CONTRIBUTOR A New Latin America
The world today is eager to consume experiences and emotions as never before possible or conceivable, creating fantastic opportunities for the luxury tourism market.
Martin Nahra, Director, Revista Roomin
Considering that half of the global consumption of luxury has consistently come from the U.S. and Japan, the growth in Latin America is surprising. This part of the world – traditionally considered to be underdeveloped and limited in progress – is the world leader in the growth of the number of resident millionaires. Who would think that a country like Colombia could re-emerge as one of the most promising markets in the region? After Brazil and Mexico, it is currently the largest market for the consumption of international brands. Fifteen years ago nobody talked about the power of the affluent Peruvian society, whose rate of consumption is increasing rapidly, thanks in no small part to the impressive gastronomic movement led by chef Gastón Acurio.
Similarly, it would have been nearly impossible to predict that the Brazilian consumer would become the one of the most powerful consumer groups in the U.S., especially in Miami and New York. The fact that Brazilians also represent twelve percent of all purchases at the famed Galerie Lafayette in Paris is simply astounding. New times are ahead, new times for Latin America; a fresh, contemporary and cutting edge Latin America.
This growth has not only surprised the outside world, but also Latin Americans themselves. The nation’s businesses and professionals hold the key to unlocking the competitive advantage of their luxury tourism market, as their client and consumer databases hold intangible potential. The question is, however: are we ready for a new consumer? Are we ready to update our strategies? In order to evolve, we will have to change our mindset.
OCTOBER2012
25
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