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Latin America Luxury Goods Market Size, Share, Analysis: By Product Type: Watches and Jewellery, Perfumes and Cosmetics, Clothing, Bags/Purse, Others; By End Use: Women, Men; By Distribution Channel: Offline, Online; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 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
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by End Use |
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| Breakup by Distribution Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Luxury Goods Market Overview
8.1 Key Industry Highlights
8.2 Global Luxury Goods Historical Market (2018-2023)
8.3 Global Luxury Goods Market Forecast (2024-2032)
8.4 Global Luxury Goods Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 Latin America Luxury Goods Market Overview
9.1 Key Industry Highlights
9.2 Latin America Luxury Goods Historical Market (2018-2023)
9.3 Latin America Luxury Goods Market Forecast (2024-2032)
10 Latin America Luxury Goods Market by Product Type
10.1 Watches and Jewellery
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Perfumes and Cosmetics
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Clothing
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Bags/Purse
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Latin America Luxury Goods Market by End Use
11.1 Women
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Men
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 Latin America Luxury Goods Market by Distribution Channel
12.1 Offline
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Online
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Latin America Luxury Goods Market by Country
13.1 Brazil
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Mexico
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Argentina
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators of Demand
14.4 Key Indicators of Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Kering S.A.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Chanel Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Hermes International S.A.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Cartier S.A.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Rolex S.A.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Giorgio Armani S.p.A.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 LVMH Moet Hennessy Louis Vuitton SE
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Estée Lauder Companies Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Tiffany & Co.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Ralph Lauren Corporation
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Luxury Goods Market: Key Industry Highlights, 2018 and 2032
2. Latin America Luxury Goods Market: Key Industry Highlights, 2018 and 2032
3. Latin America Luxury Goods Historical Market: Breakup by Product Type (USD Billion), 2018-2023
4. Latin America Luxury Goods Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
5. Latin America Luxury Goods Historical Market: Breakup by End Use (USD Billion), 2018-2023
6. Latin America Luxury Goods Market Forecast: Breakup by End Use (USD Billion), 2024-2032
7. Latin America Luxury Goods Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
8. Latin America Luxury Goods Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
9. Latin America Luxury Goods Historical Market: Breakup by Country (USD Billion), 2018-2023
10. Latin America Luxury Goods Market Forecast: Breakup by Country (USD Billion), 2024-2032
11. Latin America Luxury Goods Market Structure
Key Questions Answered in the Report
The market was valued at USD 31.57 billion in 2023.
The market is projected to grow at a CAGR of 5.20% between 2024 and 2032.
The revenue generated from the luxury goods market is expected to reach USD 50.01billion in 2032.
Based on product type, the luxury goods market is split into watches and jewellery, perfumes and cosmetics, clothing, bags/purses, and others.
The luxury goods market key players are 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., and Ralph Lauren Corporation, among others.
Based on the distribution channel, the market is bifurcated into online and offline.
Based on the end use, the market is split between women and men.
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