LUXURY AND JEWELRY
The current annual demand for jewelry and gemstones in Latin America is worth more than U.S. $ 8 billion. There are currently sold through more than 11,500 jewelry stores across the region. In addition, there are more than 320 mining companies and almost 750 wholesalers of diamonds, precious stones and/or jewelry.
By 2020, Latin America’s middle class will represent the majority of consumers in the region. As their disposable income and purchasing power increase, Latin American consumers are become more discerning, discriminating and demanding in their tastes and expectations.
The region is home to a growing number of consumers with higher purchasing power. In terms of in luxury consumption, the Latin American market is forecast to see growth of 14 percent, just a position below Asia’s growth rate of 16.5 percent.
In 2012, Mexico overtook Brazil to become Latin America’s biggest luxury goods market. With a total GDP of $1.2 trillion in 2012, Mexico is the world’s fifth-largest emerging economy behind the BRIC countries (Brazil, Russia, India and China) and the second-largest in Latin America.
Mexico and Brazil together represent 50 percent of the market for luxury goods in Latin America. They are followed by Argentina and Venezuela. Chile’s luxury market has shown sustained growth in recent years, and Colombia and Peru have also surprised in terms of growth percentage.