Mexico occupied No. 4 in World for Luxury Goods
At present, Mexico holds the No 4 position in the international luxury goods market. Luxurylab founder Abelardo Marcondes informed Efe about the fact and thanked Mexico’s “economic and political stability,” and import agreements.
The founder Marcondes said, “The principal difference between Mexico and other countries is the economic and political stability that it has achieved, as well as the import agreements with other countries, much different than Brazil, where import duties are very high.”
Marcondes is the organizer of a luxury brands trade fair which will be held on the November 5 In Mexico City. They said that the industry grew more than 10 percent within the past two years, along with an upward trend which is likely to continue even more in the future. The automotive, private airplane, helicopter and boat sectors could become engines of growth for the luxury goods industry and increase the industry. After studying a report prepared by the consulting firm KPMG, Luxurylab informed that there are some 7.2 million people or about 5.2 percent of Mexico’s population has access towards the high end goods.
Marcondes further said, “The figures have changed a lot with Brazil, Chile and Colombia, which have grown in the past few years. (Mexico) remains important, it has grown in absolute terms, but in relative terms it has lost standing.” The expert reports informed according to a study obtained by the Luxurylab that only United States, China and Japan in this sector will threaten the dominant growth and position of Mexico.
According to a KPMG study, it has been found that the Asia-Pacific region, excluding Japan, posted 22 percent growth in the sector in 2011. This data is being further followed by Latin America, with 12 percent, and Europe, with 6 percent, with spending in Europe likely continuing to decline in 2012 as the “crisis anxiety has increased”. The sales of the luxury goods which have been summed up to approximated $12 billion in 2011, up 33 percent from the previous year. It is also shown that the industry’s growth rate remains comfortably ahead of global economic production projections.