Research points growth trend for the Brazilian market until 2023

Those who follow the economic news related to the luxury market know that, in the last year, despite the country oscillations, the segment presented a considerable growth in the country, mainly considering the reduction of sales registered in other sectors. Another important piece of information related to the upscale sector is that Brazil has in recent years lost its lead in ranking Latin America’s largest luxury markets for Mexico.

These two statistical data are expected to be strongly impacted over the next five years according to a recently released survey by Euromonitor. According to the study, the trend of the luxury market is to grow more than 20% until the year 2023 making Brazil assume the position of leader in the segment among the Latin countries.

The Euromonitor study, in addition to predicting the good growth rate by 2023, also highlights the appreciation of luxury market experiences.

One of the aspects that led to this finding was the 18% increase in the sector registered in the last five years, that is, between 2013 and 2018. The period, despite having been characterized by strong economic retraction with fall of even the Gross Domestic Product. was marked by the positive performance of the upscale sector.

And following a trend that has been consolidating around the world, the study predicts that luxury shopping will broaden its relationship with experiences by strengthening the idea of ​​”being” instead of “having”. The practical expression of this idea is that the automotive sector, one of the most traditional in the luxury segment, should reduce its market share and areas such as gastronomy and tourist activity should increase sharply. In terms of values, according to the survey, total revenue from experience-related luxury is expected to rise from approximately 582 million reais in 2018 to over 863 million over the next five years.