Latin America’s luxury market is expected to decline this year as soaring inflation and sluggish economic growth hit sales of high-end products, analysts said.
. Spain-based Pepa Pombo also installed a new flagship in Masaryk, Mexico, in November, preceded by Dolce & Gabbana, which added a boutique in the glitzy new Artz Pedregal mall last September. chief executive officer Alfonso Dolce told local media: “The Latin American market, with Mexico in particular, has grown a lot in recent years, both qualitatively and quantitatively.
That’s a sharp decline from the 52 percent surge in 2021 when well-heeled Brazilians were forced to shop at home instead of in New York or Miami, where they have traditionally flocked for luxury shopping. “There is a year and a half wait to buy a Porsche in Brazil so that shows you that the very wealthy are still buying. Brands such as Gucci or Louis Vuitton continue to see brisk sales across the country’s malls while leading local brands such as Natalie Klein and Arezzo shoes are also growing,” Marcondes insisted.
As international brands have a limited offer, many wealthy Argentines have become avid consumers of local designer labels such as Gabriel Lage, who has a four-month wait for women looking to buy his high couture dresses, according to Ancilletta.
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