Capitalize on your country’s brand image
The number of luxury consumers in Latin-America rises, and brands need to adapt to meet evolving consumer behaviors. Democratization of luxury is due in large part to the rapid rise of the middle-income classes. Aspiring classes in these emerging markets can now attain luxury via affordable luxury brands and especially in the accessories categories which enable them to have the ‘must-have’ item. On the other end of the spectrum, the percentage of UHNW individuals with $50 M or more in net worth grew faster than the worldwide average in recent years.
As Latin-American consumers heavily research luxury products online prior to making a purchase, developing effective digital strategies is becoming a corner stone of any successful strategy. Given also the importance of Social Media, personalized relationships increasingly appear as a key in building brand identity and loyalty.
Brazil, Mexico and Chile are widely considered the top three markets in terms of volume and growth. Peru and Colombia are generally viewed as the most rewarding retail markets due to the velocity at which their middle class expands.