The luxury market in Latin America is booming. A continent of 300 million middle-class consumers, with one of the highest inequality levels on the planet, Latin America has a consumer elite that is internationally-minded, boastful and, well, very, very rich.
We have been consulted in the past about the luxury market in Latin America and we have written an article for Luxury Daily as well as specific posts on British luxury brands in Latin America. We have also produced a short video on the luxury market in Punta del Este, Uruguay.
Today, we want to take you for a walk in Bogotá, the capital of Colombia and one of the fastest luxury consumer markets in Latin America. With a growth in luxury fashion and accessories of 20% in 2012 compared to 2011, Colombia is set to overtake Brazil, according to research by CPP Luxury. And it’s not only fashion – Maserati, Ferrari and Porsche are brands not at all unknown in Colombia. The same happens with real estate but also with services, from hotels, restaurants and catering to personal care. The brand-conscious Colombian luxury consumer doesn’t need to travel to Europe or the US to stock up on their Louis Vuitton anymore, they can find it at home – and luxury brands are investing heavily across Colombia. Factors behind the growth of the luxury market in Colombia include economic growth, access to credit, and changing attitudes in purchasing.
So back to our walk and the 5 pictures promised (remember the surprise bonus one is coming, too!). This is Zona T in Bogotá, one of the most luxurious areas in Colombia, and possibly, in South America. For those who thought that Colombia was all about drugs, guerrillas, kidnapping and violence, a warning: you might be totally shocked. Colombia means business, and it certainly means luxury, too. Enjoy…
Want to find out more?
Read this excellent article in Portada from 2013
Premium and British: the perfect combination for Latin American consumer markets?
Is there a market for British luxury consumer goods in Latin America?
Luxury in Latin America: a few figures, facts and places to get you started