Research confirms the value of experiences for Brazilian luxury consumers

Providing your customers with experiences that add value and broaden the relevance of the consumer journey has become a ceaseless pursuit of the world’s top luxury brands. If the public interest in the experiences related to the sector has been increasingly consolidated in the international market, a survey conducted by Euromonitor International has shown that this scenario is also present in the high standard market in Brazil.

According to the data revealed in the study, between 2013 and 2018 the luxury market had as its main highlights the trade in leather goods and high standard cars. For the next five years, however, the Experiential Luxury segment is expected to expand its participation by 50%, reaching one billion reais in 2023.

Between 2013 and 2018 the leather goods segment (image above) was one of the highlights of the Brazilian luxury market. For the next five years, however, the trend is for warming sectors such as tourism (at the top of the page) and welfare

According to Fflur Roberts, Head of Luxury Goods at Euromonitor International, “Brazilians will continue to look for luxury experiences. The new luxury is intuitive, personalized and focuses on delivering what consumers really want. Luxury brands are embracing the sustainability and offering well-being and adventure. Tourism and well-being will have a big impact in the coming years, as experience and insight become a more critical part of the equation. “

Still according to the report, millennials assume a growing role in the segment. The survey points out that 46 percent of Brazilians said they would rather spend on experimenting than buying goods and among consumers with incomes greater than or equal to $ 100,000, 64 percent of Millennials and 100 percent of Generation Z would choose experiences over spending on something.