HomeColumnistsThe luxury segment paths in search of new markets and destinations Terapia do Luxo 6 August, 2019 Columnists, LuxuryTradition is and has always been an important feature attributed to the luxury segment. And this also applies within the economic bias and is manifested by the realization that the largest and most important markets in the sector, the European continent and North America, are also the most traditional.However, steadily and gradually, a new destination has been joining more traditional ones, enhancing the democratization of the segment and, of course, the conquest of new consumer audiences. The excellent results from the Chinese market, for example, currently already play a significant financial role for some of the industry’s top brands.Another country that has stood out in the international scenario linked to the high standard market is Portugal. Last week, the news that an apartment in Lisbon was sold for the value of 7.6 million euros gained wide repercussion in the world press and definitely proved that the Portuguese capital is consolidated in the panorama of world luxury.In addition to the already recognized tourism potential, the city of Lisbon has been definitively consolidated in the luxury segment with special emphasis on the real estate marketLast year, the growth of the Portuguese luxury market remained above the sector in the vast majority of the world and the country closed the year as one of the eight with the highest sales of luxury properties. Also, in April 2018, the Condé Nast International Luxury Conference was held in Lisbon, an event that brought together hundreds of professionals from around the world to debate and point out the new directions of the segment. According to economic experts, the upscale sector represents almost 5% of Portuguese Gross Domestic Product, totaling around 9 billion euros.According to César Damião, founder of independent consultancy Global Trust, in a report published on the portal Terra at the end of last year “the growth of the luxury market has a strong impact on the dynamics of various segments of the economy, as it moves large numbers and generates many indirect jobs. In addition, Lisbon’s luxury real estate still has a big advantage over other European capitals: the price per square meter is significantly lower than that of London or Paris, as Portugal is recovering from a severe economic crisis. On the other hand, this means there is still a lot of room for property appreciation. Even those who buy a high-end apartment to live in are making an investment with a prospect of a gain of around 10% per year by 2023. “If tradition is a trademark of the luxury sector, the same can be said of innovation and it is precisely on the path to innovate and renew the segment that new markets are increasingly consolidating. May the segment’s success in Brazil’s mother country also boost the national luxury landscape.