Involuntary saving emerged as a new reality that was imposed by enforced changes in lifestyle (restrictions on international travel, foodservice, entertainment, culture, etc.), and this favoured the consumption of luxury goods in the pandemic years.
In 2022, Brazilians who were previously accustomed to buying products abroad and who recently discovered the local market are expected to continue to make purchases domestically. With the rise of the dollar, more products can be purchased in the country than abroad.
Most major players in the highest priced categories, such as premium and luxury cars, managed to increase their positions in luxury goods in 2021. The impossibility of travelling abroad increased the frequency of local trips, mostly by car.
The impossibility of visiting stores during the worst times of the COVID-19 pandemic led luxury brands to increase their investment in their local e-commerce operations. Luxury activity has always been far behind in terms of digitisation, and brands have always been very resistant.
The unprecedented volume of local transactions in the consumption of luxury goods in Brazil has been broadening the reach and intensity of companies’ relationships with customers. With strong efforts focused on building solid bonds with a larger consumer base, the brands operating in the country have been able to retain a proportion of these consumers even after the reopening of borders.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in Brazil with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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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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