According to Abelardo Marcondes, founder of Luxurylab, thanks to Mexico’s economic and political stability, this country is now in the no. 4 spot of international luxury goods market.
Marcondes also said the principal difference between Mexico and other countries is the economic and political stability that it has achieved, as well as the import agreements with other countries, much different than Brazil, where import duties are very high. He also confirmed the industry grew more than 10 percent in the past two years, with the upward trend likely to continue.
Some 7.2 million people, or 5.2 percent of Mexico’s population, have access to high-end goods, Luxurylab says, citing a study prepared by consulting firm KPMG.
The KPMG study found that the Asia-Pacific region, excluding Japan, posted 22 percent growth in the sector in 2011, followed by Latin America, with 12 percent, and Europe, with 6 percent, with spending in Europe likely continuing to decline in 2012 as the “crisis anxiety has increased,” the expert said.
According to a Boston Consulting Group the luxury market in Mexico and Latin America is growing about 15 percent annually due to the increased availability of luxury goods in Mexico, making it unnecessary for high-end consumers to go shopping abroad.
Sales of luxury goods totaled an estimated $12 billion in 2011, up 33 percent from the previous year.
Growth estimates for the sector, according to Luxurylab, hover around 7 percent globally, down from the 12 percent pace of the past few years, but the industry’s growth rate remains comfortably ahead of global economic production projections.
Current figures are hard to get, a problem that will be addressed at the trade fair, which is expected to draw high-level executives, luxury brand representatives and investors, among others, Marcondes said.
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