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31 Aug, 2006 06:21

Growing incomes fuel demand for cars

Growing incomes fuel demand for cars

If a decade ago owning a car was a luxury, today Russia is witnessing a car boom. In the first six months of this year, consumer purchasing power grew by 10 percent . People are spending their growing income on domestic and imported vehicles.

Manufacturers are struggling to keep up with rocketing demand for cars – up by 50% this year.

Those who want a popular car model may have to wait up to 8 months to get one. The Ford Focus Two is already manufactured in Russia, but demand is so high that even importing additional cars is not enough.

Ford plans to double sales in Russia to reach 120 thousand. The company’s sales in the first half of 2006 were twice as high as the same period last year

Banks provide a variety of solutions for those who cannot afford to buy a car outright. This is also helping to keep consumer markets on the boil.