Argentina’s recovery from the impact of the COVID-19 pandemic has been slower than expected as new external issues impact local business. Despite seeing GDP growth in 2021, the pace of recovery has slowed in 2022 according to Euromonitor’s socioeconomic data.
Regardless of the difficult macroeconomic situation within Argentina, many higher socioeconomic groups have seen little change in their disposable incomes, which has impacted positively on sales of luxury goods. According to Euromonitor’s Income and Wealth Distribution Model, the top segment of the population (with an income over USD30,000) has increased as a percentage of the total population in 2022 compared to 2021 and is expected to keep growing in the forecast period.
Companies operating within luxury goods are coming under pressure as the government has increased the number of restrictions and expanded requisites for luxury goods imports, with access to dollars being extremely limited. The Central Bank confirmed in June 2022 that car importers would not have the required dollars to buy units from abroad and advised them to seek loans from their suppliers to avoid running out of stock.
Due to Russia’s war in Ukraine the global supply chain has been disrupted which is limiting the availability of shipping containers and this on top of the aforementioned limited access to dollars is having a negative impact on imports. This is proving to be a challenging situation for retailers of luxury goods as it is known that the demand for these products is present in Argentina but these challenges could potentially result in supply shortages and thus limit sales.
Luxury goods looks set for a relatively bright future with most categories projected to post healthy growth in retail volume terms over the forecast period. Nonetheless, the socioeconomic situation remains unstable and this could potentially undermine the market’s performance.
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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.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
If you're in the Luxury Goods industry in Argentina, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.See All of Our Definitions
This report originates from Passport, our Luxury Goods research and analysis database.
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