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Luxury market in Brazil will grow to BRL 29 billion by 2023

Data are from a survey by Euromonitor consultancy, which also show that this market grew 26% between 2013 and 2018 in the country

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02.Oct.2019 13:36 BRT
UPDATED 27.Jan.2020 18:42 BRT

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The overall increase from 2013 to 2018 was 26%;
But according to the senior analyst for Euromonitor’s Luxury Goods industry, the number is not so encouraging.

In Brazil, the luxury market moved $ 26 billion last year, according to a study done by Euromonitor International Consulting. The survey predicts that, by 2023, the value will grow to BRL 29 billion, according to O Globo newspaper.

The overall increase from 2013 to 2018 was 26%. Still, Elton Morimitsu, the senior analyst for Euromonitor’s Luxury Goods industry, said to the Brazilian newspaper that the number is not so encouraging.

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According to him, the numbers are below the buying potential of this public. In addition, he says, in recent years some brands have left the country or decreased their operations in Brazil.

“A larger increase was expected. Even before the crisis, the market had been showing more robust growth rates. In Latin America, Brazil had a leading role in luxury shopping, which today is with the Mexicans,” Morimitsu told O Globo.