Retail value sales of luxury goods are set to more than double in current terms in Argentina in 2024. The increase in the US dollar price that occurred when the new government came to office in December 2023, as a result of a devaluation of more than 100%, strongly affected prices in luxury goods categories.
Despite the impact of price inflation at a time of a rising cost of living, there remain reasonably high numbers of very affluent people living in Argentina, with 52,400 people with at least USD1 million in net assets calling the country home in 2023, some 0.2% of the population.
Luxury goods remains a highly competitive category in Argentina as the pressure on consumer spending has focused the attention of leading names on various aspects of their operations. With concepts such as mindfulness and the maximisation of time becoming increasingly influential on consumer choices, many of the players in luxury goods are focusing more on creating innovative products that offer consumers added value in terms of adapting to recent changes to consumer lifestyles such as the increase in remote working, the rising interest in online shopping, the greater importance of value propositions and the rising focus on sustainability, from both environmental and social points of view.
Luxury retail generally is currently undergoing some major changes, with increasing digitalisation resulting in major changes to where and how consumers shop and how they engage with luxury brands and retailers. This means that physical retailers are having to become more competitive by making major changes to their outlets to attract the attention of consumers, many of whom are turning to e-commerce web when thinking about buying luxury items.
It is expected that the luxury goods market will continue to grow in Argentina in the forecast period since, at least during Javier Milei’s government, in principle until the end of 2027, the rules of the game regarding the entry of imported products are not expected to be modified. In this scenario, it is expected that new luxury brands will enter the market, which they see as an attractive location from which to expand their presence in the wider region.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Argentina with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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