27 Feb '17, 7am

Despite challenges, Brazil's luxury market has ramp for growth - Luxury Daily

Despite challenges, Brazil's luxury market has ramp for growth - Luxury Daily

Brazil’s boom years have long gone. And all the euphoria associated with the 2016 Olympic Games has not much helped improve business enthusiasm. Corruption scandals continue to surface every week and a profound political change is taking place. Nobody knows exactly what is going to happen in Brazil as far as politics is concerned. But one is certain: luxury consumers are cautious. Sign of things With disadvantaged exchange rates, Brazilians are traveling less abroad and spending more in the domestic market. Brazilians spent almost $18 billion abroad in 2015, according to the Brazilian Central Bank. Luxury brands are highly concentrated in Sao Paulo, Rio de Janeiro and Brasilia, but wealthy families and high-net-worth individuals are spread all over the country, representing almost $4 trillion of South America’s holdings. The Copacabana Palace is a landmark Rio de Janeiro h...

Full article: https://www.luxurydaily.com/despite-challenges-brazils-lu...

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