Latin America Luxury Goods Market Report and Forecast 2024-2032

Latin America Luxury Goods Market Size

The Latin America luxury goods market reached USD 31.57 billion in 2023. The market is expected to grow at a CAGR of 5.20% between 2024 and 2032, reaching USD 50.01 billion by 2032.

Latin America Luxury Goods Market Outlook

• As per the Brazilian Institute of Geography and Statistics, the top 5% of the population held 29.5% of total Income in 2020.

• As per the World Bank, in 2022, the Income share held by the highest 10% in Argentina was over 29%.

• The Income share held by the highest 10% in Mexico in 2022 was 34.4%, as told by the World Bank.

Latin America Luxury Goods Market Growth

The Latin America luxury goods market growth is boosted by the different distribution channels that are available in the form of luxury malls and boutiques.

Opulence, affluence, and the idea of being exclusive follow offline distribution channels, these offline channels comprise boutique stores, department stores that showcase a diverse range of high-end products, and luxury malls that even offer a personalised selection of products. These offline avenues invoke a sense of heritage and tradition. They appeal to consumers seeking sophistication.

The luxury goods industry in the domestic region is likely to grow owing to a rising demand for customisation and personalisation along with the focus of brands on increasing cultural relevance. As of October 2023, UK-based luxury footwear brand ‘Kurt Geiger’ opened its first store in Mexico.

It is the dynamic nature of up-and-coming online channels that is reshaping the luxury goods market and putting convenience at the helm of things. Luxury brands offer convenience and global access to their products through their websites, marketplaces, and social media platforms, they engage with consumers in new and innovative ways. The digital sphere also provides opportunities to reflect evolving preferences.

Latin America Luxury Goods Market Segmentation

Latin America Luxury Goods Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• Watches and Jewellery

• Perfumes and Cosmetics

• Clothing

• Bags/Purse

• Others

Market Breakup by End Use

• Women

• Men

Market Breakup by Distribution Channel

• Offline

• Online

Market Breakup by Country

• Brazil

• Mexico

• Argentina

• Others

Latin America Luxury Goods Market Share

In the luxury goods market growth is led by clothing which encompasses a wide range of apparel items including suits, dresses, formal and casual wear, and accessories like scarves, belts and ties. These brands leverage their heritage, craftsmanship and premium quality to appeal to a more premium cohort of buyers willing to spend on luxury brands.

Leading Companies in the Latin America Luxury Goods Market

Major market players are expanding their outreach through a focus on sustainability and ethical sourcing of materials for manufacturing along with a rise of influencer marketing.

• Kering S.A.

• Chanel Ltd.

• Hermes International S.A.

• Cartier S.A.

• Rolex S.A.

• Giorgio Armani S.p.A.

• LVMH Moet Hennessy Louis Vuitton SE

• Estée Lauder Companies Inc.

• Tiffany & Co.

• Ralph Lauren Corporation

• Others

Key Highlights of the Report