Hwang Min-yong, a 37-year-old South Korean businessman, recently received his black Porsche Cayenne coupe with red leather seats after a seven-month wait and took it out for a spin on a scenic road overlooking a river near Seoul.
FILE PHOTO: A Porsche Cayenne Coupe is seen on display at its dealership during a news conference in Seoul, South Korea, June 16, 2020. REUTERS/Kim Hong-Ji
South Korea’s swift handling of the COVID-19 crisis has provided a backdrop for a sharp increase in demand for premium and luxury cars, dealers and officials said, as wealthy people, insulated from many of the pandemic’s worst effects, want to show off on the road. In many ways, experts say, the rising sales of imported cars illustrate the widening wealth gap during the pandemic in South Korea, which already has one of the highest inequality levels among advanced countries.
“The strong sales are testament to the rising consumption power of the top class despite the pandemic,” said Yang Jun-ho, an economics professor at Incheon National University.
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