went up by 6% from January to March.

“The strong sales are testament to the rising consumption power of the top class despite the pandemic,” said Yang Jun-ho, a professor at Incheon National University.

So why are people buying more expensive cars in 2020 than in years past? One dealer sees this trend as an alternative to buying property.

“In the early 2000s, the price of a BMW 320 was the cost of a Gangnam apartment,” said Ro Chang-whan, a dealer and exporter of used cars. “House prices have gone up enormously since and buying a car is a more realistic choice.”

“Porsche and BMW are so popular that there are not enough of them,” added Kim Ryu-bin, another importer.

Meanwhile, BMW sales went up 46% to 21,361 units from January to May of this year, compared to 2019, while Lamborghini sales quadrupled to 115 vehicles during the same period. South Korea even surpassed the United States as the top country for BMW 5-Series sales from January to April, as per BMW’s South Korean unit.

However, the best example of how strong premium and luxury brands are in South Korea right now is Genesis. Sales of the G80, priced at roughly $50,000 actually surpassed those of the $30,000 Hyundai Sonata last month, hitting a record high. That’s the type of trend that’s unlikely to be replicated in most other countries.