Market researchers expect the wealth of the world’s population to be drastically postponed in the next 20 years, towards the millennials and the genz. Ferrari already feels the transfer of assets.
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What does Ferrari say? Benedetto Vigna, the CEO of Ferrari, revealed in an interview with the news channel CNBC that 40 % of the company’s new customers are now under 40.
Since 2023, the number of new customers under the age of 40 has increased by 10 % at Ferrari. Before 2023 it was around 30 %. For Vigna this is a success: “I don’t know what other brands are, but for us it is a performance that we owe to our team.”
The under 40-year-olds are primarily generation Y (Millennials) and generation Z. The term “Generation Z” describes all people who were born between 1995 and 2010.
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67 trillion € for heirs
What is the big transfer of wealth? “The great transfer of assets” (English: The Great Wealth Transfer) describes a persistent process in which Boomer left their heirs – such as generations Y and Z – their accumulating assets.
The market research institute Cerulli Associates already reported in 2022 that this asset transfer will leave the heirs to the heirs worldwide by 2045 – but of course there are already such assets.
Cerulli estimates that the assets that are inherited to the following generations to the following generations at more than 49 trillion euros.
New customers only a fraction of the buyers: As the US magazine Fortune reports, Ferrari has sold about 81 % of all sold cars to customers who already have a Ferrari-48 % of customers even have more than one Ferrari.
The company therefore only sold 19 % of cars to new customers.
However, since the wealth of the world population will be drastically shifted in the next 20 years, it is important for companies like Ferrari to win new customers in the younger generations – after all, large banks estimate that the generation Z will soon be the largest and richest generation: Genz cannot afford rent, but will soon be the richest generation in the world